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Conceptual Critic of Entrepreneurial Triadic Approach
Samuel Temitope Ogbara,
Salleh Din,
Hanif Suhairi Abu Barker
Issue:
Volume 3, Issue 2, June 2018
Pages:
38-45
Received:
26 February 2018
Accepted:
26 March 2018
Published:
28 April 2018
Abstract: There is a general consensus among researchers that entrepreneurship has transmuted into a global phenomenon, thus demanding a global comprehensive understanding. Entrepreneurial concepts have metamorphosed over time and are inextricably connected with contemporary socio-economic development. The theoretical journey of entrepreneurship in relation to university-based entrepreneurial ecosystem development was traced and examined in this study using a sympathetic critical approach and the author plied a unique conceptual road map: Firstly, a broad spectrum approach was used to examine the conceptualization of the broad field of entrepreneurship as it evolves into entrepreneurial ecosystem. Secondly, criticism of entrepreneurship approach which aids in focusing and fine-tuning the substantive development of entrepreneurship is constructively significant for the development of ‘smart’ entrepreneurship. This study opens with the consideration and logical contemplation of the general entrepreneurship field, cardinal theories and current debates tailored to spur innovative entrepreneurial thought were dutifully delineated.
Abstract: There is a general consensus among researchers that entrepreneurship has transmuted into a global phenomenon, thus demanding a global comprehensive understanding. Entrepreneurial concepts have metamorphosed over time and are inextricably connected with contemporary socio-economic development. The theoretical journey of entrepreneurship in relation ...
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Business Forecasting Imperatives in a Depressed Economy: A Nigeria Case
Frank Alaba Ogedengbe,
Esther Ogedengbe,
Clement Osigwe Okhakhu,
Donald Ozemenbhoya Ewanlen
Issue:
Volume 3, Issue 2, June 2018
Pages:
46-51
Received:
26 April 2018
Accepted:
15 May 2018
Published:
25 June 2018
Abstract: This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out in the change that is sweeping globally across all spheres, especially in the management of business enterprises. Since the business environment and terrain have become so dynamic, uncertain and given to change as it is now, scientific business forecasting can no longer remain an option but a sine qua non in the management of business enterprises, if these enterprises and businesses are to escape and survive the mucky and slippery waters of competition, change, uncertainty and dynamism. This study employed the literature study methodology in its approach. The study systematically brings out and highlights the business forecasting techniques and the drawbacks associated with the usage of these techniques. It also examines the importance of business forecasting to business enterprise, and business forecasting nuggets managers need to observe and adhere to in forecasting. The study concludes that urgent and concerted consideration and attention be given to scientific business forecasting in the management of business enterprises to bring the economy out of the woods and troubled waters.
Abstract: This study, business forecasting imperatives in a depressed economy: The Nigeria case takes a careful and cursory but scholarly look at the importance of Business Forecasting in the management of Business Enterprises, especially in a depressed economy like Nigeria’s. The world has become dynamic and uncertain and the business world is not left out ...
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Minimizing the Discounted Average Cost Under Continuous Compounding in the EOQ Models with a Regular Product and a Perishable Product
Siddharth Mahajan,
Krishna Sundar Diatha
Issue:
Volume 3, Issue 2, June 2018
Pages:
52-60
Received:
4 July 2018
Accepted:
17 July 2018
Published:
17 August 2018
Abstract: We consider the EOQ model with an opportunity cost of capital, i.e. an amount x invested now will yield (1+i)x at the beginning of the next period. Here i is the interest rate. Given a cost stream i.e. a stream of costs incurred over time, the Net Present Value (NPV) is used to decide the total cost of the cost stream. This total cost takes into account the opportunity cost of capital. The Discounted Average Cost changes the NPV, which is a total, into a cost rate per unit time. The discounted average cost is a cost rate. If we incur this cost rate for the entire period of time under consideration, it will lead to the same NPV as the actual NPV of the cost stream. The discounted average cost under continuous compounding is thus an alternative objective to the standard objective of average cost, which is also a cost rate. We minimize the discounted average cost under continuous compounding for two EOQ models, one with a regular product and the other with a perishable product. Perishable products include food, medicines, certain chemicals and blood in blood banks. In the EOQ model with a perishable product, inventory decays at a constant rate over time. We find the optimal order quantity for the two models while minimizing discounted average cost under continuous compounding.
Abstract: We consider the EOQ model with an opportunity cost of capital, i.e. an amount x invested now will yield (1+i)x at the beginning of the next period. Here i is the interest rate. Given a cost stream i.e. a stream of costs incurred over time, the Net Present Value (NPV) is used to decide the total cost of the cost stream. This total cost takes into ac...
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Economic Implications of Statistical Quality Control: Lessons for Manufacturers in Nigeria
Frank Alaba Ogedengbe,
Esther Ogedengbe,
Godwin Chukunede Ovuworie
Issue:
Volume 3, Issue 2, June 2018
Pages:
61-65
Received:
25 July 2018
Accepted:
9 August 2018
Published:
4 September 2018
Abstract: This study examined the economic implications of statistical quality control. It applied the literature study method. The study highlights the methods of statistical quality control as well as the economic benefits derivable from the use of and adherence to the processes of quality control in general and scientific and statistical quality control in particular. Quality consciousness, consumers’ satisfaction, cost reduction and optimum utilization of resources are some of the numerous economic benefits of scientific and statistical quality control. While wastages, decrease in sales and decrease in profitability are some adverse economic implementations of the absence of or neglect to use statistical quality control in an organization. The campaign for quality assurance should be driven to the grass root for all and sundry, especially the manufacturing sector, to become conversant with the need for quality products, services and results delivery. This will make their product compete favourably with foreign products.
Abstract: This study examined the economic implications of statistical quality control. It applied the literature study method. The study highlights the methods of statistical quality control as well as the economic benefits derivable from the use of and adherence to the processes of quality control in general and scientific and statistical quality control i...
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