Functions Of Operations Management At Tesco Plc - 3232 Words

Part-1 Introduction Operations management has gained significant importance among academicians and business practitioners in recent years because managing business operations profoundly impacts an organisation’s costs, and is therefore a basic key to achieving the competitive advantage (Barnes, 2008). Organisations can operate its business successfully only if it is able to manage its operation activities efficiently and effectively by making best use of the resources at its disposal and by ensuing that its customers receive goods or services with highest level of values. Operations management functions as a strategic link between consumers and the senior management team with a view to meet consumers’ requirements in a way that they are fully satisfied. Framing of this paper This paper will evaluate functions of operations management in comparison to the business case of Tesco Plc. Tesco has been adopting best practices of operations management to enhance improved performance throughout its stores. First part of this paper will evaluate the contributions of operations management to Tesco, and the second part will discuss the basic operations objectives in relation to Tesco Plc. Third section will critically evaluate the processes at Tesco that helped to achieve the operations objectives. The fourth section will recommend changes that are required for Tesco to improve its operations objectives. Brief overview of Tesco Plc Tesco Plc, founded by Jack Cohen in 1919 as aShow MoreRelatedBcg Matrix Is A Model Developed Via The Boston Consultancy Group1691 Words   |  7 Pagesindustry attractive attractiveness, and market share stands for competitive knowledge. This helps the advertising manager allocate resources and is used as an analytical device in company advertising and marketing, product administration, strategic management and so forth. 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Optimism and Robinson Crusoe Free Essays

â€Å"A pessimist sees difficulty in every opportunity; an optimist sees opportunity in every difficulty† Winston Churchill From the time human were born, they have been facing up with difficulty, every time, everywhere, and never miss anyone. Our races have overcome and will overcome abundant problems, no matter how complex they were or they will be. And, very natural, it is the optimism that leads us from victory to victory, like Churchill had said; make us see the light, even the slightest, in the darkness. We will write a custom essay sample on Optimism and Robinson Crusoe or any similar topic only for you Order Now We always see the just how optimism has assisted we human, in term of both literature, in the novel Robinson Crusoe, and the history of medical science. Sometimes, being optimistic is the best thing people can do, which is shown clearly in Robinson Crusoe. The protagonist, Robinson, is lost on an island. He himself with manages to survive and even make his life on the island become more comfortable. He has never given up hopes or lost his optimism, always thinks that one day he will come back home. Not once does he succumb to the fate and be depressed like many other would be in that case. His optimism and his indefatigable make his hope finally be fulfilled; he is able get back to his country after 28 years on the island in the sea. If he was not sanguine about his life and just believed hopelessly that he would die in that island, he would not be able to success. This fact strongly substantiates how optimism can change our life even in the most trying circumstance. Provided that we keep being optimistic and try our best, we can overcome any problems in life. Another case when optimism plays an essential role is in medical science, where we day to day struggle with many deadly diseases, one of which is AIDS. AIDS, which has infected million of people and caused a lot of death, is one of our biggest problems in the 21st century. There was once it is believed that this disease is incapable of being cured but the scientist did not lose there will. They had made indefatigable effort to scrutinize AIDS and they are sanguine that one day in the future AIDS will be curable. Time passed by and this notion has been gradually proven. Today, many breakthroughs in science have shed light on AIDS, thought there are not medicine that can cure AIDS, it has been strongly believed that in the near future, when we fully understand AIDS, it will be curable. People, with optimism can overcome any things in our life; which has been proven through the history of our race. It is optimism which is the most important factor of any victories. How to cite Optimism and Robinson Crusoe, Papers

Apple Benefits of Present Market

