Palm Beach International Airport Free Essay Example, 2500 words

This paper tells that Palm Beach International Airport currently serves nearly six million passengers a year, non-stop service, to over 35 destinations with its three asphalt runways, the main terminal, and three concourses. On December 17th, 2009, the runway designations and markings were changed to 10L/28R (10008 * 150 ft) for primary commercial aircraft and is capable of supporting single wheel, double wheel, and double tandem aircraft operations of 85000 to 400000 pounds, the runway is equipped with an Instrument Landing System, with a 4 light PAPI and it uses a medium intensity approach lighting system. Runway10R/28L (3213 * 75 ft) is for non-jet general aviation traffic and is capable of supporting single wheel aircraft operations of 25,000 pounds; it uses a 4 light PAPI on right and has Runway end identifier lights. The only crosswind runway 14/32 (6931 * 150ft) is capable of handling single wheel to double tandem wheel aircraft of 85,000 to 400,000 pounds respectively, it is a non-precision runway and has a 4 light PAPI on the right. General distresses on the runways include cracking, weathering, and swelling but at very low levels. We will write a custom essay sample on Palm Beach International Airport or any topic specifically for you Only $17.96 $11.86/page Palm Beach International Airport recently completed an expansion project which doubled their TSA Screening size and also expanded their immigration process to speed up all passenger queues.

Advantages And Limitations Of Each Source Of Finance Finance Essay - Free Essay Example

Sample details Pages: 17 Words: 4966 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? This assignment covers all detail about sources of finance. The aim of the research is to identify different sources of finance like short-term finance, medium-term finance and long-term finance. The first part of the assignment gives you an introduction about sources of finance. The second part covers short-term sources of finance and their advantages and limitations. The third part covers medium-term sources of finance and their advantages and disadvantages. And the last part covers long-term sources of finance and its merits and demerits. Sources of Finance Introduction As you know food is necessary for human life. Similarly finance is the heart of any business. It is most important for modern business, which requires huge capital. Finance could be needed for new businesses, when they recover a cash flow problem, new machinery, set up a new plant or takeover another business. Generally funds required for businesses are classified into short term, medium term and long term. In this section we look at the different source of finance and see the advantages and limitations of each. Don’t waste time! Our writers will create an original "Advantages And Limitations Of Each Source Of Finance Finance Essay" essay for you Create order Business Leasing Public Deposit Mortgage Shares -Equity Share -Preference Share Debentures Retained Earning Commercial Bank Loan Borrowing Trade Credit Overdraft Bill Discounting Customers Advances Instalment Credits Loan from Co-operative banks Short Term Source Long Term Source Medium Term Source Sources of Finance Short Term Sources of Finance Definition When we want to establish a new business, it is essential to know the amount of finance required. Some sources are overdraft, customer advances, loan from co-operatives, cash and trade credit etc. that make money for short time. It is called short-term source of finance. Generally Short-term is only for 1 year. In this section we learn about above source of finance and their relative advantages and limitations. Short-term sources of finance: Trade Credit Overdraft Discounting of bills Customers advances Instalment Credit Loan from co-operative bank Trade Credit : Providing business customers with time to arrange for the payment of goods they have already received. This period is one of the interest free credit. It is a costly source of finance. Trade credit is used when the buyer is not able to pay the real cost of goods. 1Trade credit refers to credit granted to manufactures and traders by the suppliers of the raw materials, finished goods, components etc. Usually business enterprises by supplies on a 30 to 90 days credit. Advantages of Trade Credit: If new business start up has trade credit, they will not need more money in capital. It is a good idea to someone who want to start a new business with less money. You can buy goods and make payment later when you sold all the goods and get some money or make a good profit. The time period may be after 25-30 days. Business can look in good position without having any serious trouble in immediate payment, which may set them back. Trade Credit improve the cash flow and provide easy platform for business. With the trade credit, business can focus on other area like sales, marketing and other research. Trade credit is available only with purchase of raw material or finished goods. The term and conditions of trade credit very according to the custom and usage of trade. Disadvantages of Trade Credit: If repayments are not made by in time, the business will receive a very bad credit history. They will not trusted in the future, if your business require any loan or trade credit. If company has a good credit history, it will get trade credit but these can be hard to build up for new business. Overdraft : It is a common source of short term finance because of its flexibility. When borrowed fund are not require longer time they can pay easily and quick. The risks to the lender are less then a long term loan because it is very cheap. 