NUS - HRM - human resource is a critical factor

The Straits Times, 1 December 2008

New NUS head to focus on people
His key priority: Develop, recruit and retain talented faculty and students
By Jane Ng
		Prof Tan hopes to create 'a dynamic intellectual community in NUS'. -- ST PHOTO: ALAN LIM

THE new president of the National University of Singapore (NUS) plans to make the recruitment and retention of faculty and students his key priority.

Professor Tan Chorh Chuan, 49, who takes over the reins from Professor Shih Choon Fong today, said his focus would be on people because they made up the university.

'We will have a singular focus on developing, recruiting and retaining outstanding faculty and staff, because only with them can we excel in education, high-impact research and service,' he said in an interview last week on his priorities in the coming year.

He wants to lay at the feet of the teaching faculty the opportunities to pursue unconventional research ideas with potential for breakthroughs. They will also get more professional development support to innovate and excel.

A strategic recruitment committee will root out and recruit top-rate faculty in specific areas so the university can trace 'new pathways to distinction in both research and teaching'.

NUS will release more details next month.

Prof Tan has been its acting president since Aug 15; between 2004 and last year, he was its provost and deputy president, and then its senior deputy president.

A renal physician, he joined the Department of Medicine in 1987 and became NUS' youngest dean 10 years later at 38.

In 2000, he was seconded to the Health Ministry as director of medical services, before returning to NUS as deputy president and provost four years later.

He was identified as the new president when news broke earlier this year that Prof Shih would be joining the King Abdullah University of Science & Technology in Thuwal, Saudi Arabia, as its founding president.

In his second tour at NUS, Prof Tan plans to spend more time with students, staff and alumni.

He also intends to strengthen the university's collaborations with partner universities overseas, which will open up learning opportunities for the students.

He said: 'Students are the heart of our university, so our responsibility is to equip and challenge them to rise beyond themselves... and grow intellectually and as individuals.'

Asked what he hopes to achieve during his term as president, he said: 'I would like to create a dynamic intellectual community in NUS, powered by highly talented faculty, staff, students and alumni, with a culture that fiercely values excellence.'

He added that he wanted to 'steepen NUS' trajectory of development' by building on its impact and reputation to make it a leading global university and 'a thought-leader' in Asia.

The chairman of the NUS Board of Trustees, Mr Wong Ngit Liong, said: 'It is our university's good fortune to find a visionary leader in Chorh Chuan and to have the continuing benefit of his talents and leadership.'

L10- Service

Service - what is?

In this lesson, service is scoped to service in business environment.

We have at one time or another experience service, receive service or provide service.

However, what is service?.

4 special characteristics that make it a service /What are the difference between goods and services? :

a) intangibility

services (intangible performance) / goods (tangible)

b) heterogeneity

service (output varies every time) / goods (homogenous, output always the same every time)

c) inseparability

service (cannot separate service provider and service)/ goods (can separate goods and customers)

d) perishability.

perish after service (ie no inventory)/goods (can be inventorised.)

===========

Good service is critical in contributing to a company's bottom line (profit).

How do we know if service is good?

How do we quantify it?

SERVICE STANDARD :

a) SOFT :

b) HARD :

soft (behavourial) :
how does the customer received the service. :
eg did the bus captain smile/welcome the passenger?


hard (operational) :
what/when the service is received.

eg in a call center, a call will be taken with 5 rings.


=================

How do we measure the service quality ?

Different dimensions can be used to measure service quality :
what are some of them :

a) tangibles/how reliable are the service/how responsive is the service/competence of service provider/courtesy of service provider/credibility of service provided/security of service provided.
======================

To decide what is the best strategy to provide good service,
service can be classified based on different dimension :

a) nature of the service (refer to 6P)

b) demand and supply (refer to 6P)

c) customisation/judgement (refer to 6P)

===============
SERVICE CHAIN PROFIT.

why go to so much effort to provide/measure good service?

Satisfied employees --> value add to service/provide good service -> customer happy --> become loyal customer --> lead to increase profit for the company.

Why want to make customer loyal ??
--> lower cost to retain existing customers than to find new customers.

L11- Costing

Key point : COSTING.

Outsourcing is just a support point to costing.
Outsourcing is one way to reduce cost (ie cost control.)


WHAT IS COST?.
resources (material, labour etc) that need to be sacrificed to achieve a business objective (eg to produce a doughnut)


Different type of costs.