Question: Exploiting the benefits of present market trend caused by technology and innovation management? Answer: Brief Background and Aims for PhD: The company background: Apple Inc. is known worldwide for its successful management of the company in the competitive market of consumer electronics industry. Its innovative products have huge differences with similar products launched by other competitor companies: starting from the aspect of quality to the after sales service provided by the organization. Trusted third party suppliers are applied so as to outsource the services that are provided by the company. In the last few years the consumer electronic market has been growing rapidly when commoditization is being concerned and the prices of the products and their qualities have become the sole factors that are controlling the competitive market. Based in America as a billion dollar multinational company, Apple Inc has its head quarters in Cupertino, California, the United States of America. The company made its market presence felt for the first time in 1976, Steve Jobes, the founder of Apple lunched the first product in the consumer market. In 1977 Steve Wozniak joined the company. Some of the best known products that have been developed by Apple include the personal computers under the brand name of Macintosh, i-Pod, and i-Phone. Some of most widely sold software products that were manufactured by Apple were the final cut studio a combo pack for video and music production suit, software professional photography, Aperture, iTunes (the most widely used media browser), the operating system used in all Apple-made personal computers: the Mac Os X and the software suit use for music production: the logic studio. Apple Inc. is known throughout the world for its successful management of the high end technology and its continuous supply of innovative technologies in the competitive market industry of consumer electronics. The products developed by Apple are in general not only innovative but are considered as the pioneers in the domain of technology. Apple has this far been able to understand the pulse of their customers and launch innovative products accordingly: the quality of the products and the services provided by the company being unquestionable. The research objective Technological advancements and innovative technologies are two of the most essential aspects involved in the production operation of any organization involved with the development of the electronic and/ or digital products. The incorporation of these processes enables the strategies applied so as to upgrade the technology that already exists. Keeping this in mind, every organization irrespective to industry in which it operates, is aimed at defeating its competitors; such that they can remain focused on customer retention. This being the circumstances, it becomes apparent that those organizations who hold competitive advantage through technological up gradation, can lead the society with adopting innovation on frequent interval. While, industries are concerned about the management of the technology and its innovation, they also need to be put emphasis on the opportunities that are presented to them because of the anticipated technological advancement, besides considering the threats that are associated with such innovation. Technology and innovation management helps a company to grasp new opportunity, idea and process. Technological innovation is consists of two steps, invention and imitation (Tsai Chang, 2013). With the intensification of Apples effort in China, Apple was able to increase its number of customers as the number of the Chinese population who easily adapted the technologies provided by Apple reached as much as one million. Again, with the invention of Digital Crown which enabled the high end user to set date, time and to wind the mainspring, Apple gained some thousand of additional loyal customers. Digital Crown came with simple gesture along with responsive navigation. As a focal point of display, a retina display is the base for the primary interaction with the Apple watch. However, the current market trends indicate that apple needs to extend its market intensely where its presence is dim yet (Dodgson, Gann Salter, 2008). Apple should be allowing more and more innovations in their departments dedicated to designing and development of products and put much more efforts towards effective research so as to maximize the generation of new features that could be added to their products, besides developing much more attractive products to be launched in the market. Research questions: From the very beginning apple has been very secretive about their projects: the company depends on a chosen number of contracted partners to develop their products which indicates that the management is vulnerable enough to risk supply of product, which can seriously affect the production in an adverse way any time a disruption occurs (Frost Burnett, 2007). There are several illegal sites which give facilities to download the songs at free of cost, which in turn stops the potential customers of Apple from downloading songs from their itunes store where they need to pay(Apple, 2015).. Due to the global economic downturn customers have drastically changed their habit of spending much, which in turn caused low sales figure for the apple products. Despite of growing revenue of apple, it is a fact that should be considered by the management that customers generally prefer products that are cheaper and various other brands are actually providing cheaper alternatives. Another fact as a threat comes up when the company faces strong competition from the competitors, such as Samsung. As the companies with whom the apple is competing are established and also selling their product at a cheap rate (Frost Burnett, 2007). This being the current scenario, an analytical study needs to be conducted which would emphasize on the following