2When a bank allows its depositors or account holders to withdraw money in excess of the balance in his account upto a specified limit, it is known as overdraft facility. This limit is granted purely on the basis of credit-worthiness of the borrower. Advantages of Overdraft: Flexible 3 An overdraft is there when you need it and cost is zero (in case of small fee) when you do not need. It allows you to make essential payments whilst chasing up your own payments, and helps to maintain cash flow. Quick It is very easy and quick to arrange, providing a good cash flow backup with the minimum of fuss. It allow to make essential payment whilst chasing up your own payment and help to maintain cash flow. You only need to borrow what you need at that time. Disadvantages of Overdraft: Cost Sometimes it carry very higher interest rates and fees then loan. This makes them very expensive. Recall The bank can take back the entire overdraft amount at any time if you have broken terms and conditions or it may happen if you fail to make other payment. Security Overdraft may need to be secured against your business assets, which put them at risk if you fail in repayment. Bill Discounting : Some bank provide short-term loan by discounting bill of exchange. In such cases bank deduct discount while making payment. The amount of discount is generally equal to the amount of interest for the remaining period of payment. The advantages and disadvantages from this source are following. 4When these document is presented before the bank for discounting, banks credit the amount to customers account after deducting discount. The amount of discount is equal to the amount of interest for the period of bill. Advantages of Bill Discounting: Availability of cash The drawer gets cash immediately by the discounting bill. He does not have to wait for the payment until the expiry of credit period mansion on the bill. Security Bank normally do not ask for any other security while making payment against the bill discounted. However if customer is interested, banks also grant him limit for discounting of bill. This limit is identify as a limit against discounting bill. Nature of liability for repayment Repayment of money advanced against discounted bill is the responsibility of the drawee of bill of exchange. In case drawee does not pay or refuse the pay, the drawer who got payment after discounting the bill is held responsible for payment. Disadvantages of Bill Discounting: Advance payment of interest While discounting a bill, bank deduct the discount and balance is credited in customers account. This discount is similar to the amount of interest for the remaining period of payment. Thus a person receiving money through discounting of bill has to offer advance interest on the amount of bill. Facility is subject to the parties credit Normally banks extend this facility after being satisfied with the credit of parties involved. Bank may be ask for some security. So, it is not a easy available facility. Problem when non-payment Bills not paid upon maturity are to be certified by Notary Public and a certain amount in the form of nothing is paid. Thus it became an additional burden. Customers Advances : The advance make by the customer against the value of order placed. Thus the remaining amount of goods to be supplied later. Let see more details about the advantages and limitations. Advantages of Customers Advances: Interest Free Amount offered as advance is interest free. Hence the funds are available without any involving problem. No Security The seller is not required to deposit any major security while demanding advance from the customer. Thus assets remain free of charge. Repayment Ones money received in advance will not be refunded. Hence there are no procedures for repayment. Disadvantages of Customers Advances: Limited amount Amount received from a customer is subject to the value of order. Borrowers demand may be more then the advance amount. Limited Period The period of advance amount is only up to the delivery goods. It cannot be renewed. Penalty Normally advances are subject to the condition that if goods are not delivered on time then order would be cancelled and advance amount would be refunded with interest. Instalment Credit : Instalment credit is a system under which a small payment is made at the time of taking the goods and remaining amount is paid in instalment. Generally instalment amount is including of interest. The advantages and limitations of this system are as under: Advantages of Instalment Credit: Ownership of asset Delivery of good is assured immediately on payment of down payment. Convenient payment of assets Costly assets which can not purchase directly with full payment can be purchase by