- FIXED COST

when is a cost , fixed cost ?.
-
It is fixed cost when it is NOT dependent on the business or volume of activity (ie output, sales etc) .
However, it is usually time based (eg rental(per month), insurance (per year)

- VARIABLE COST
- the cost is DEPENDENT on the business or volume of activity (ie output, sales etc)

- MIXED COST.
when the cost have element of fixed and variable cost.
eg : electricity used in a hair salon : fixed (for lighting/air cond), variable (electricity used for hair dryers)

Components of costs.

TOTAL COST = FIXED COST + VARIABLE COST.

Why want to learn about fixe cost, variable cost?

SO that we can used it to understand the break even quantity?

BREAK EVEN QUANTITY.

What is break even quantity formula :

BE Quantity = Total Fixed Cost /Min selling price per unit (min selling price) - variable cost per unit

Why want to know Break even quanity?
in business, we need to know how much to produce, how many to sell before we can make a profit.

BEq = the quantity one need to sell/produce to break even ie when profit = ZERO
= when all fixed costs recovered.
= produced or sell less than BEq = loss, produced or sell more than BEq = profit.

WHY BEq is important ?
at this point, we do not have to pump in capital/cash/money.


WHAT is minimum selling price?
The selling price at which profit is zero, if you sell below min selling price, loss incurred, if sell above min selling price, there is profit.


=========================


Cost can be DIRECT or INDIRECT.

To produce one doughnut : made up of many costs - flour, oil, sugar, electricty, rental of the factory, capital cost of the mixer.

Direct cost component of a product : ie can be traced back directly to the source.
eg : flour, sugar, oil : direct cost.

Indirect cost : electricity, rental of the factory, capital cost of mixer.

========================

2 way to grow business :

a) expand the business - organic or inorganic (remmber)

b) control cost.

===========

How to reduce cost ?

One way - outsource.

To decide if should be outsource :
a) need to analyse it quantitively, based on cost and
b) qualitatively.

=======================
Whether to outsource or not - compare the cost directly related to outsourcing the service vs cost incurred in providing the service internally. (NOTE : don't use min selling price to decide whether to outsource) - see 6P (slide 23) example on whether to outsource or not (ie $2 per unit (outsource vs $2.40 per unit if provided internally)


What are the advantages/disadvantages of outsource?.
(see 6P)

Core function should not be outsourced.

Down to earth- just do it

Click to read.

If you are interested to be an entreprenuer, read on...

Down to earth advise by Jack Sim - founder of WTO (World Toilet Organisation.)

I once met Jack Sim at a social entrpreneur conference and was surprised by how jovial and down to earth he is.

Reread his last point : "Enjoy the whole process. Lady Luck always favour happy, smiling people" The same applies to student , just enjoy the process .

Presentation - how to get fund

Click to read.

We present every where, every day,but may be not formally. Though this article was written for how to present to get funding, it is equally applicable to presentation during M3. Do you agree?.

Today online

RP has tied up with Today to provide an online version. see you mail.

You may want to download and skim this daily. Give you an idea of what's happening.
I like the tag line of Today - set you thinking.

UT3-G106

Hi Class,
Just a reminder that UT3 covers from lesson 1 - 9,

GOOD LUCK.

L9 : Business growth

1 ) What is business growth??.


2) Why companies want to grow?
- do they have a choice
- what are the benefits ?
- economy of scale, increase barrier to entry etc .

3) Type of growth - organic (using internal or own resources) and inorganic (tap resources outside the companies)

4) Inorganic growth : type of : mergers, acquisition, take over, joint ventures.


5) Ansoff growth strategies :

- current market, current product : market penetration .
- current market, new product : product development
- new market, current product : market development
- new market new product : diversification.

6) When is each strategy suitable for the companies ?
eg : market penetration : when the market is still not saturated.
how : varies the marketing mix, promotion.

7) Diversification : growing and also to spread risk, though high risk during initial stage.

8) Diversification : related (to current business) /unrelated (to current business, eg Virgin)

9) Merger : horizontal : usually with rival/competitors in same industries,
vertical : in the same industry/supplier chain eg : retailer takes over distributors, or distributors merge/buy into manufacturers.

10) FRANCHISING : an agreement between one party (with the business concepts/systems/products/service-franchisor) that allow the other party (to use/learn/run/own the system/business concepts/product/servce)

11) What are the factors that make a business franchisable?

12) What are the benefits/limitation of franchising?

L8 : Market Segmentation.

WHY SEGMENT THE MARKET?
- to reach and respond cost effectively to group of potential buyers
- therefore to increase sales and profit.