empirical questions: 1. Analysis of the factors which play an important and integral role in the unique and highly productive work culture of the organization, which focuses on the creativity and the innovations produced by Apple.2. Evaluation and analysis of the policies and strategies taken by the organization which has led to the success of the organization.3. A technological evaluation of the products that have been launched by the Apple Inc and that of the technologies that have been used in developing these products.4. The socio-cultural impacts of the innovations made by Apple Inc . Area of research and contribution to knowledge: While organizations are concerned about innovation and technological management, they need to focus on the existing technologies which are in use and need to identify those required technologies according to the present market trend. Though the number of consumers buying apples product in the electronic market has been growing rapidly, as far as commoditization is concerned, and the prices of the products have become the sole point of competition among the companies who produce consumer electronics, the management of the company themselves feel that they need to incorporate some analysis approach so as to gather information about the possible risks that might be associated with the procedures that are used in the management of their products and their innovations (Apple, 2015). The proposed research will thorough analysis of the entire product range of the Apple Inc and their innovative technology which is used in all their products, such as, iMac with Retina 5K display, that has generated a great response in the market. The research will indulge in finding out the strategy that needs to be implemented in order to sustain in the present market of consumer electronics (Chambers, 2004). As an area of research, unique factors are needed to be indentified which have been used in order to make Apple products innovative. Even the strategies that had helped in achieving the innovations need to be evaluated (Apple.com, 2015). New approach to challenge the boundaries of existing knowledge: As indicated by the primary research conducted and the survey of the existing literature, in order to sustain in the competitive market, apple needs to follow the following steps: Development and implementation of technology and innovation strategies. Increment in innovation capacity of the It needs to organize RD (research and development) effectively using a lean process. Invest intellectual ideas for the purpose of Brief context of research: In order to make a successful exposure, a company needs to have foundation of well planned technological and innovation management along with several key factors. A key factor for successful technological development lies upon the organizations ability to efficiently and rapidly align the present market scenario and requirement. The solutions, which are developed in context of innovation and technological development, synchronize the research and the process of technological and innovation development. Hence all it requires is the development and implementation of various technologies and/ or innovation strategies, increments in the innovation capacity of the organization, a thoroughly organized RD (research and development) effectively using a lean process and investing in intellectual ideas for the purpose of innovation (Tsai Chang, 2013). The proposed research aims at finding out the various strategies, plans and technicalities that have been implemented by the Apple Inc in order to find out how the organization has met up the various requirements that need to be fulfilled in order to retain the pioneer position in the electronics market. Research Design In todays world, executing research on technology and innovation management helps intellectual committees to bring out the opportunities to grasp the present market scenario. Hence, it can be possible to draw the current picture of the technological advancement. In this context, information is fetched on Apple by conducting survey on the current employees of apple to some extent and also research is done on the internet provided information. As there is the requirement to gather primary data, this is the scenario where the sampling technique also helps in gathering data from the respondents by conducting the internal and external survey. In this method a proper candidate should be chosen in order to study the related and appropriate data with a proper data collection method. There are two sampling methods, such as, non-profitability sampling and profitability sampling. In this case study non-profitability sampling is chosen in order to reduce the deviation of responses collected from the working staffs of the organization. Hence primary data collection can be done. An initial research has already been done: for this purpose, 90 respondents are selected, among from those 72 people have replied to this survey. This may help to obtain desirable conclusion from the survey. There are 5 top level staffs who were are chosen from the organization for the qualitative data collection. While going through the research, loyalty of the customer has been a big limitation since the loyal customers refrained from furnishing true information in many cases. Loyal customers have the tendency to provide