instalment payment. Saving of one time investment If the price of asset is high and lumpsum amount is made then the business fund are blocked. In this case instalment credit leads to saving of one time investment. More facility for business If the facility of payment in instalment is available then business firm can afford to by new furniture, machinery or other necessary things. Thus, your business reputation looked in good condition by instalment credit. Disadvantages of Instalment Credit: Commitment for payment Payment in instalment is a commitment. So you have to pay your instalment in whatever condition of your business. Necessary to pay interest Payment of interest is necessary in this system. Generally sellers charge very high rate of interest. More interest If buyer fail to pay the instalment, seller sometimes impose penalty or additional interest. Loan from Co-operative bank : Co-operatives banks are good source of short-term finance. Membership is the primary condition for securing loan in this bank. This bank grant loans for personal and business purposes too. The advantages and limitations of this bank are as under: Advantages of Loan from Co-operative bank: These loans create a sense of thrift among the low-income group. Being a member of co-operative bank, the borrower can participate in the management. Loan generally granted at a lower rate of interest. Loan from this banks are easily available. Loans are given for good purposes that help to develop the financial and social status of the people. Sometimes these banks organise training program for member to familiars them with the various avenues of the business and regarding proper utilisation of loan money. Disadvantages of Loan from Co-operative bank: These loans are available only to members. Loan from this bank is available only for limited purposes. Co-operative banks depend on the supports of the government. So, government rules and regulations sometimes may be makes in trouble to the borrowers. These bank find it difficult to ensure repayment of loan money due to inadequate information about the need and utilisation of fund by the borrower. There is little scrutiny of the repaying capacity of the loan seeker at the time of granting loan. Medium Term Source of Finance Definition Medium term source of finance means fund does not require more then 3 years. Normally medium term funds are require by business for repairing and maintenance of machinery or other equipment. So firm get this finance from bank or other kind of source. Medium term source of finance: Leasing Public Deposit Mortgage Leasing : Leasing is the method of capital funding requirement. Leasing based on the principal that income is earned from the use of an asset. The advantages and limitations of leasing are following: Advantages of Leasing: Reduced initial cash flow The big advantage of leasing equipment is that the cost is spread over a number of years. You have not to pay the entire amount upfront. This can help to maintain cash flow. Poor cash flow is the main cause of small business and leasing can help you to keep it under better control. Budgeting Normally this is a fixed contract. So the amount can be worked into your business budget much more easily. Tax Advantages lease rentals are considered as an operating cost. So it is possible to deduct them from taxable profits. However, before the contract you should always check the equipment you are buying is eligible or not. Security When you lease the product, you are not owner of this product. It means the leasing company gives better security. You dont need any further security to be able to start a contract. Disadvantages of Leasing: No ownership Main disadvantage is that you are not the owner of the product. It means the leasing company is the owner during and after the lease. As you do not own the product, you are unable to sell it in the event it is no longer needed, and you cannot upgrade to a newer or better product without either paying off the remaining contract, or paying a large fee to cancel the contract. No sell As you are not owner of the product, you can not sell it. If you do not longer needed, you have to pay large fee to cancel the contract. Termination Leases are very difficult to terminate early. Long term expense Although leasing allow you to avoid paying a large amount, but after a long time it works out considerably more expensive. Over the period of standard lease, you pay the actual cost of product and other charges. Maintenance You are responsible for maintenance of the product. If you have not trained employee to fix the equipment, this could be more costly in the serio us fault. Some leasing company will allow you to cover maintenance cost but you have to pay some extra amount. Commitment Once you signed a lease contract, you are committed to making payment for the entire lease period even you stop using a property. Public Deposit : It is very old and popular source of finance. When modern banks were not established, people used to deposit their saving with reputed business. The maturity period for public deposit is minimum 6 months and maximum 3 years. The advantages and disadvantages of public deposit are following: Advantages of Public