Simulation Methods - 1214 Words

Case Study admin | April 3, 2013 Case Study Acting as the CEO of New Heritage Doll company and need to decide which investment projects can create values for shareholders’ wealth so that the company can receive funding in the next five years. Student’s task is to evaluate proposed projects using the financial and qualitative information provided and to select projects to be approved for a given year’s investment plan using any evaluation criteria deem appropriate. Students are to submit the simulation online and to write a final report in a formal business format based on the simulation. Case Study Instructions: This is an individual assessment. You are acting as the CEO of New Heritage Doll company and you need to decide which†¦show more content†¦The simulation is particularly designed this way for students to try different strategies in order to develop a deeper understanding of how different decisions lead to different outcomes. The Week 1 and Week 3 tutorials will particularly show you how to use the simulation, please make sure that you do attend them. Please register and purchase the course pack using the links below and according to your location (the Course URL is also available on the Blackboard): †¢ For 307 onshore or Bentley students: https://cb.hbsp.harvard.edu/cbmp/access/17531351; †¢ For all 307 offshore students : https://cb.hbsp.harvard.edu/cbmp/access/17531356; †¢ For 307 online students: https://cb.hbsp.harvard.edu/cbmp/access/17531435; †¢ For 307- Charles Telfair Institute students: https://cb.hbsp.harvard.edu/cbmp/access/18403140; †¢ For 572 onshore or Bentley students: https://cb.hbsp.harvard.edu/cbmp/access/17531436; †¢ For all 572 offshore students: https://cb.hbsp.harvard.edu/cbmp/access/17531451. The marking will be based on your write-up rather than the specific scores or results in the simulation. This is because you may very well make mistakes when playing the simulation and yet learn from those mistakes. When you are done playing the simulation, you may very well be confused or even a bit frustrated by what happened to you, and that’s alright. The real learning comes from seeing the results of your actions or decisions (even if you make mistakes in your simulationShow MoreRelatedProject Completion Method: Stochastic Project Scheduling Simulation5967 Words   |  24 PagesManuscript ID: CO/2003/022870 Specialty Area: Cost Schedule Audience: Researchers PROBABILITY OF PROJECT COMPLETION USING STOCHASTIC PROJECT SCHEDULING SIMULATION (SPSS) Dong-Eun Lee1 ABSTRACT This paper introduces a software, Stochastic Project Scheduling Simulation (SPSS), developed to measure the probability to complete a project in a certain time specified by the user. To deliver a project by a completion date committed to in a contract, a number of activities need to be carried out. The timeRead MoreSocial Simulation Applies Computational Methods Essay942 Words   |  4 Pages Social simulation applies computational methods to study issues in the social sciences, such as sociology, political science, economics, anthropology, geography, archeology and linguistics (Takahashi et al., 2007). There are a number of benefits in assessing social impacts by simulation, including: (1) a robust tool to support governments, industries and communities to prepare and plan for the future, manage risks and harness opportunities (Greiner et al., 2014); (2) allows the creation of artificialRead MoreThe Appropriateness Of A Mean Variance Simulation Model For A Commonwealth Public Sector Defined Pension Benefit Fund1325 Words   |  6 PagesThe appropriateness of a Mean-Variance Simulation Model for a Commonwealth public sector defined pension benefit fund Kevin Lian October 20, 2014 In this section, we will examine the use of a mean-variance simulation model on a commonwealth public section defined pension benefit fund. Firstly, we will examine the expected medium term returns using the reverse optimisation approach and discuss whether any adjustments are necessary. Secondly, we will examine how appropriate the model is for the fundRead MoreSelective Reasoning1356 Words   |  6 Pages Marketing Simulation Analysis When the simulation was first assigned, I really had no idea what to expect. I assumed that my group members and I would be creating various written documents, which was clearly not the case. After selecting a group composed mainly of my close friends, we began to read through the various materials given to us to help us successfully complete the simulation. After watching a few of the videos from our customers and reading the given document about MinnesotaRead MoreEssay on Effectiveness of Scenario Based Simulation Training 1579 Words   |  7 Pagesforces many nursing programs to seek alternative methods of clinical instruction. In years past simulation training was used as an aid to facilitate learning. Today, for many nursing programs scenario based simulation is the only option for learning patient care. Which brings about the question as to just how effective is simulation training? According to Kneebone, Nestel, Vincent, Darzer (2007), â€Å"To be effective, however, such simulation must be realistic, patient-focused, structuredRead MoreJet Copies Case Problem Essay1061 Words   |  5 Pages678-679 of the text.   Using simulation estimate the loss of revenue due to copier breakdown for one year, as follows: 1. In Excel, use a suitable method for generating the number of days needed to repair the copier, when it is out of service, according to the discrete distribution shown. 2. In Excel, use a suitable method for simulating the interval between successive breakdowns, according to the continuous distribution shown.   