Synthesis of Two Sciences


Biometrics is a field that integrates biological science and computer science. One application of this new field of knowledge involves identification procedures. Scientists know that no two persons have the same fingerprint. This makes fingerprints a nearly foolproof method of identification. In the past, an individual’s fingers were coated with ink, and impressions were made on paper, then compared with impressions made by others. Laboratories kept files containing thousands of fingerprints. In time, computers enabled researchers to digitalize fingerprints and reduce them on computer screens. This enabled searches to occur much faster once fingerprints were on the file. Biometrics has now made possible the next step in this evolution of identification science. New scanners enable a person to place his or her finger on an imaging surface and instantaneously receive confirmation that the fingerprint matched that of the owner of an identification card. This technology of identification has been used to speed healthcare identification, eligibility for welfare benefits, and credit-card approvals.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Advertisements

Role of Government


In general, government has three basic economic functions. First, government provides a legal foundation and an appropriate social environment for the conduct of economic activity. Second, government both encourages competition in the marketplace and controls it. This is accomplished through legislation and government agency rules and regulations. Finally, government redistributes income from some segments o the economy to others. Government acquires revenues through taxation—taxes on income, property, sales, and payroll. These revenues are channeled back into the economy through spending and transfer payments to veterans, the aged, welfare recipients, and others in society. In short, government is a consumer of goods and services and not producer of them.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Greed


Technically, greed is not one of the seven cardinal (deadly) sins, avarice is. Greed is an excessive desire to get or have, as wealth or power, beyond what one needs or deserves. There is no mechanism , or even rationale, for deciding what  one needs  or deserves  or what is excessive.

Pride is the first of the seven cardinal sins, but we are encouraged to be proud of country, school, family, employer, and other institutions. The issue is not pride but the form that pride takes. This applies to wanting more than one has, what some people call greed. It depends on how the greed affects behavior. Greed is not bad. Immoral and unethical behavior is bad.

Greed means the desire to have more than one has. This trait leads, through the invisible hand, to competition. Greed causes us to want more in a free, competitive society we have to work harder and smarter. This increases human welfare by providing more and better marketing mixes (product, price, distribution, and promotion). It is the marketing mix that satisfies the buyer’s wants and needs. Competition keeps greed in check except when we act immorally. In business competition, unlike sports, there can be more than one winner.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Promoting Sales


First stage marketing strategies should focus on sales promotions that will attract immediate customers and selling methods that will ensure repeat business. First stage companies can also benefit from sales and promotion activities, but with a focus on short term rather than long term benefits. Ideas include:

  1. Invite a local newspaper to write an article on some unique aspect of the company.
  2. Invite television reporters to cover a special event sponsored by the company (fund raising drive, a banquet honoring an employee, or the introduction of snappy new product).
  3. Start a charity book collection drive at local schools.
  4. Sponsor a young people’s athletic team.
  5. Sponsor a civic band or float in a local parade.
  6. Donate materials, space, or services to community theater groups.
  7. Sponsor a paper, glass, aluminum, or plastic recycling drive.
  8. Get behind a social cause.
  9. Donate used computers, office equipment, etc., to local schools, hospitals, or welfare agencies.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

The Significance of Productivity


The significance of productivity in increasing national welfare is universally recognized. There is no human activity that does not benefit from improved productivity. This is important because more of the increase in gross national income, or GNP, is produced by improving the effectiveness and quality of manpower than by using additional labor and capital. National income, or GNP, grows faster than the input factors when productivity is improved.

Productivity improvement, therefore, results in direct increases in the standard of living under conditions of distribution of productivity gains according to contribution. It would be wrong to state that productivity is the only important worldwide source of real economic growth, social progress and improved standard of living.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Fringe Benefits


Fringe benefits are any benefits received by employees in addition to their regular pay. They include paid vacation, sick leave, welfare programs, and health and life insurance. The cost of fringe benefits is increasing much more rapidly than wages. One fringe benefit that unions have been stressing recently is the pension. Pension funds are certainly not small.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Private Enterprise


Private or free, enterprise is the economic system. It means that most of the country’s goods and services are provided by privately owned firms that compete with a minimum of government controls. The private enterprise system has six key characteristics:

  1. Private Ownership of Property: most businesses, land, minerals, buildings, machinery, and personal goods are owned by people, not by governments. This ownership is the right of people. It is an incentive to work hard to acquire and care for our own property. This sort of incentive contributes to the economic growth of the country.
  2. Freedom of choice and limited government: Freedom of choice allows businesses to select the products they produce, hire and fire employees, compete for customers and supplies, and make and dispose of profits. Freedom of choice also allows consumers to buy whatever products and services they are willing and able to buy from whichever firms they choose. Freedom of choice implies a limited amount of government intervention in the area of private enterprise. In a free enterprise system, government sets the” economic rules of the game” by establishing basic laws and regulations that ensure society’s welfare. But within the context, individuals and organizations are left largely free to pursue their own interests and inclinations.
  3. Consumer sovereignty: Consumers rule; the more carefully they make their decisions, the more clearly the economy will reflect their needs. The more money you spend in the marketplace, the greater your influence.
  4. Profits: Profits make businesses responsive to consumer wants. Profits are also a good indicator of where to expand and how to compete better. As a shop owner you can also compare the overall profits with past results or with profits of other businesses to gauge how well your shop is doing. Profits are the clearest standard of performance available to a business. But consumers often misinterpret business profits. They also don’t always understand how profits direct a business’ efforts. And consumers usually substantially overstate how high business profits actually are.
  5. Competition: Most business leaders believe their industries are highly competitive. But the term “competitive” has many meanings. Pure, or perfect, competition exists in an industry when 1) there are many firms of about equal size, 2) all firms produce the same product, 3) each firm can enter or leave the industry when it wants, and 4) all firms and customers are well-informed about prices and availability of products. No industry completely satisfies all these conditions, although some come close. Most industries operate under conditions of imperfect competition. This means they satisfy some but not all the conditions of pure competition.
  6. Productivity: Productivity is essential to the economy, whether it means designing faster microcomputers or better-testing toothpaste. Increased productivity helps offset inflation and keep prices down. Productivity is defined as real output (the value of the product independent of price changes) per working hour, and it is usually written as a percentage.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.