Deposit: Easy to deposit The method of borrowing money from public is very easy. It does not require many legal formalities. It has to be advertised to be newspaper. Easily available If companies have good reputation, they are able to obtain funds directly from public without any more financial difficulties. Income tax purpose Interest paid on this deposit is a deductible expenses for income tax. Fix rate The rate of interest on this deposit is fixed, it helps the company to play trading on equity, if the company is earning more then the rate of interest paid on public deposit. Flexibility Public deposit bring more flexibility in the structure of the capital of the company. These can be raised when needed and refunded when not needed. Disadvantages of Public Deposit: Insecurity Public deposits have no charge on the assets of the company. So it may be not safe to deposit saving in those companies which are not very popular. Uneconomical The rate of interest paid on public deposit may be low but there are other expenses like commission, which make it uneconomical. Short period Public deposits are available mainly for short period. So company cannot depend on it for a long time. Misuse The management may misuse your deposit. So in this case it is not secure. Bad effect on capital market It is an easy and cheaper source of raising money. Thus, more money deposited with the companies, there will be less investment in securities. Hence the capital market will not grow. Mortgage : A mortgage is a loan specially for the purchase of property. The borrower can use theirs own property as security for the loan. The advantages and limitations of mortgage are following: Advantages of Mortgage: Tax advantage The interest payment on the mortgage are tax deductible. Good cash flow With the use of mortgage, you are able to access to capital that you would not normally have access with nominal up-front payment and the flexibility in management of repayment plan. Cash flow management Mortgage plan are pre-set, so you can make plan for future cash management. Disadvantages of Mortgage: Collateral The nature of a mortgage require you to pledge the purchased property to the lender. When the mortgage is repaid, the owner is obligated to release the mortgage and is require to make available any government formalities. Defaults The lender may define a variety of events that will constitute a default on the mortgage, including failure to make any payment on time, bankruptcy, insolvency and breaches of any obligations in the mortgage agreement. Try to negotiate an advance written notice of any alleged default, with a reasonable amount of time to cure the default. Long Term Source of Finance Definition Long-term source of finance are those that are need over a longer period of time. Generally time duration may be more then 5 years. Long-term finance are needed for fund expansion, set up new office, buying new business or fixed assets like furniture, building, machinery, land etc. Funds require for this business is called long-term finance. The amounts of long-term capital depend upon the scale of business and nature of business. Following various sources of long-term finance and advantages and disadvantages of each source. Long-term source of finance: Shares Equity Share Preference Share Debentures Retained Earning Commercial Bank Loan Borrowing Shares : Shares is the main source of long-term finance. The joint stock companies issue shares to the general public. These shareholders are the owners of the company. There are two types of shares (1) Equity Share (2) Preference Share. Company divides its capital into units of particular value like  £10 each or  £200 each. Each unit is called share. Equity Share Dividend on these shares is paid after the fixed rate of dividend has been paid on the preference share. The rate of dividend is not fixed because it is depend upon the profit available. The equity shareholders control the affairs of the company and have an unlimited interest in the companys profit. The advantages and disadvantages of equity share are following: Advantages of Equity Share: [ For Shareholders ] Income Profit The equity shareholders are the residual claimants of the profit. The company may add to the profit by trading on equity. Thus equity capital may get dividend at high in good period. Rights Equity shareholders have right for voting to right persons as directors who can control and manage the affairs of the company. Transferable These shares are transferable units. The value of equity share goes up in the stock market with increase in profit of the concern. Advantages of Equity Share: [  [5]  For Limited Company ] A company can raised fixed capital by issuing equity shares without creating any charge on its fixed assets. The capital raised by issuing equity shares is not required to be paid back during the life time of the company. It will be paid back only if the company is wound up. There is no liability on the company regarding payment of dividend on equity shares. The company may declare dividend only, if there are enough profits. If a company raise more capital by issuing equity shares, it leads to greater confidence among the investors and creditors. Disadvantages