3. In Excel, use a suitable method for simulating the lostRead MoreA Study On Advancing Entrepreneurial Skills And Abilities Through The Use Of Simulation Games On Secondary Shool Business Education1206 Words   |  5 Pages KEABETSWE PHUTHEGO 200903371 ELB 504 GUIDED STUDY IN BUSINESS EDUCATION TOPIC: ADVANCING ENTREPRENEURIAL SKILLS AND ABILITIES THROUGH THE USE OF SIMULATION GAMES IN SECONDARY SHOOL BUSINESS EDUCATION DUE DATE: 8 APRIL 2016 INTRODUCTION What can we as teachers do to influence our learners to become entrepreneurs? The government of Botswana has been over the years working tirelessly in trying to curb unemployment more especially among the youth, as well as motivating them to venture intoRead MoreMeasuring A Rural And An Urban Catchment1588 Words   |  7 Pagesthe course of the simulations, I hypothesis that a rural catchment during a precipitation event, is more likely to have a greater response on a river system, compared to that of an urban catchment would have. Methods To conduct this experiment, a very basic model was used, with varying degrees of responsibilities associated with it. Over a period of five minutes, a litre of water was deposited after 30 seconds of time in a constant pattern. Depending on the catchment simulation, either a sponge onRead MoreThe Mandate to Change the Prevailing Culture from Opinion-Based Practice to Evidence-Based Practice Has Influenced Models Designed as Decision –Making Approaches to Advance the Integration of Simulation Education1920 Words   |  8 Pagesintegration of simulation education methods in higher education health professional programs, specifically among undergraduate and graduate education nursing programs. Simulation is one of the most rapidly growing strategies in clinical education and defining the best practices for dissemination is essential to the integration process. The intent of this workshop is to facilitate the opportunity to explore an approach to seek evidence-based outcomes in the process of simulation integration in clinicalRead MoreDescription Of The Model Of 11 Submodels Essay801 Words   |  4 Pageswish to simulate. The model output is the NR and the optimum amino acid intake. Statistical approach and mathematical models The model described simulates the potential performance and hence nutrient requirements at a flock bird level, for this simulation needed of the  µ and ÏÆ' of the population, this parameter can be acquired from experiments or literature data. Body weight gain (BWG.R) with random numbers from a standardized normally distributed population were generated using the following generalized

Global Scale When Managing Human Capital Business Essay - Free Essay Example

Sample details Pages: 8 Words: 2310 Downloads: 3 Date added: 2017/06/26 Category Management Essay Type Narrative essay Did you like this example? The organizations have been divided in to two main categories as IMPORTS and EXPORTS. The Company receives about 6547 containers per year from its partner offices around the world and exports around 4276 containers to various ports around the world. The company operations departments which comprise warehouse, container transport service and port operations are twenty four hour services and the staff for those departments work on the shift basis. Don’t waste time! Our writers will create an original "Global Scale When Managing Human Capital Business Essay" essay for you Create order The department wise staff beak down is as follows Generally one thinks of HR relations largely between management and employees. A more strategic view to this, organization must align what they do with in the business to the customers .the growth of the organization depend on the customers. Business must attract customers and retain these customers for the business development. (More the purchases by customers the profitability of the business grows). To do that employee of the organization must do a very good work to identify the customers demand and requirements and must serve according to those requirements.it is up to the general management of the organizations to identify and align the human initiatives for market driven culture. Developing An Entrepreneurial Culture The current economic down turn in the world affecting all the business on the world. Many businesses have downsized reducing the staff for an optimal level that would never be updated to original levels .the challenge for the organisations is to create a sustainable employment for a longer period of time. Developing an entrepreneurial culture is going to be a huge labour market challenge for the managers. Managing The Change Change is part of corporate culture since we are in the world nothing is constant as change. The change mainly derived from political, economic, technological, environmental, legislative and general market trends and competition among the industries. It is important that organizations manage these changes in such a way that employees can accept the change and adapt to the change fast. Finding the ways to manage these changes within the organization and finding right formula for success is going to be a key challenge for the general managers concern. Appointing And Retaining Key Talent At All Levels Organizations operating in current business environment need to build talent at all levels of the business. Having talented employees at all levels can make a huge difference to the performance of the organization and source of competitive advantage in the market place for the organization.in todays context organizations have to work hard to find talented employees since there is a short supply of talent in the market place. To retain those talented people companies must create good compensations schemes, good corporate culture within the organizations. Impacts Of The Globalization With rapid expansion of business to the global stage the mangers of these organizations are struggling to balance act locally think globally process. Globalization