WHAT IS SEGMENTATION :

- group potential buyers into groups
a) with common needs
b) will respond similarly to a marketing action.

A market segment consists of people who are relatively similar in their buying behaviour and needs.

===============

Generally market can also be broadly defined in term of

GENERIC MARKET :
consumer needs : broadly similar eg: leisure
needs satisfy by : wide range of products/service eg : concert, sport games, cruise.


PRODUCT TYPE MARKET :
consumer needs : relatively similiar : want to share holiday trip.
needs satisfy by : close subsitute of products/service : digital camera, camcorder, postcard.


MARKETING SEGMENTATION PROCESS ;

1) define a broad product market.
2) segment based on needs/similar buying behaviour
3) develop marketing mix to reach this segment.

Citeria to segment a broad product market :

a) the segment have homogenous (ie similar needs)
b) substantial - ie large enough market size/potential to be profitable (ie to develop a product for this segment.)
c) operational - the citeria used (dimension) must be useful to result in identifiable customers.

DIFFERENT DIMENSION (WAYS) TO SEGMENT MARKET.

- demographic
= age, gender, religion etc

- psychographic
= lifestyle, personality, motives etc.
= focus on the consumer

- behavioural
=usage, benefit sought etc
= focus on the product/service benefits.

- critical events.

A blind girl's painful lesson- gratitude

There is a story about a blind girl who hated herself, detested everyone except her loving boyfriend, who was always there for her.

One day, she turned to him and said :" If only I could see the world, I will marry you"

It wasn't long before some one donated a pair of eyes to her.
When the bandages came off, she was finally able to see everything including her boyfriend.

He asked her : "Now that you can see the world, will you marry me?"

The girl looked at him and saw he was blind, just like her before.
........... the thought of looking at his closed eyelids for the rest of her life totally turned her off.

Her boyfriend left in tears.

Days later, he wrote her a note saying :

"Take care of your eyes, my dear, for before they were your eyes, they were mine. I love you"

Be thankful.

lightly edited from My Paper, BTW< 5/11/08

UT3

Hi Class,

Ut3 - will be from lesson 1 - 9, revise esp. those not tested.

take care

Lesson 7 - Pricing

In any market, there are 2 fools :
“One charges too much
The other does not charge enough” Russian proverb.


What is pricing.?
In economic term, what we need to give up to receive/acquire something we want/desire.

================================

Why study pricing.
- Pricing is everywhere – rental, tuition fees, salary etc
- Pricing is a MAJOR determinant of how buyer make decision, esp. in poorer countries, among lower income segment, with commodity type product eg agriculture produce - rice, natural resource - oil, minerals.
- Of course, there are also non price factor when buyer make a decision – eg luxury good.
- Price is a MAJOR determinant in a company’s profitability (so, how to max. profit?) and market share (to gain market share that leads to lower production cost, increase entry barrier).
- Price is the only element in marketing mix that result in revenues, the others are cost – eg marketing, place.
- Price can be change quickly unlike the other market mix – eg product features (need time to redesign, incorporate etc).


=====================================
How is pricing done (process)
Setting corporate policy/objectives(to max profit, recover cost, penetrate market) - select pricing method  select pricing strategy that achieve the objectives.
Objectives : profit max is not the only objective, eg : social welfare may price to cater the income segment they serve, art theather (eg Esplanade) may price their production to fill seats (eg if their corporate mission is to introduce art to
the heartland population.)
Differentiate between pricing method and pricing strategy.
================================================================
What are the types of pricing methods ? – see 6P.
Understand the method and WHY –
Eg : cost plus – the cost (to breakeven) Plus the margin needed to make a profit . Who can use this method – Not suitable for every companies – depend on the industry, competitive landscape, etc . eg if the company production cost Is high, it cannot use this method, they will be priced out. Sometime, it is not necessary to use this method if there are not many competitors or the company need to skim. Thus pricing should be dynamic. Understand the rationale why.
Pricing strategy – see 6P.
There is a difference between psychological pricing(a strategy) and the psychology of pricing( understanding behaviour (eg the different type of goods/customer type (eg : innovator/laggard) to price. ).
Psychological pricing eg : priced at $1999, (HOPEFULLY and not working these days as it is used too often by too many companies) customer will think it is cheap. $188 per table (for Chinese New Year dinner) – play on the Chinese mentally that “8” represent prosperity and assuming everyone believe that it will bring luck/prosperity.