of Equity Share: [ For Shareholders ] Irregular income The dividend on equity share is subject to availability of profit. If there are preference shareholders, they get first dividend before equity shareholders. Equity shareholders may get no dividend if company has not enough profit. Capital loss During recession period, the profit of the company come down and the rate of dividend also come down. Due to low rate of dividend the market value of equity shares goes down resulting in a capital loss to the investors. Dilution in control Each sale of equity shares dilutes the voting power of the existing equity shareholders. Equity shares are transferable and may bring about centralisation power in few hands. Impossible trading If equity shares alone are issued, the company cannot trade on equity. Over capitalisation If company issue more equity shares may result in over capitalisation. In that condition dividend per share is low which make bad effect on investor. High cost It cost more to finance with equity shares then with other securities as the selling costs and underwriting commission are paid at a higher rate on the issue of these shares. Speculation Equity shares of good companies are subject to hectic speculation in the stock market. Their prices change frequently which are not in the interest of the company. Disadvantages of Equity Share: [  [6]  For Limited Company ] No trading on equity Trading on equity means ability of a company to raise fund through preference shares, debentures and bank loan etc. On such funds the company has to pay at a fixed rate. This enables equity shareholders to enjoy a higher rate of return when profits are large. The major part of the profit earned is paid to the equity shareholders because borrowed funds carry only a fixed rate of interest. But if a company has only equity shares and does not have their preference shares, debentures or loans, it can not have the advantage of trading on equity. Conflict of interests As the equity share holders carry voting rights, groups are formed to corner the votes and grab the control of the company. There develops conflict of interest which is harmful for the smooth functioning of a company. Preference Share Rising capital by issue of these shares is a most important method of rising long-term funds. Preference shares are the shares, which carry initial rights over th e equity shares. These shares are receiving dividend at a fixed rate. All shareholders gets dividend regularly. The advantages and disadvantages of preference share are following: Advantages of Preference Share: Fixed income The dividend payable on preference shares is on fixed rates even if there is no profit. First right Preference shareholders have first right to get dividend. Thus they enjoy the minimum risk. Less capital losses As the initial right of repayment of their capital in case of winding up he company, it saves them from capital losses. Fair security Preference share are fair security for the shareholders during depression period when profit of the company are down. Disadvantages of Preference Share: No Voting right Preference shareholders have no any voting rights in the company. Fixed income The dividend payable on preference shares is on fixed rates even if the company earns higher profit. No claim on surplus amount The shareholders have no rights to claim on surplus amount. They can only ask for the capital investment in the company. Not secure They cannot be secure on the companys assets. Debentures : Whenever company want to borrow a large amount of money for long but fixed period, it can borrow from the general public by issuing loan certificate called debenture. The holders of the debentures are the creditors of the company. The total amount is divided into units of fixed amount. These are offered to the genera public to subscribe in the same manner as in done in the case of share. A debenture is issued under the common seal of the company. It is a written acknowledgment of money borrowed. For example, if company need  £5,000,000 for 10 years, it will issued debentures. Each cost of debenture may be  £100. Advantages of Debentures: Creditors Debenture holders are the creditors of the company. Allowing control over the company Debenture holders have no right either to vote or take part in the management of the company. Reliable Source These are repayable after a fixed period of time, the company can make the best use of money. It helps long term planning. Tax benefit Interest paid on debenture is treated as a expense and is charged to the profit of the company. Thus the company saves income tax. Safety Debenture are more secure. When the company is winding up, they are repayable before any payment is made to the shareholders. Disadvantages of Debentures: More finance more difficulty Debenture finance enables a company to trade on equity. But more finance leaves little for shareholders, as most of the profits may be require paying interest on debentures. Burden in time of depression During depression time the profit of the company decline. It may be difficult to pay interest on debenture. As interest goes on accumulating, it may lead to the closure of the company. Cant borrow money Usually debentures