requires that organizations increase their ability to learn and collaborate and to manage diversity, complexity. With globalization the competition levels has been increased and to complete in the global market organizations must manage their cost to the minimum levels. To reduce the cost business must manage with 100% efficiency levels. Finding the ways to successful implementations HCM strategic planning will be a key challenge for the general management of these organizations. KEY ISSUES AND CHALENGERS FACE BY THE MANAGERS IN SRI LANKA WHEN MANAGEING HUMAN CAPITAL Recognition of Human Recourse Management One of the key challengers face by the local companies it is to recognise the importance of the Strategic Human Recourse Management. Most organisations in the country the human resource factor does not appreciated and its functions are not clearly defined within the business. Most companies dont see the need of the human resources manager when the relevant job function is most of the time assigned to the General Manager. Work Ethics of The Employees The employee for coming from a different background, different educational levels and each individual has its own prospective about the work. Employees are influenced by those judgement and they dont judge people by their work expertise and skills. Most of them wonder about the job functions and do not want to full fill their requested duties by the business. Government Sector Employment is most preferred Destination by job seekers In the Sri Lankan job market the most preferred employer is government sector employment. This is due to fewer responsibilities, more leave days than the private sector employees, retirement benefits when time of retirement and few working hours compared to private and multinational businesses in the country .most of the graduates and professionally qualified employees is willing to cross over to the government sector from the private sector and people with relevant skills also prefer the government first when they seek for a job. Trade union actions One of the main challenges facing the local management is managing the trade unions. The trade unions can be very ruthless when it comes to the negotiations. If a negotiation fails they will go for a strike which will halt business activities of the organisation. And this will affect the human resource practice of the organisation since it HR supposed to provide good working and conducive environment for employees to work. Changing Economic Environment The economic down tern in Europe and America and fluctuating forging exchange rates and capital inadequacy is major concern for the local business. So the indivual businesses have to adjust their future planning according to the economic environment. This will lead to the retrenchment and downsizing the workforce. So the managers have to decide which employees should retain and which employees to let go and what will be the retrenchment plan. KEY ISSUES AND CHALENGERS FACE BY CWT GLOBELINK COLOMBO WHEN MANAGING HUMAN CAPITAL No Strategic Human Capital Management plan The company in concern does not have strategic Human resource plan. Even though company does have general business strategic plan the human resource part leaf out from the strategic plan. Even though company has a human resource department it is lack the leadership since there is no manager to lead the specific department and the functions are under the GM Finance and Administration of the company. The HR part is considered as an administrative work within the organisation this has led to the exclusion of the strategic human resource out of the general strategic plan. Limited Resource for Training The company provide only few training workshop for the year and the budgeted allocation are very limited for these training programs. So the challenge for the mangers is to allocate these funds accordingly and select right training programs and right kind of employees for the selected program. Managing the diverse work force The company is currently has for work force of 83 people and has round 35 basic skilled workers and around 48 employees who work as clerks, executives, assistant managers and senior managers level. And all of these employees are from various ethnic groups and various religions. The main task managers face is managing the basic skilled workers since their educational level are low and they only could perform one specific duty and rotating them according to the requirement of the organisation is a huge challenge. Managing cultural diversity among the employees also a challenge for the managers. Retaining the key talent The company does not have policy to retain the key talent within the organisation and groom them to specific organisation goal .so the most of the talented people after a sometime leave for a competitor or another organisation .so the challenge for the company is to build the system to retain key talent with in the business, groom them for the future success of the organisation. Out Dated Human Resource Management System The company does use a Human Resource Management system but the system is out dated and does not support the HRM decision making process and HR department has to perform specific duties by manually. The key challenge for the business is to replace the old system with new system which will help good decision making within the organisation. THE EMPLOYEE AGENDA IN THE ABC COMPANY Career Progression The employees of the company need to have an individual growth. The employees see their carrier stagnated in a one place for a period of time and do the same sort of work for few years so they do not feel any challenge in their current work. They want to upgrade themselves through training or taking more responsibilities. Therefore HR department need to have a system to address this problem. Recognition