Others : promotional pricing (eg loss leader- why- draw traffic), discriminatory pricing – why to max profit/sales usually for providing the same service to different target group – eg airticket, buffet, cinema, discriminate based on timing, demographic, location.
===========================================
Some elements (determinants) of pricing – demand, cost
Understand whether demand is elastic or inelastic?
What is elastic demand/What is inelastic demand.
Elastic – demand quantity is sensitive to price change.
Inelastic - demand quantity is NOT so sensitive to price change.
So what are the factors affecting price sensitivity ?(see 6P)
Eg : substitute awareness effect – if consumers are more aware of available substitute, they are more price sensitive.

Marginal Cost. – see 6P,
Eg in airline, what is the cost to serve one more passenger – cost of his/her meal?? Etc maybe fuel cost (the heavier the plane load, the more fuel it consume) but neglible, others are fixed ie regardless of how many passengers eg ; staff to check in, airplane parking charges, number of pilots needed per flight etc

What other factors (from marketing standpoint eg : potential market size, niche market etc) to consider when pricing – see 6P.

Lesson 6 - PLC

Learning Objectives :

a) What is PLC?.
b) How it can be used in marketing/product management.
c) Intellectual Property and its importance.


What is Product Life Cycle?
a) a marketing tool.

What are the four stages in PLC ??? IGMD

What are the characteristic of a product in each stage. (See 6P)
ie what is the sales/profit/competition/customer behaviour like in each stage

eg : Introductory stage : expect sales to be low (why- bec, just introduce, low awareness) therefore, expect : low or negative profit

For each stage, what is the marketing strategy needed for each P.

Eg : at introductory :

Pricing : skimming (if need to recover cost and not much competitors) or penetration (if strategy is to gain market share and increase market entry barrier for competitors)

Place : (distribution): exclusive/niche

Promotion : to reach early adopters

Product characteristic : basic features.

================
What are the benefits and limitation of PLC??

- eg : it can be difficult to project the PLC is going to be like.

=================

Important : don't just undertand, what is PLC, need to know why (ie to understand the product behaviour) and then APPLY what you know (IMPORTANT - see 6P for application eg.)

=================

IP - what are the 3 forms?
when to apply for which one?

===================

Lesson 5 - Value of Money

Theme : macro economic - studies aggregate output, employment and general PRICE level.

Key learning objectives :


a) What is MONEY? what are its characteristics.
b) What is the value of money, how is it determined?
c) What are the factors that affect VALUE of money.
d) How supply of money(cause) causes inflation(effect).
e) Forex and its impact.

Think of problems in trade before money was invented.
People barter trade.
Eg : a farmer who has a cow and want chicken and rice, need to trade with a chicken farmer and a rice farmer. (to get chicken rice)

i) how do to determine one cow is worth how many chickens.
How do they determine how many chickens can be exchange for 1 cow. How many bags of rice can be exchange for 1 cow.

ii) What if the chicken farmer has a small family and only need 1 cow leg and do not have refrigerator?

iii) What if the cow farmer wants to exchange for rice, but the rice farmer does not eat cow?

iv) What about the banana farmer who has a bumper crop and wants to exchange but no one need so much bananas. The bananas will rot over time.

Money resolves many of these problem . Thus money must :

a) act as medium of exchange
a labourer is paid a wage and he used this to exchange for food/other services
b) has store value
money received today can be used in the future. If banana is used as money,what will happen to its value?
c) is a measure of value (ie if it is a $10 note, it is worth $10)
serve as a common denominator of price and income. Eg : newspaper cost $1.00, students are paid $50 per day to work in exhibition.

d) fungibility : easily exchangeable.

e) divisible : unlike the cow which is not easily divisible.

=================

VALUE DETERMINED.
If the cow farmer exchange one cow for 5 chickens and both farmers are happy to exchange,that become value of 1 cow.

If tomorrow the cow farmer wants 10 chickens for 1 cow and both farmers are happy to exchange, that become value of 1 cow.

So : value for something is established when both parties are willing and happy.

=================
Think of the chips, box of chocolate and box of sweet - value of money is relative.

Eg : 6 month ago : box of chocolate : need 10 chips, box of sweet need 10 chips
Now : box of chocolate : need 12 chips, box of sweet need 12 chips
so value of chip???? - gone down.

6 month ago : box of chocolate : need 10 chips, box of sweet need 10 chips
Now : box of chocolate : need 12 chips, box of sweet need 10 chips
so value of chip???? - remain the same, value of choc went up.