the fake data so that flaws can remain hidden and only the glorious side of the company can reflect during the survey. In the next step of the research, an analysis operation will be performed on all these data that have been collected through the survey to find out the primary reasons behind the enormous number if loyal customers that the organization has. Once the primary reasons behind the popularity of the brand has have been marked out, some more surveys will be conducted in order to collect specific data regarding the factors that have been pointed out in the previous stage of the research. Analytical tools will be used on every bit of data that are gathered through the surveys conducted. It is expected that the exhaustive usage of analytical tools on the survey data will be able to fetch the information we need so as to pinpoint the strategies and policies used by the organization that has led to its success. Key concept of the project: To make the project in an effective manner, research methodologies are adopted, in order to bring the whole research process done, research analysis can be classified into two parts, such as Quantitative and Qualitative. The analysis of quantitative factor helps in conducting a huge number of respondents along with questionnaire survey. On the other hand Qualitative analysis helps to improve the quality of the product (Grashey-Jansen, 2010). If there is an introduction of new technology or there is new technological advancement in apple, then before its introduction manager of the company should count the number of respondents, who are for the technological advancement or not for the advancement. This can be done only with the quantitative analysis. Qualitative analysis helps to understand the impact on the product quality due to the technological advancement in apple (Hunter Tan, 2010). In the research design researchers interpret the outcome on the analysis of the discussed objectives and purpose of the study. Based on the topic, the whole research provides the scope for the author to determine the research design. The basic research designs are explanatory, descriptive and exploratory. Exploratory design keep focus on the background information on the identified problem statements. Descriptive design allows relating the objective of the study with the obtained findings. Explanatory design helps to find out the reasons behind the problem occurrence. With the help of research designing purpose, researchers can be able to find the background information so that the person can build the problem statement and objectives required to be fulfilled, according to that ('Intelligent Energy's portable power Upp at Apple Stores in UK', 2014). As there is the requirement to gather primary data, this is the scenario where the sampling technique helps in gathering data from the respondents by conducting the internal and external survey. In this method a proper candidate should be chosen in order to study the related and appropriate data with a proper data collection method. There are two sampling methods, such as, non-profitability sampling and profitability sampling (Kolker, 2010). In this case study non-profitability sampling is chosen in order to reduce the deviation of responses collected from the working staffs of the organization. Hence primary data collection can be done (Wilburn, Goonan, Bleiwas Rodenburg, 2001). Critical Approaches used in investigation: Literature review: Colin Cieszynski, who is analyst with CMC market, Canada, informed that there were the indications of company of being vulnerable and in the bubble. Hence many investors believe that the company can continue for a while. According to him the ability of company on the context of successful launch of products may determine the interest of the share holders to maintain their support for a long time. Conclusion: In the 1984, the Macintosh proved itself as a foundation laying product. There was desktop publishing revolution begin with Macintosh with its rich GUI and the capability of the leaser writer printer. In this modern era Apple continues to lead industry with their award winning products and outsourcing services. Apple is also for the revolution led by the digital media, revolution with their iPod portable video players and music. With the entrance in the world of mobile computing, it altogether gave apple a new business strategy with the innovation iPhone .In last few years Apple is committed to give the best personal computing experience to creative professionals, educators, consumer and students across the globe through its innovation in service of giving software, hardware and internet offerings. When the context of downloading the large volume of music comes, Apple is the market leader which is just behind its competitor Dell and HP. Slow growth in economy experienced in different market is key turning point where the Apple performed well to increase the revenue over the years. According to new chief Executive officer of Apple, Tim Cook, there are 250 million devices contained of iOS software have been sold while apple apps are downloaded every month in an huge amount. The apple app developers are paid out with $3 billion and more than 60 million customers addicted to apple approach the company to have 23% market share of the PC industry, as of August, 2011. In the context of