and Appreciation The employees want to feel that their contributions to the company growth are appreciated and rewarded for those contributions. The recognition always does not have to be monitory or costly a genuine prising or complement from the senior management can carry a lot of significance to the employee. Good Corporate Culture The employees spend large time at work and most of them want strong and positive corporate culture .the responsibility of the senior management of the organisation is shaping and determining the companys culture, the values, beliefs and vision of the organisation will have to trickle down to the employees. Clear Definition Of Job Description And Job Profiles in the business The current Job description and job profiling is part of the old HRM system .this does not suitable for the current business environment and employees prefer that HRM department prepare new set of job description and job profile so employees able to work accordingly. Work Life Balance The employees want HR department to have a proper planning when come to the working hours, stress related job functions and need to lay out the plan for leaves and stress relieving activities and balance work and the life separately. THE HR DEPARTMENT AGENDA IN ABC COMPANY Implementation Of Company Objectives The main agenda for the HR department is to implement organisations objectives. They should able to support the achieving organisational goals (profitability, business ethics, creating principals, enhancing the business reputation) Employee Engagement The HR department should able to engage employees committed to their work broth intellectually and mentally so they ale to accomplish the company goals for the success. Maintaining Good and Harmonious Working Environment All employees are treated with dignity and respect, no worker harassment for belief of the worker, any race and gender or sexual orientation among the workers to create good and harmonious working environment. Compliance with Local Labour and other work related lows One of the agenda of the HR department is compliance with local labour laws .this includes labour department rules, statutory payments (employee provident fund, employee trust fund, payee schemes) and other local government rules for working conditions, working hours and leave procedure rules for the industry. Attracting Talent to the company ,Maintaining Sufficient Work Force To Perform The Organisational Duties It is important that HR department has plan to attract talent to the company since more you have good talent with in company workforce the company can achieve its goals easily. Also they should able to plan for the sufficient work force to run the companys day to day transactions and future workforce requirements. THE GAPS BITWEEN EMPOLYEE AGENDA AND HR DEPARTMENT AGENDA Lack Of Support From Top Management The top management view of the HR functions of the organisations is another administrative work .this creates a gap between what HR should be doing to align the company goals to its strategic planning. The top management must always think that HRM is vital part of its strategic planning. Lack of Focus On Individual Objectives To Organisations Objectives The individual employees has their own personal objectives (ie salary increments, more bonuses, less working hours) but as an organisation it has its own objective (profit maximisation, increasing shareholder value) there will be always a gap between these two objectives . Lack Of Attention For Employee Desired Benefits The organisation understands that employees should be rewarded with necessary benefits. But when it comes to the delivering those benefits organisation lacks the consistency, delivery on time .this will create a gap whats employees required and what employer delivers . Lack Of Attention To Replace Old HR System Replacing the old HR system is the most important thing to the organisations. Since the reports and other management reports are generated will create a gap between what organisation really do and what need to be done. RECOMMENDATION TO FILL THE IDENTYFIED GAP KEY ISSUES AND CHALENGERS RELATING TO TRAINNING AND DEVELOPMENT IN ABC COMPANY The Training Programs Does Not Link Strategic Goals Of The Company The organisation does provide only basic type of training programs. Providing these programs the company expect employees to perform only the required job functions only. These programs do not enhance the strategic thinking of the employee. No Proper Orientation Process When organisation recruit a new employee the HR department does about 10 minutes introduction about the company and what is expected from the employee only. Strait after that introduction new employee is sent to the relevant department to start the specific work assigned. The new employees must get the details relating to the working hours, the daily routine, the safety measures and regulations etc from some experience employee working in the department. Limited Allocations For The Training Programs The company runs very few training programs for the year and handful of employees are selected for those programs due to limited fund allocation for the training. No Proper Evaluation Process After a training and development program there is no proper evaluation from the management or HR department weather these program will enhance the employees abilities and capabilities when preforming their duties. Proper Process of Identifying Employees Training and Development Requirements Company must create a system to identify specific job performance skills needed, assesses the prospective employees or trainees skills and develop specific measurable performance objective process. Creating such a process will enable to organisation to clearly identify the organisations training and development requirements.