=================

Look at demand and supply of money ($).
If supply of money goes up (shift to right),VALUE of money goes down.
VALUE of money goes down, prices of goods/services goes up (ie inflation).
Thus supply of money goes up (ie Government print more money), value of money goes down and cause inflation.

=================
FOREX

Value of 2 currencies is determined by demand and supply for the currencies.
In Singapore :
eg : If demand for Australian $ goes up ((because Singapore importers import more AU goods, many Singapore students go to study in AU and need to pay fees in AU$, many Singaporeans travellers goes to AU, AU$ will appreciate in value (ie go up) versus Singapore $.(ie more Singapore $ needed to exchange for AU$1.)

How are people affected :

a) Food( grapes, oranges, chocolate) from AU will cost more.
b) Your parent has to use more SIngapore $ to pay for your fees.
c) Travellers has to pay more for hotels etc.


===========================================
Good Book : Principles of Economics - Schaum's Outline series.
===========================================

Lesson 7 -Quiz

1. Minimum wage is part of ILO (International Labour Organisation) and respective governments’ effort on fixing a minimum price for employment.

a True
b False

Suggested Answer

True as this is government’s effort at fixing a price for a service.

Note: Singapore has no minimum wage – as it allows market forces to take precedence. The rationale is that with a minimum wage legislation, a country becomes less attractive to foreign investors as it drives up their costs unnecessarily.


2. Which of the following are pricing objectives that AirAsia had to consider before launching their maiden flights?

I. Use of low price to gain sales and market share
II. Position the services as without frills, value for money
III. How it can discourage new players from entering the budget airline industry
IV. Frequency of flights used to stimulate and encourage demand
a I only
b I, II & III only
c I, II & IV only
d I, II, III & IV

Suggested Answer

All of the above options are valid as they will directly or indirectly impact on how AirAsia prices its services.


3. With the growing inflation of 10%, the price of public transportation has increased by 20% but demand has fallen by 30% especially for the use of cabs, as it is most expansive. What type of demand curve does this community have?

a A positively sloped and inelastic demand curve
b An positively sloped and elastic demand curve
c A negatively sloped and inelastic demand curve
d A negatively sloped and elastic demand curve

Suggested Answer

A negatively sloped and elastic demand curve. This is because when prices increase by 10% for a normal good (transportation), the demand has fallen by more than 30% for the taxi business as shown in the diagram below.





4 Which of the following are factors that will affect the pricing situation for RP to launch its new post graduate courses?

a Legal and ethical constraints like minimum pricing
b Consumer price sensitivity
c Cost of managing the courses
d All of the options

Suggested Answer

All of the options.


5 McDonalds’ advertising message “what you want is what you get” emphasizes on the concept of ______________.

a Low price
b Fair value
c Price sensitivity of its target market
d Marginal costing

Suggested Answer

Answer (b). The message emphasizes on Fair Value / Value for Money – its ability to cater to the needs of its target segments


6 Which of the following have been priced with non-price factors?

I. Stereo Equipment (eg Philips Hi-Fi)
II. Pain Relievers (eg Panadol)
III. Carbonated drink (eg Coke)
a I only
b I, II & III only
c I & II only
d I, II & III

Suggested Answer

All of the above options are non priced factors. Rationale is that buyers are willing to pay a premium price for these products due to their established brands and product performance and/or perceived value (ie coke represents a type of modern lifestyle).


7 Price reductions are not always beneficial to organisations like Apple’s iPod.

a True
b False


Suggested Answer

True. The risks for initiating a price cut is as follows:
a) Low Quality Trap (luxury brands) - The consumers will assume that quality is below that of higher price competitors like Samsung MP3.
b) Fragile market Share Trap – a low price buys market share, not market loyalty [ie NTUC vs Sheng Siong Supermarket]
c) Shallow Pockets Trap – higher price competitors may cut their prices and may have longer staying power as they have deeper cash reserves.

Optional explanation: Some firms (ie Eastman Kodak, Japan) stepped up its drive to win market share y selling at almost 50% below normal prices, but this involves high risks as indicated above.