are secure. The company creates a charge on its assets in favour of debenture holders. So the company, which does not have own enough assets, they cannot borrow money by issuing debentures. Burden As the interest on debenture have to be paid every year whether there are profits or loss. It becomes burden in case of company incurs loses. Retained Earning : The part of the profit which is not distributed among the shareholders but is retained and is used in business is called retained earning. As per Indian company Act. Co mpanies are require to transfer a part of their profit in reserves. The amount so kept in reserve may be used to buy fixed assets. This is called internal financing. Advantages of Retained Earning: Cheap There are no expenses behind earning capital from this source. There is no obligation on the part of the company either to pay interest or pay back the money. It can safely used for business. Financial Stability A company which has enough reserves can face ups and downs in business. Such companies can continue with their business even in depression, thus building up its goodwill. Good for shareholders Shareholders may get dividend out of reserves if the company does not earn enough profit. Due to reserve, there is capital appreciation, i.e. the value of shares go up in the share market. Disadvantages of Retained Earning: If Huge profit This method of financing is possible only then there are huge profits and that too for many years. Dissatisfaction When funds accumulate in reserves, bonus shares are issued to the shareholders to capitalise such funds. Hence the company has to pay more dividend. By retained earning the real capital does not increase while the liability increases. In case bonus shares are not issued, it may create a situation of under-capitalisation because the rate of dividend will be much higher as compared to other companies. Monopoly Through ploughing back of profits, companies increase their financial strength. Companies may throw out their competitors from the market and monopolize their position. Mis-management of funds Capital accumulated through retained earnings encourages management to spend carelessly. Commercial Bank Loan : Some commercial banks giving loans for a long period. i.e. for more than ten year. The period of repayment of long is extended at int ervals long period. Commercial banks provide long term finance to small scale units in the priority sector. Advantages of Commercial Banks Loan  [7]  : It is a flexible source of finance as loans can be repaid when the need is met. Finance is available for a definite period, hence it is not a permanent burden. Banks keep the financial operations of their clients secret. Less time and cost is involved as compared to issue of shares, debentures etc. Banks do not interfere in the internal affairs of the borrowing concern, hence the management retains the control of the company. Loans can be paid-back in easy installments. In case of small-scale industries and industries in villages and backward areas, the interest charged is low. Disadvantages of Commercial Banks Loan : Banks require personal guarantee or pledge of assets and business cannot raise further loans on these assets. In case the short-term loans are extended again and again, there is always uncertainty about this continuity. Too many formalities are to be fulfilled for getting term loans from banks. These formalities make the borrowings from banks time consuming and inconvenient. Borrowing 8 : Most business rely on borrowings as well as equity to finance operations. Lenders enter into a contract with the business in which the rate of interest, dates of interest payment, capital payments and security far the borrowing are clearly stated. In the event that the interest payment or capital payments are net made on the due dates, the lender will usually have the right, under the terms of the contract, to seize the asset on which the loan is secured and sell them in order to reply the amount outstanding, security for loan may take the form at a fixed charge on particular assets at th e business or a floating charge on the whole at its assets. A floating charge will float over the assets and will only fix on particular assets in the event that the business defaults on its borrowing obligations. Advantages of Borrowing  [9]  : Local savers may provide less costly funds; an important habit among clients and the public is rewarded. Lower interest loans provide experience for the company in borrowed funds Local bank become familiar with micro and small enterprise potentials. Access to larger sums more quickly based on track record. Allow longer term projections than grants Provides a discipline similar to that of micro and small enterprise clients. Disadvantages of Borrowing : Too many subsidized loans can retard move to market rate. Loans may be dollarized in inflationary situation. Local banks may not be willing to be cooperative. Early negotiations require a new set of skills and contracts. More tricky cash flow management as principal is repaid. More risky as debt holders can force closure of company Substantial initial collateral requirements. Higher financial costs force organizational decisions and changes.