iPhones market, it has gained the growth of 125%. Thus the Apple Inc can be considered as an organization which has gone through many ups and downs and yet has managed to retain its prime position in the consumer electronic industry. The research proposal to evaluate and analyze the various aspects of this industry is justified solely due to the success it has gained in introducing innovative products in the market and retaining the loyal customers even in midst of the global economic downfall. References Apple, (2015). Apple. [online] Available at: https://www.apple.com/ [Accessed 18 Mar. 2015]. Apple, (2015). Apple (United Kingdom). [online] Available at: https://www.apple.com/uk/ [Accessed 18 Mar. 2015]. Apple.com, (2015). Apple (United Kingdom) - iPhone5s - Technical Specifications. [online] Available at: https://www.apple.com/uk/iphone-5s/specs/ [Accessed 18 Mar. 2015]. Chambers, C. (2004). Technological advancement, learning, and the adoption of new technology. European Journal of Operational Research, 152(1), pp.226-247. Continuing the trend of innovation technological advancement at the annual IEEE International Conference on Communications - [Conference report]. (2009). IEEE Communications Magazine, 47(8), pp.12-13. Dixon-Woods, M., Yeung, K. and Bosk, C. (2011). Why is UK medicine no longer a self-regulating profession? The role of scandals involving bad apple  doctors. Social Science Medicine, 73(10), pp.1452-1459. Dodgson, M., Gann, D. and Salter, A. (2008). The management of technological innovation. Oxford: Oxford University Press. Frost, S. and Burnett, M. (2007). Case study: the Apple iPod in China. Corporate Social Responsibility and Environmental Management, 14(2), pp.103-113. Grashey-Jansen, S. (2010). Pedohydrological case study of two apple-growing locations in South Tyrol (Italy). Agricultural Water Management, 98(2), pp.234-240. Hunter, M. and Tan, F. (2010). Technological advancement in developed and developing countries. Hershey, PA: Information Science Reference. Intelligent Energy's portable power Upp at Apple Stores in UK. (2014). Fuel Cells Bulletin, 2014(12), p.8. Kolker, E. (2010). A Vision for 21st Century U.S. Policy to Support Sustainable Advancement of Scientific Discovery and Technological Innovation. OMICS: A Journal of Integrative Biology, 14(4), pp.333-335. Ma, Y. (2011). Research on Scientific and Technological Statistics Technological Innovation Management. Management Engineering, pp.46-52. Oncioiu, I. (2013). Business innovation, development, and advancement in the digital economy. Hershey, Pa.: IGI Global (701 E. Chocolate Avenue, Hershey, Pennsylvania, 17033, USA). Press, S., Harman, A. and Nerlove, M. (1975). Methodology for subjective assessment of technological advancement. Santa Monica, Ca.: Rand. SAMSUNG ELECTRONICS CO LTD v APPLE RETAIL UK LTD. (2015). Reports of Patent, Design and Trade Mark Cases, 132(1), pp.42-58. Tsai, P. and Chang, S. (2013). Comparing the Apple iPad and non-Apple camp tablet PCs: a multicriteria decision analysis. Technological and Economic Development of Economy, 19(sup1), pp.S256-S284. What do Apple, IBM and PG know?. (2011). Strategic Direction, 27(3), pp.29-31. Wilburn, D., Goonan, T., Bleiwas, D. and Rodenburg, E. (2001). Technological advancement, a factor in increasing resource use. [Reston, Va.]: U.S. Geological Survey, U.S. Dept. of the Interior. Zantuck, S. (2013). Cultural change must accompany technological advancement. Nursing Standard, 28(7), pp.35-35.

Odyssey Essays - Odysseus, Odyssey, Trojan War, Odyssean Gods

Odyssey The Odyssey is an epic poem, which shows the maturation of Odysseus throughout his long journey home from the war at Troy. Odysseus grows from an arrogant, self-centered warrior to a more humble man. This mental odyssey is seen as the young Odysseus matures, learns values of and respect for nature and higher power to return home to Ithaka as a more humble and honorable man. The first side of Odysseus seen in this poem is the young arrogant Odysseus. After the Trojan war Odysseus shows no thanks to the god Poseidon. Offending the god did not make an easy voyage home. Odysseus and his men eventually end up at the island of the Kyklopes. They go in cave that belongs to Kyklopes and take what they need. When Kyklopes catches them, Odysseus give him wine in hopes that he will pass out. Then Odysseus tells the Cyclopes that his name is "Nohbdy". While Cyclopes is unconscious on the ground Odysseus stabs him in the eye and runs to the ship with his men. The Cyclopes tries to get help from his brothers but he is not successful because he yells, "Nohbdy has hurt me!" Odysseus shows his hubris after he has safely left the shores by saying, "Puny, am I, in a Caveman's hands? How so you like the beating that we gave you, you damn cannibal?" (Ody IX 520) Since the Cyclopes is Poseidon's son and Odysseus shows hubris about hurting him, Poseidon hate for Odysseus grows. This provokes Poseidon to not let Odysseus and his crew from returning home at all. Odysseus then, begins to learn that hubris only gets him disliked by the gods even more when his companions dies from Poseidon's curse. Odysseus begins to mature to be more humble and thankful for the leadership and luck that the gods have given him, after he realizes why he lost his companions. When he arrives at an unknown island he meets the god of