Obesity Is Not Only An Individual Issue - 1219 Words

Americans are expecting more from everything whether it be materialistic items or more consumable items. With this demand, we are seeing the average dinner plate has increased in size from a ten-inch dinner plate to a twelve-inch dinner plate. Americans are filling their plates and have been raised with the basic fallacy that they need to clear their plates and finish even when they are feeling full. When in reality what they need to do is eat a balanced meal and not indulge in too many calories. The current trend in America for food is that it be quick and easy when these items are high in calories and low in nutritionally sufficient ingredients. Obesity is not only an individual issue this is also a community issue. The American†¦show more content†¦It not only breaks down just caloric intake that is needed but it also states the amount of fruits, vegetables, grains, proteins and dairy; it also states what to keep sodium, added sugar and saturated fats under. If more Amer ican’s used this free service in place from the government then they would be less likely to over eat or not be confused on what to eat or how to eat it. The general public needs to be very aware of all types of eating disorders and how to spot them. One of the problems with obesity is that it can lead to a binge eating disorder. While binge eating is a mental disease and needs to resolved with professional help, the largest problem is recognition without shame. Many obese people will feel shame with their binge eating and not likely to seek help but with the right support system they can get the help that they need. Binge eaters should seek cognitive therapy to help resolve the base of the problem to resolve the obesity issue (Hobson, 2009). It is well known that food provides emotional comfort. When a person is bored, lonely or sad they can sometimes seek the emotional comfort of food. It could be a snack in as little as an hour after dinner, this is not eating food to fulf ill you but to make you emotionally full (Taub-Dix, 2012). To avoid this type of situation, water should be drank, postpone your snack for 20 minutes if it is not an actual need for food the craving should pass (Taub-Dix, 2012). For a longShow MoreRelatedThe Epidemic Of Childhood Obesity1216 Words   |  5 PagesIndividuals and groups in support of the government intervening in order to combat the epidemic of childhood obesity claim that, â€Å"parents who strive to keep their kids healthy may not have all the tools they need to do so† (â€Å"Childhood Obesity.† Issues Controversies). Therefore supporters agree that the government â€Å"should step in and enable parents to do the best job they can† (â€Å"Childhood Obesity.† Issues Controversies). Joe Thompson, â€Å"director of the Rober Wood Foundation Center to prevent ChildhoodRead MoreObesity And Its Effects On The Health Of Americans And People All Across The World1514 Words   |  7 Pages Obesity is a very serious threat to the health of Americans and people all across the world. A plethora of studies have been done to confirm the adverse effects of obesity on an individual s health. Obesity rates have been skyrocketing in the past 30 years. The year 2000 marked the first time in human history that the percentage of obesity in the human population rose over 50% (Obesity: A Cultural and Biocultural Perspective). Obesity, as well as childhood obesity, is more prevalent than everRead More Critiquing Internet Sources The author is keen in analyzing the issue of excessive consumption of800 Words   |  4 Pages \ Critiquing Internet Sources The author is keen in analyzing the issue of excessive consumption of alcohol among college students. He acknowledges that excessive drinking is a common problem among college and university students and wants to explore why such students indulge in such a risky behavior. The author uses a reliable number of students when looking at the drinking problem and chooses the correct age, which is students below 21 years (Dodd et al, 2010). The results of the author’sRead MoreThe Effects Of Obesity On American Adults And Children1213 Words   |  5 PagesThe Effects of Obesity Obesity is on the rise in American adults and children. Over 78.6 million Americans are considered obese (CDC, 2014). Health experts believe the obesity crisis has become an epidemic that needs to be controlled. Today many efforts are being made by Federal and state governments and some major companies to combat obesity in adults and children. For example, some major companies are rewarding employees with cash incentives for exercising regularly and maintaining a healthyRead MoreObesity Is The Silent American Murderer Essay1205 Words   |  5 Pagescember 2017 Obesity: The Silent American Murderer Obesity is the condition of being largely overweight. Rogan Kersh has a PHD in political science from Yale University and is also a professor at Yale University. Kersh says, â€Å"The continuing rise in obesity rates across the United States has proved impervious to clinical treatment or public health exhortation,† in his article, â€Å"The Politics of Obesity: A Current Assessment and Look Ahead† (Kersh). This quote shows that despite treatment, obesity is