The United Way Of Champaign County - 1427 Words

oduction I. Attention Getter: In nearly every city you visit, including Champaign and Urbana we see homeless people on the streets II. Relate topic: When we think of the homeless we often think of the corner of Green Sixth, the viaduct on Springfield Avenue, or the entrance to any of the three local Wal-marts. III. Thesis: The United Way of Champaign County utilizes their resources to provide aid to the local homeless population. IV. Preview: To begin we will see how homelessness is a local issue, then I will talk about the homeless programs that were eliminated in 2016, finally I will introduce the United Way of Champaign County. TRANSITION: To begin, we will talk about the growing number of homeless people locally. Body I.†¦show more content†¦b. There are 2 categories within the count sheltered, or living in homeless housing and unsheltered, meaning a car or tent, 18 individuals in the 2016 survey were considered unsheltered this count nearly doubled from the 10 unsheltered in 2015 2. The survey looks at the specific makeup of the homeless population and risk factors that affect the group. a. At least 5 of the individuals surveyed are considered chronically homeless, meaning that they have a disabling condition and have been homeless four or more times in a 3-year span or that they have been homeless for at least a year. b. 23 individuals had a severe mental illness, 28 were addicted to illegal drugs or alcohol, 2 people had HIV or Aids, 18 single men were veterans, and 31 people had been victims of domestic violence. TRANSITION: Next, we will see how funding and service shortages affect the homeless resources in Champaign County. II. 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The first Jimmy Johns was run out of a garage with used equipment, and without an ice machine for the drinks because there wasn’t any room. Liautaud grew interest in his sandwiches by giving out free samples to people around town, especially college students. As word spread about his

Management Information Systems Essay Example For Students

Management Information Systems Essay 1. General Motors has several internal and external influences that are challenging them to reduce their operating costs and become more efficient. In doing an analysis of the General Motors using Porters Competitive Model these influences become clear and opportunities for the company to reduce costs and increase efficiency using information systems becomes obvious. Porters Competitive Model is a model used to describe the interaction of external influences; specifically threats and opportunities that affect an organizations strategy and ability to compete Laudon Laudon, 2005, p. 103. Starting at the center of the model is the current industry, which includes General Motors and their typical competitors, such as, Ford, DaimlerChrystler, and the Japanese Laudon Laudon, 2005. All of these traditional competitors are able to produce cars at a much cheaper cost than General Motors. Looking at the supplier portion of the competitive forces model, part of the reason General Motors was u nable to produce cars inexpensively in comparison to their competitors was that they were producing a lot of their own parts. Their competitors were able to purchase parts from outside vendors at lower prices. General Motors viewed this as an opportunity and has since shed a lot of workers and factories and are currently searching everywhere for the lowest prices on parts. Also General Motors was very slow at producing cars because of old information systems and outdated processes. A lot of General Motors systems could not communicate with each other, which was causing a major lag in the production of automobiles. By integrating these systems they were able to become faster and leaner and were able to increase their customer focus Laudon ; Laudon, 2005. In the competitive forces model, General Motors also has influence from new products and services to reduce costs and increase efficiency. General Motors wants to experiment with new ways to serve their customers, one of which was on line shopping, allowing customer to shop for car models and colors online and giving them dealerships in the area that were currently in possession of the car they preferred. By utilizing the Internet, GM was able to provide additional services to their customers and allow them to also purchase vehicles online. General Motors also found an opportunity to build vehicles to order. This allows them to reduce the cost of inventory and sales incentives by finding ways to make cars that customers have actually ordered Laudon ; Laudon, 2005. Another new technology-based service General Motors has been experimenting with is called OnStar. OnStar is a navigation, Internet, safety, and communications capability that is available on a majority of GM models. Customers have to subscribe to the service but with the service they receive roadside assistance, stolen-vehicle tracking, and concierge support such as making dinner reservations Laudon ; Laudon, 2005, p. 111. OnStar is a comprehensive ser vice, however, has not been successful in gaining interest of a lot of GM customers. New entrants to the automotive market have been a threat to General Motors. Some of these entrants include Nissan and Hyundai. Although, they have been around for a while, they are increasingly gaining a large portion of the market and have been very efficient in product development and bringing new models to the market quickly. In response to this threat General Motors has attempted to stream line their product development portion of their business. In the past, General Motors would have to go through several departments and systems to take a car from design phase to actual production. The average was typically 48 months for this process. After some analysis, General Motors has formed a single committee that now handles the entire product development process. They removed all of their former design and engineering systems and replaced them with a single system called EDSs Unigraphics Laudon Laudon , 2005, p. 112. Everyone involved in the committee has access to this new system