the wind. The god seems to like Odysseus and helps him by giving him a bag of wind that is not to be opened until he and his men have reached their home, Ithaka. Odysseus shows that he is maturing by listening to the god. He also shows that he is maturing by taking it upon himself to take care of the wind the whole voyage home. "I had worked the sheet nine days alone, and give it to no one, wishing to spill no wind on the homeward run,"(Ody X 36). On the ninth day, the shore of Ithaka could be seen, Odysseus thinks he is safe and sleeps until he is waken up by the screaming of the wind that his men had released from the bag. Odysseus and his ship are blow back to the island where Father Aiolos refuses to help him. Odysseus sails away to the island of Aiaia. After many adventures with Kirke and Odysseus' men, Kirke promises to keep Odysseus for harm by telling him with path to take on the way home. Then Kirke adds that he must prevent the men from eating the cattle on the island called the sun. This time his men show hubris by eating the cattle that they were warned not to eat. The next day when they leave the island, Zeus strike the ship with a lightning bolt. All of Odysseus' men die and he is forced to swim days to the island of Alkinoos. Throughout this journey Odysseus' hubris slowly wears away to completely. This is show when he says, " O hear me, lord of the stream: how sorely I depend upon your mercy! Derelict as I am by the sea's anger... Here is your servant; lord, have mercy on me," (Ody V 467) Finally when Odysseus returns home he is changed to be more humble and has learned many lessons along his journey home. The change in Odysseus is seen when he returns home and the disguised Athena asks him who he is. Odysseus lies to her; instead of bragging about whom he is. Odysseus also shows he has changed when he finds out that the suitors have taken over his house. He knows he must kill them, but does it with different values than he had in the beginning of the story. Instead of killing the suitors quickly and aggressively like he might have before he is calm and interested because he does not find enjoyment in killing any more. The change is even seen by

Tips For Writing an Essay For The SAT Subject Test

Tips For Writing an Essay For The SAT Subject TestOn what I believe to be a very rare occasion, a student actually finds the time to practice and get an SSC (SAT Subject Test Sample Essay) ready for reading, but, unfortunately for them, most of us are either too busy, too busy with work, school, etc, that we forget about doing so. An SSC, more appropriately called an SSAC, would greatly help in making certain that your essays are as objective as possible. Although there are students who are skilled writers, they might not have an idea of how to write an essay in a manner which is well-written. In case you are one of those students, just try to pay attention to the following tips.The first and most important tip to remember when writing an essay for the SSC is to avoid using slang and complicated words. Remember that this is the sole purpose of an SSC and should be concise. If you choose to use slang or complicated words, you are essentially narrowing down the scope of the essay and w ill only become more difficult to read and rewrite.In addition, when it comes to spelling errors, try to make sure that you only make a single typo in the entire essay. Unfortunately, grammar errors are often the most overlooked errors in writing essays. Make sure that you do not let your second one slip by. In many cases, these mistakes can be more of a hassle than anything else.It is a good idea to try and compose the essay on paper first. This would help you realize the types of sentences that you are having difficulties with and would also help you determine which points you may need to go back and rework. This is especially important if you are encountering difficulty in coming up with your logic, an aspect of the essay which is of critical importance to your overall ability to determine what to say about the essay topic.As you begin writing your essay, remember to keep the style of the essay to a minimum. Just be sure that you are staying within the general tone and format. It would be foolish to come in and throw away everything that you have done in the previous paragraphs. The essay will not develop as well if you do so.Another important tip in composing the SSC sample essay is to make certain that you keep to a strict deadline. When writing an essay, deadlines are not always met. It would be best if you used a time-clock or just keep a watchful eye on how long it takes you to complete the essay. This way, you will be able to avoid writing more than necessary, which can only hurt your chances of passing the exam.Lastly, you may want to use a separate word processor or an Internet editor program to get the most out of your SSC sample essay. This will ensure that you get the most out of the essay and will save you time. Internet editors are not the same as word processors; however, they are a great help. For example, they can automatically insert a glossary, which can save you time on your next revision.Try to focus on these points and you will see that your time spent reading and rewriting your SSC sample essay will be much more worthwhile. Get started now and get as much practice as you can.