stillRead MoreIs Obesity Predominantly An Individual Problem?. The Rate1089 Words   |  5 PagesIs obesity predominantly an individual problem? The rate of obesity is increasing globally and is a serious public health issue. It no longer only affects developed countries but is also having implications on developing countries. Often the focus is placed on individual choices and behaviours, this does not take into account the research and evidence that clearly shows that obesity is a multifaceted issue. To improve the level of obesity the broader determinants needs consideration. This essayRead MoreObesity and the causes Obesity is a widely known and recorded problem in Australia1500 Words   |  6 PagesObesity and the causes Obesity is a widely known and recorded problem in Australia (Heading, 2008). It affects over 60% of the adult population (National Health and Medical Research Council [NHMRC], 2013). This is a frightening statistic and sadly it isn’t restricted to adults. Nearly 25% of Australia’s children and adolescent population is also affected by obesity (Moir, 2013; NHMRC, 2014; Obesity Australia, 2013). Obesity is easy to define physically and it is a problem that isRead MoreObesity : Becoming A Public Concern1654 Words   |  7 Pages Executive Summary Obesity has become an epidemic in American societies that has become a public concern. According to the American Obesity Association (AOA), overweight and obesity rates are higher than ever in America’s youth. Obesity is the fastest growing cause of disease in American society today. Some of the major health concerns for today’s youth with obesity include severe asthma, Diabetes, Hypertension, orthopedic complications and sleep apnea. Researchers have come up with manyRead MoreObesity in Children and Teens1008 Words   |  4 PagesIt has often been said that this new generation may be one of the only generations that will not live longer than their parents. It seems that with new technology and better healthcare, people are able to live longer and healthier lives. But this is not true with every individual. Obesity in children and teens is growing at an alarming rate in America, with one in three children and teens being overweight or obese, it is easy to see why this is becoming a pandemic. The number of children that areRead MoreObesity : A Health Policy Issue1153 Words   |  5 PagesPOLICY ANALYSIS PAPER OBESITY: A HEALTH POLICY ISSUE HSM 516 BY CHIKODILI FAITH OBI 913425038 SUBMITTED TO DR MEI WEN DEPARTMENT OF HEALTH SCIENCES OBESITY: A HEALTH POLICY ISSUE Obesity has greatly increased among adults, teenagers and children in America. Statistics has shown that about two in every three adult in America is Obese or over weight. The children and teenagers are not left out also; the obesity prevalence is three times what it was in the previous years between 1970s and 2000

Reason of Export and Import in Countries

Question: Discuss about the Senario for Reason of Export and Import in Countries. Answer: Introduction International trade can be defined as the exchange of products and services across the countries for the economic growth and development of the nations. International trade facilitates in the development of global economy and obtaining a control over the supply and demand of products and services. Trading activities are essential for uniform distribution of natural resources, climatic conditions and technologies across the world. International trade includes importing and exporting of products and services across national territories (Introduction to International Trade, 2010). In this context, the present essay is about gaining an in-depth understanding of the reason for countries involved in import and export activities. Reason for Import and Export in Countries Countries around the world mainly import the products and services that are not domestically produced and are necessary for the development of another commodity. Importing can be described as purchase of foreign goods and services in the domestic market of buyers The main benefit realised by the countries through importing is achieving economies of scale. Economies of scale is achieved through gaining cost advantage by importing products and services that are available at a relatively lower cost in other country as compared to its domestic price. For example, labour cost is comparatively less in Australia as compared to other developed countries (The benefits, challenges and opportunities of importing, 2013). The procurement of lower priced products and services increases the profitability of the industries in a nation thus enhancing its economic growth and development. Importing also facilitates nations to achieve competitive advantage through gaining access to unique products and s ervices that were not available within their territory (Cavusgil et al., 2014). Import activities of a nation also lead to the increase in quality of domestic products as they have to compete with the imported goods. Thus, domestic producers of a nation have their efficiency in order to compete with the quality of products and services imported from overseas. Import of goods and services relatively unavailable domestically becomes compulsory for the nations that may be required