The choice of the model in inventory control and the cost of sophistication

This thesis is concerned with the inventory control of items that can be considered independent of one another. The decisions when to order and in what quantity, are the controllable or independent variables in cost expressions which are minimised. The four systems considered are referred to as (Q, R), (nQ,R,T), (M,T) and (M,R,T). Wiith ((Q,R) a fixed quantity Q is ordered each time the order cover (i.e. stock in hand plus on order ) equals or falls below R, the re-order level. With the other three systems reviews are made only at intervals of T. With (nQ,R,T) an order for nQ is placed if on review the inventory cover is less than or equal to R, where n, which is an integer, is chosen at the time so that the new order cover just exceeds R. In (M, T) each order increases the order cover to M. Fnally in (M, R, T) when on review, order cover does not exceed R, enough is ordered to increase it to M. The (Q, R) system is examined at several levels of complexity, so that the theoretical savings in inventory costs obtained with more exact models could be compared with the increases in computational costs. Since the exact model was preferable for the (Q,R) system only exact models were derived for theoretical systems for the other three. Several methods of optimization were tried, but most were found inappropriate for the exact models because of non-convergence. However one method did work for each of the exact models. Demand is considered continuous, and with one exception, the distribution assumed is the normal distribution truncated so that demand is never less than zero. Shortages are assumed to result in backorders, not lost sales. However, the shortage cost is a function of three items, one of which, the backorder cost, may be either a linear, quadratic or an exponential function of the length of time of a backorder, with or without period of grace. Lead times are assumed constant or gamma distributed. Lastly, the actual supply quantity is allowed to be distributed. All the sets of equations were programmed for a KDF 9 computer and the computed performances of the four inventory control procedures are compared under each assurnption.

Determinants of entry mode choice of MNCs in emerging markets:evidence from South Africa and Egypt

It is now stylized that the importance of foreign direct investment for developing countries and emerging markets arises from the impact of the presence of multinational corporations (MNCs) in the host country on the productivity of local firms, by way of technology diffusion and competition. There is also general agreement that the extent of technology transfer by an MNC to a developing country affiliate depends on the extent of its control on the local affiliate and that, in turn, the extent of this control depends on the mode of entry of the MNC into the host country. However, the existing literature is based on the experience of developed countries and as such does not contribute to the literature on development economics. This article addresses this lacuna using unique firm-level data from South Africa and Egypt. Our results indicate that the determinants of entry mode choice not only differ between developed and developing countries, but also among developing countries. They also bring into question the role of MNCs in fostering productivity growth in developing countries.

The nature of the influence of parents on the education and occupational choice of school pupils

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Joint purchasers and the presumption of joint beneficial ownership:a matter of informed choice?

This paper examines the ruling of Jones v Kernott and shows the results of an empirical survey of conveyancing solicitors and their practices where so affected by the ruling. In particular the paper considers how conveyancing practitioners deal with the issue of organising trusts of land and giving advice to clients in relation to the co-purchase of land.

Internal versus external R&D:a study of R&D choice with sample selection

This paper extends previous analyses of the choice between internal and external R&D to consider the costs of internal R&D. The Heckman two-stage estimator is used to estimate the determinants of internal R&D unit cost (i.e. cost per product innovation) allowing for sample selection effects. Theory indicates that R&D unit cost will be influenced by scale issues and by the technological opportunities faced by the firm. Transaction costs encountered in research activities are allowed for and, in addition, consideration is given to issues of market structure which influence the choice of R&D mode without affecting the unit cost of internal or external R&D. The model is tested on data from a sample of over 500 UK manufacturing plants which have engaged in product innovation. The key determinants of R&D mode are the scale of plant and R&D input, and market structure conditions. In terms of the R&D cost equation, scale factors are again important and have a non-linear relationship with R&D unit cost. Specificities in physical and human capital also affect unit cost, but have no clear impact on the choice of R&D mode. There is no evidence of technological opportunity affecting either R&D cost or the internal/external decision.

Textbook on contract law

This ninth edition of the established Textbook on Contract Law by Jill Poole provides a wide-ranging and straightforward exposition of contract law. The text opens with an overview of the main issues surrounding contract law which places the subject in its wider context, then goes on to give a clear explanation of all the major areas of contract law encountered on undergraduate courses. Features of the book includes chapter summaries to draw key themes and issues together; examples and questions to encourage a deeper understanding of the often complex points of law; and extensive further reading lists of both texts and articles to guide students towards the most relevant and up-to-date resources available. Online resource centre Lecturer resources - Testbank of 150 multiple-choice questions Student resources - Guidance on answering questions in contract law - Questions and answers - Student questions - Updates - Web links

Textbook on contract law

Jill Poole's immensely popular Textbook on Contract Law has been guiding students through contract law for many years. The accessible writing style and focus on key principles and developments in contract law make this text a favourite with students and lecturers alike. The author places the law of contract clearly within its wider context before proceeding to provide detailed yet accessible treatment of all the key areas encountered when studying contract law. Key features: · Key points, illustrative examples and questions encourage a deeper understanding of the central facts and issues · Each chapter begins with a summary of key issues, providing an overview of key themes and points of law, and concludes with suggestions for further reading, guiding you towards the most relevant texts and articles · An attractive page design highlights headings, case summaries, case extracts and a variety of learning features, making navigation through the text easy Fully supported by an Online Resource Centre, which provides: Student Resources Regular updates on new legislation, cases, and other important developments Guidance on answering questions in contract law Self-test questions and answers linked with Casebook on Contract Law Lecturer Resources A test bank of 300 multiple choice questions with answers and feedback

Textbook on contract law

This tenth edition of the established Textbook on Contract Law by Jill Poole provides a wide-ranging and straightforward exposition of contract law. The text opens with an overview of the main issues surrounding contract law, which places the subject in its wider context, then goes on to give a clear explanation of all the major areas of contract law encountered on undergraduate courses. Features of the book include chapter summaries to draw key themes and issues together; examples and questions to encourage a deeper understanding of the often complex points of law; and extensive further reading lists of both texts and articles to guide students towards the most relevant and up-to-date resources available. Online resource centre Lecturer resources - Testbank of multiple choice questions Student resources - Guidance on answering problem-style questions in contract law - Self test questions and answers - Student questions - Updates - 'Ask the Author' section

Accuracy and optimal sampling in Monte Carlo solution of population balance equations

Implementation of a Monte Carlo simulation for the solution of population balance equations (PBEs) requires choice of initial sample number (N0), number of replicates (M), and number of bins for probability distribution reconstruction (n). It is found that Squared Hellinger Distance, H2, is a useful measurement of the accuracy of Monte Carlo (MC) simulation, and can be related directly to N0, M, and n. Asymptotic approximations of H2 are deduced and tested for both one-dimensional (1-D) and 2-D PBEs with coalescence. The central processing unit (CPU) cost, C, is found in a power-law relationship, C= aMNb0, with the CPU cost index, b, indicating the weighting of N0 in the total CPU cost. n must be chosen to balance accuracy and resolution. For fixed n, M × N0 determines the accuracy of MC prediction; if b > 1, then the optimal solution strategy uses multiple replications and small sample size. Conversely, if 0 < b < 1, one replicate and a large initial sample size is preferred. © 2015 American Institute of Chemical Engineers AIChE J, 61: 2394–2402, 2015