Hafnium Facts (Atomic Number 72 or Hf)

Hafnium Facts (Atomic Number 72 or Hf) Hafnium is an element that was predicted by Mendeleev (of periodic table fame) before it was actually discovered. Here is a collection of fun and interesting facts about hafnium, as well as standard atomic data for the element: Hafnium Element Facts Fresh, pure hafnium is a metal with a bright, silvery luster. However, hafnium oxidizes to form a beautiful rainbow colored surface effect.Mendeleev predicted the existence of hafnium in a report he prepared in 1869. It was one of two non-radioactive elements believed to exist, but not verified. It was finally discovered in 1923 by Georg von Hevesy and Dirk Coster by using x-ray spectroscopy on a zirconium ore sample. The element name honors the city of its discovery (Hafnia is the old name for Copenhagen).As you might expect, hafnium is not found free in nature. Instead, it forms compounds and alloys. Because the two metals share similar occurrence and properties, hafnium is extremely difficult to separate from zirconium. Most hafnium metal has some degree of zirconium contamination. Although hafnium is found with ores (mainly zircon and baddeleyite), it is not as reactive as most transition metals.When hafnium is powdered, the increased surface area improves its reactivity. Powdere d hafnium readily ignites and may explode. Hafnium finds use as an alloying agent for iron, titanium, niobium, and tantalum. It is found in integrated circuits, vacuum tubes, and incandescent lamps. Hafnium is used in nuclear reactors, mainly as nuclear control rods because hafnium is an exceptionally powerful neutron absorber. This is one significant difference between hafnium and its sister element zirconium zirconium is essentially transparent to neutrons.Hafnium in its pure form is not particularly toxic, but it does represent a health hazard, particularly if inhaled. Hafnium compounds should be handled with care, as should any transition metal compound, because the ionic forms be dangerous. Only limited testing has been done on the effect of hafnium compounds in animals. All that is really known is that hafnium usually exhibits a valence of 4.Hafnium is found in the gemstones zircon and garnet. Hafnium in garnet may be used as a geochronometer, which means it can be used to date metamorphic geological events. Hafnium Atomic Data Element Name: Hafnium Hafnium Symbol: Hf Atomic Number: 72 Atomic Weight: 178.49 Element Classification: Transition Metal Electron Configuration: [Xe] 4f14 5d2 6s2 Discovery: Dirk Coster and Georg von Hevesy 1923 (Denmark) Name Origin: Hafnia, the Latin name of Copenhagen. Density (g/cc): 13.31 Melting Point (K): 2503 Boiling Point (K): 5470 Appearance: silvery, ductile metal Atomic Radius (pm): 167 Atomic Volume (cc/mol): 13.6 Covalent Radius (pm): 144 Ionic Radius: 78 (4e) Specific Heat (20Â °C J/g mol): 0.146 Fusion Heat (kJ/mol): (25.1) Evaporation Heat (kJ/mol): 575 Pauling Negativity Number: 1.3 First Ionizing Energy (kJ/mol): 575.2 Oxidation States: 4 Lattice Structure: hexagonal Lattice Constant (Ã…): 3.200 Lattice C/A Ratio: 1.582 Hafnium Fast Fasts Element Name: HafniumElement Symbol: HfAtomic Number: 72Appearance: Steel gray metalGroup: Group 4 (Transition Metal)Period: Period 6Discovery:Â  Dirk Coster and George de Hevesy (1922) Sources Hevesy, G. (1925). The Discovery and Properties of Hafnium. Chemical Reviews. 2: 1–41. doi:10.1021/cr60005a001Greenwood, Norman N.; Earnshaw, Alan (1997). Chemistry of the Elements (2nd ed.). Butterworth-Heinemann. pp. 971–975. ISBN 0-08-037941-9.Lee, O. Ivan (1928). The Mineralogy of Hafnium. Chemical Reviews. 5: 17–37. doi:10.1021/cr60017a002Schemel, J. H. (1977). ASTM Manual on Zirconium and Hafnium. ASTM International. pp. 1–5. ISBN 978-0-8031-0505-8.Weast, Robert (1984). CRC, Handbook of Chemistry and Physics. Boca Raton, Florida: Chemical Rubber Company Publishing. pp. E110. ISBN 0-8493-0464-4.