for the production of another commodity. There are specific advantages available in a particular country such as presence of skilled workers and advanced technologies that may be in deficit within other countries (Seyoum, 2009). There is wide availability of natural resources such as fossil fuels, timber, fertile soil and minerals in some countries that may be required by foreign nations in production of certain goods and services. Similarly, some countries have highly developed infrastructures that enable them in the production of complex goods and services (Cavusgil et al., 2014). On the other hand, exporting involves sale of goods and services by a nation to a foreign nation for income generation. The goods and services that have high demand in the foreign nations are generally exported by the domestic country to earn profits (Cavusgil et al., 2014). The main advantage achieved by nations through exporting activities is inflow of foreign currency helping them to achieve economic stability. Export helps the nations to get rid of the excess production of certain goods and services that may not be available in other countries and thus achieving profitability. High exports by a country results in creation of more employment opportunities for the domestic economy. For example, it is estimated that about 4.926 million people are employed in the United States on account of exporting activities (Langenfeld and Nieberding, 2005). Countries are involved in exporting and importing activities mainly to gain access to the global market. It helps the nations to trade globally and gain an exposure of the various opportunities present in the foreign locations that may help them to grow economically. Imports and exports carried out by a country are accounted in its current account in the balance of payments (Dridi and Zieschang, 2002). The international trading facilitates nations to gain access to the best possible products and services worldwide at the best possible cost (Shenkar and Luo, 2008). Global trading has ensured the availability of every type of product or service in the international market such as food, cloth, oil, jewellery and many others. The main services that are traded globally include transportation, skilled manpower, banking and many others. International trade is also very beneficial to maintain price stability of products and services by exporting surplus products and importing them in case of deficiency. Thus, exporting and importing activities lead to reduction in operational risk for business entities as they gain easily gain access to product and service from the international market required by them (Trent et al., 2009). Export and import activities also provide encouragement to global economies for gain access to the opportunity of Foreign Direct Investment (FDI). Foreign Direct Investment can be stated as the amount of money invested by a country in the business procedures of another country through acquiring stake or complete ownership. FDI can be regarded as the way through which foreign expertise and currencies can gain entry in the domestic market of a country sustaining its economic growth and development (Buthe and Milner, 2008). FDI provides competitive advantage to a country by enhancing its gross domestic product through raising employment level. FDI encourages growth and expansion of companies enhancing their profitability and thus increased revenue generation for the domestic country (OECD, 2009). Developing countries lacking the presence of any resource can always have a comparative advantage of gaining access to the deficit resource through trading with advanced economies. In this context, the law of comparative advantage states that even countries producing goods and services efficiently can benefit from getting involved in trading activities. This is achieved through maximising the wealth of a nation by diversifying its resources in most competitive industries (McDonald, 2012). Countries can heavily benefit from the diversification achieved through export and import of products and services. The large dependence of a country on few resources makes it more susceptible to market forces such as recession, introduction of new trade laws and technologies. The decline in the demand of a product and service on which a country is largely dependent will negatively impact its economic growth. Thus, international trading helps in the development of a diversified economy that will hel p in ensuring that downturn of some industries would be balanced by the growth and development of other competitive industries (Meja, 2011). The import and export of goods and services also helps the countries worldwide to gain knowledge of the cultural values and beliefs of the foreign nations. This helps them to produce the goods and services in accordance with the taste and preferences of people. Thus, exporting countries involved in manufacturing of goods and services can gain advantage through obtaining knowledge of the global cultural diversity (Mac-Dermott and Mornah, 2014). Import and export activities are also essential to be carried out by the nations for eliminating monopoly that restrict wealthy nations to establish their monopoly in the market. Also, global