and are able to access from a web-based interface to share three-dimensional designs Laudon Laudon, 2005. It now takes General Motors approximately 18 months from initial design to production. Customers also play a part in the competitive forces model. General Motors still struggles in changing potential and actual customers perception of the company from a second rate automobiles compared to their competitors. With the Internet service and new product development technique they hope to change this perception and bring new automobiles and services to these customers. Information technology has played a large role in the redesign of General Motors. They have been able to successfully reduce operating costs by becoming more efficient and competitive. They have integrated several systems and have stream lined internal processes to reduce costs and have also utilized the Internet to gain new customers and aid in sales of automobiles. General Motors will need to continue using information systems to gain advantages over their competitors and to stay a major competitor in the automotive market. 2. Within the last few years preventing future terrorism attacks like the one that occurred on September 11th has become a major concern for both citizens and the government of the United States and globally. In response to this concern, governments and their organizations have created massive databases of personal information on citizens and whom they think could be potential terrorists. These databases have brought up questions of social and ethical issues regarding citizens privacy and rights in regards to the information being collected. Drug and Alcohol Abuse EssaySince this technology reaches customers globally, businesses need to ensure that their new systems are capable of supporting international customers. Language and cultural barriers can create a chaotic environment but with the right system and business processes this challenge can become obsolete Laudon Laudon, 2005. When building the information architecture companies must be aware of what they currently need to do business, but also allow the system to be upgraded in the future for changes that may occur. Business is changing rapidly and the system that they create should allow them to adapt to these changes and not hinder them. Hardware and software should be compatible and allow information to flow freely. This is crucial in the design process Laudon Laudon, 2005. A final challenge of management is in regards to responsibility and control. They need to find a way to ensure that proper security is stored and sensitive information is only handled by those that need it to do their job. Although they want the information shared they also need to have control of the information Laudon Laudon, 2005. Internet technology is crucial to a companys success in regards to reducing operating costs and increasing efficiency. It can provide the company with new customers and streamline business processes. However, there are some management challenges that need to be addressed when using this technology. If the company is aware of these challenges and addresses them successfully the full potential of this technology will be reached. 4. Information systems and technology is allowing businesses to reach consumers in ways that they were unable to do before. One such method is direct sales over the web, where manufacturers are now cutting out the intermediary and directly selling to the consumer. This process is called disintermediation Laudon ; Laudon, 2005, p. 123 and is allowing consumers to purchase goods at a cheaper cost by eliminating the middleman who would typically raise the price in order to make a profit. Web personalization has also made a large impact on consumers. Web personalization is the tailoring of web content directly to a specific user Laudon ; Laudon, 2005, p. 123. Basically when a customer visits a website and either purchases a good or views certain items the web page alters according to each customers preference. For example, at Amazon.com if a certain book is purchased the next time that customer logs on there is a suggested list of books that are similar to the one previously purchased ar e listed that Amazon.com finds may be of interest to that customer based on there previous purchase. Many websites are using web personalization because it allows them to provide customer service and a sales tactic without having an actual salesperson present. It also makes the customer feel as if they are being catered to and that they are valued Laudon ; Laudon, 2005. Data is also collected from purchases of customers to find what is the best selling product so that the company can keep plenty of that product in stock. For example, Dillons stores in Wichita uses what is called a Plus Card which keeps the information of the customer contains the customers demographic information. Every time the customer uses their plus card Dillons keeps track of what is being purchased. Items that are popular can be put on sell to increase revenue or inventory can be updated to provide for these items. Besides being used as a marketing tool, businesses also use the Internet to provide customer service. Instead of having a call center where a customer needs to talk to a physical person they can use the Internet and browse frequently asked questions to get information or answers. They also can send emails to the business and expect a response in little time. Using the Internet for customer service allows the customer to be in control and tailors to the customers tim e schedule. There are many benefits in using technology to gain customer information. The most popular is as a marketing function to provide customers with the products that are most popular. Also, it allows them to provide salesman type services without a physical salesperson or customer service representative. This is saving businesses money by reducing the cost of employing this person and is tailoring to the flexibility needs of the ever-demanding consumer. ReferencesLaudon, K.C. ; Laudon, J. P. 2005. Essentials of Management Information Systems: Managing the Digital Firm. Upper Saddle, NJ: Pearson Education Inc.