The Development of Banking in the Industrial Revolution

The Development of Banking in the Industrial Revolution As well as industry, banking also developed during the Industrial Revolution as the demands of entrepreneurs in industries like steam  led to a vast expansion of the financial system. Banking Before 1750 Before 1750, the traditional ‘start date’ for the Industrial revolution, paper money and commercial bills were used in England, but gold and silver were preferred for major transactions and copper for daily trading. There were three tiers of banks already in existence, but only in limited numbers. The first was the central Bank of England. This has been created in 1694 by William of Orange to fund wars and had become a foreign exchange storing foreign country’s gold. In 1708 it was given the monopoly on Joint Stock Banking (where there’s more than 1 shareholder) to try and make it more powerful, and other banks were limited in size and resources. Joint stock was declared illegal by the Bubble Act of 1720, a reaction to the great losses of the collapse of the South Sea Bubble. A second tier was provided by less than thirty Private Banks, which were few in number but growing, and their main customer was merchants and industrialists. Finally, you had the county banks which operated in a local area, e.g., just Bedford, but there were only twelve in 1760. By 1750 private banks were increasing in status and business, and some specialization was occurring geographically in London. The Role of Entrepreneurs in the Industrial Revolution Malthus called entrepreneurs the ‘shock troops’ of the industrial revolution. This group of individuals whose investment helped spread the revolution were based mainly in the Midlands, a center  for industrial growth. Most were middle class and well educated, and there were a substantial number of entrepreneurs from non-conformist religions like the Quakers. They have been characterized as feeling they had to be challenged, had to organize and succeed, although they ranged in size from major captains of industry to small-scale players. Many were after money, self-improvement, and success, and many were able to buy into the landowning elite with their profits. The entrepreneurs were capitalists, financiers, works managers, merchants, and salesmen, although their role changed as the business developed and the nature of enterprise evolved. The first half of the industrial revolution saw just one individual running the companies, but as time went on shareholders and joint stock companies emerged, and management had to change to cope with specialized positions. Sources of Finance As the revolution grew and more opportunities presented themselves, there was a demand for more capital. While technology costs were coming down, the infrastructure demands of large factories or canals and railways were high, and most industrial businesses needed funds to start up and get started. Entrepreneurs had several sources of finance. The domestic system, when it was still in operation, allowed for capital to be raised as it had no infrastructure costs and you could reduce or expand your workforce rapidly. Merchants provided some circulated capital, as did aristocrats, who had money from land and estates and were keen to make more money by assisting others. They could provide land, capital, and infrastructure. Banks could provide short-term loans, but have been accused of holding the industry back by the legislation on liability and joint-stock. Families could provide money, and were always a trusted source, as here the Quakers, who funded key entrepreneurs like the Darbys (who pushed forward Iron production.) The Development of the Banking System By 1800 private banks had increased in number to seventy, while county banks increased rapidly, doubling from 1775 to 1800. These were set up mainly by businessmen who wanted to add banking to their portfolios and satisfied a demand. During the Napoleonic Wars, the banks came under pressure from panicking customers making cash withdrawals, and the government stepped in to restrict withdrawals to just paper notes, no gold. By 1825 the depression which followed the wars had caused many banks to fail, leading to a financial panic. The government now repealed the Bubble Act and allowed joint-stock, but with unlimited liability. The Banking Act of 1826 restricted the issuing of notes- many banks had issued their own- and encouraged the formation of joint stock companies. In 1837 new laws gave joint-stock companies the ability to acquire limited liability, and in 1855 and 58 these laws were expanded, with banks and insurance now given limited liability which was a financial incentive for investment. By the end of the nineteenth century, many local banks had amalgamated to try and take advantage of the new legal situation. Why the Banking System Developed Long before 1750 Britain had a well-developed money economy with gold, copper, and notes. But several factors changed. The growth in wealth and business opportunities increased the need for both somewhere for money to be deposited, and a source of loans for buildings, equipment and- most crucially- circulating capital for everyday running. Specialist banks with knowledge of certain industries and areas thus grew up to take full advantage of this situation. Banks could also make a profit by keeping a cash reserve and lending out sums to gain interest, and there were many people interested in profits. Did Banks Fail Industry? In the US and Germany, industry used their banks heavily for long-term loans. Britons didn’t do this, and the system has been accused of failing industry as a result. However, America and Germany started at a higher level, and needed much more money than Britain where banks weren’t required for long-term loans, but instead for short-term ones to cover small shortfalls. British entrepreneurs were skeptical of banks and often preferred older methods of finance for start-up costs. Banks evolved along with British industry and were only a part of the funding, whereas America and Germany were diving into industrialization at a much more evolved level.