trading facilitates countries to develop cordial relations with foreign countries that can help them to gain access to better educational opportunities and achieve international peace. International trade of goods and services through export and import also help nations worldwide to raise the living standards of people. The increased availability of resour ces enhances the productivity resulting in increase in per capital income leading to economic prosperity (Coats and Brady, 2015). International trading has also helped in the globalisation of economies by connecting different countries across the borders. Multinational companies of a country enjoys numerous benefits from the globalization process as they can gain access to better quality products and services from the developing countries at reasonable prices (Mac-Dermott and Mornah, 2014). Large corporations can take advantage of lower cost of labour and operational costs in the developing economies thus enhancing their productivity and profitability (Shenkar and Luo, 2008). The benefits realised by the nations through export and import of goods and services has been evaluated and examined by international trade theories such as classical trade theory, factor proportion theory and product lifecycle theory. Classical theory states that extent of international trade in a country are related to its trading pattern with other countries. The theory states that countries are only able to gain economic advantage by trading from other country only if both are actively involved in sharing of resources with each other (Dimand, 2004). The theory mainly emphasises that international trading activities involves production of goods and services by a nation having a competitive advantage over them and thereafter exporting of surplus products. Thus, as per classical theory economic advantage or disadvantage of a country mainly refers to the differences in factors such as resources, labour, capital or technology (Dimand, 2004). On the other hand, factor proportion theory emphasises on the presence of difference in economic advantages exhibited by the trading nations. As per the theory, countries across the world are continuously involved in the production and export of goods and services for which they have wide availability of production factors (Kjeldsen-Kragh, 2002). They import generally the goods and services requiring large amount of production factors that are in deficiency in the domestic market. Thus, the theory extended the concept of economic advantage by emphasising on factors of production (Kjeldsen-Kragh, 2002). Product life cycle theory also focused on explaining the patterns of international trade and expansion of multinational firms through global trade. The theory stated that trade cycle of a product and service initiates from its production by the domestic firm, then by a foreign firm and at last anywhere around the world offering best possible cost advantage. It also take into account th e reason for export of surplus products and services by a country and then after its import in case of deficiency. Product life cycle theory was mainly based on emphasising the concept of technological innovation and market expansion for determining the international trade patterns. This is because technology innovation results in the development of high quality products and services and market size helps in determining the extent of trading activities (Bhat, 2010). Countries around the world try to indulge more in exporting activities in comparison to import activities. This is because exporting leads to increased revenue generation for the countries. Nations involved in import although gain access to better resources for production of goods and services but it ultimately leads to income deficit in a country. The excess of import activities in a country in comparison to export activities means that more money is going to that gained through exporting. The country involved more in exporting activities as compared to that of importing have more economic prosperity as it leads to creation of more employment options, production and enhanced profit margins (Capela, 2011). The gross domestic product (GDP) of a country increases through enhanced exporting activities thereby making a nation wealthier. However, the countries involved in international trade activities have to also face trade barriers that hinder the free trade activities across the natio ns. Tariff, a special type of tax is imposed on goods and services exported and imported from a country. These types of barriers often restrict the international trade activities and most seriously impact the economic development of developing countries. In this context, World Trade Organisation (WTO) facilitates and promotes free trade activities in all areas of commerce including tariffs and subsidies (McDonald, 2012). Conclusion Thus, it can be stated from the discussion held in the above essay that nations are involved in export and import of goods and services for their economic growth. The main benefits achieved by the countries through global trading are diversification of risk, achieving competitive advantage and economies of scale. 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