8 Which of the following has a discriminatory price market?

I. Singtel Mobile
II. Singapore Power
III. Medical Care at Singapore General Hospital
a I only
b II & III only
c I & II only
d I, II & III

Suggested Answer

All the above have discriminatory pricing
a) Singtel Mobile (students, professionals)
b) Singapore Power – residential vs industrial
c) Medical care (Singapore residents vs foreigners charged different)

Lesson 6 Quiz

1. What are the four stages of the product life cycle?

a. Decline, Introduction, Growth and Maturity

b. Induction, Growth, Maturity and Decline

c. Maturity, Invigoration, Introduction and Growth

d. Growth, Saturation, Maturity and Decline

2. Nintendo Wii is currently experiencing rising profits in the gaming industry. At what stage of the PLC would you consider it to be?

a. Growth

b. Decline

c. Introduction

d. Maturity

Suggested Solution:

Answer to the above question is option a. Rising profits are associated with products in the growth stage of the PLC. Introduction stage is associated with negative profits. Maturity stage is associated with profits at a decreasing rate while decline stage would be declining profits.

3. Which is a limitation of PLC?

a. Simplistic model used as an approximation for consumers’ changing tastes

b. Provide valuable lead time for product strategies

c. Systematic approach to product planning

d. Identify opportunities and threats to similar product lines

Suggested Solution:

Answer to the above question is option a. The PLC is just a generic model that is used as a basic tool for comparing products and their development over time. PLC curve differ from product to product. It is difficult to project what a product life cycle will be.

4. Yakult is a healthy drink that has been promoted extensively to the young. How would you extend the PLC of Yakult to adults?

1. Tap adult customers with a Yakult-Lite (Fat-free) product
2. Increase health talks at primary schools
3. Advertise in the Young Scientist magazine
4. Sponsor TV programs on Kids Central channel

Suggested Solution:

Answer to the above question is option a. An extension of Yakult that is appealing to adults will help extend the Yakult PLC. Options a, b and c do not appeal to the correct target audience.

5. Which of the following is NOT a benefit gained from patenting?

1. Critical factor to ensure market leadership
2. Sale of patents for business funds
3. Prevention of unauthorized exploitation
4. Licence of patents for commercial purposes

Suggested Solution:

Answer to the above question is option a. Patents, although advantageous, do not guarantee market leadership position as other factors like marketing and quality are equally important.

6. Patent applications in Singapore must satisfy the three conditions EXCEPT ______.

a. Invention originating from Singapore

b. New product

c. Industrial application

d. Inventive step

Suggested Solution:

Answer for the above question is option a. Inventions need not be originating from Singapore to apply to be patented here.

7. Which of the following subject matter is not protected by copyright?

1. Game Ideas
2. Song lyrics
3. Paintings
4. Journals

Suggested Solution:

Answer for the above question is option a. It is an only IDEA. IPOS has stated subject matter that has not been documented is not protected by copyright. Option b, c and d are expressed in a tangible form such as recording or writing.

Valuable rubbish - dig in

How oxymoron can it get.
Dig in and you will find values in this scrambled seemingly garbage.

The amazing power of human brain.

'if' by rrdayud kipilng
If you can keep yuor haed wehn all aobut you
Are lnsiog thiers and bianmlg it on you,
If you can turst yusrleof wehn all men dbout you,
But mkae alanowlce for tehir duontbig too;
If you can wiat and not be tierd by wntiaig,
Or bineg leid auobt, don't dael in leis,
Or benig htead, don't gvie way to hiatng,
And yet don't look too good, nor tlak too wsie:
If you can darem - and not mkae dmaers yuor msater,
If you can tihnk - and not mkae ttghhous yuor aim;
If you can meet wtih Tpumirh and Dtseasir
And traet thsoe two iortmspos jsut the smae;
If you can baer to haer the trtuh you've spoekn
Tesiwtd by kevnas to mkae a tarp for floos,
Or wtcah the tinhgs you gvae yuor lfie to, breokn,
And sotop and bluid 'em up wtih wron-out tolos:
If you can mkae one haep of all yuor wininngs
And rsik it all on one trun of ptich-and-tsos,
And lsoe, and sratt aiagn at yuor bniiggnens
And nveer baerth a wrod aoubt yuor lsos;
If you can froce yuor hraet and nrvee and sniew
To svree yuor trun lnog afetr tehy are gnoe,
And so hlod on wehn trehe is nhontig in you
Epxcet the Wlil whcih syas to tehm: "Hlod on!"
If you can tlak wtih crdwos and keep yuor vturie,
Or wlak wtih kngis - nor lsoe the cmmoon tcuoh,
If nheeitr feos nor liovng fdriens can hrut you,
If all men cunot wtih you, but nnoe too mcuh;
If you can flil the uigrnonvfig mnuite
Wtih stxiy snceods' wotrh of dinstace run,
Yuros is the Etrah and envyeirthg taht's in it,
And - whcih is mroe - you'll be a Man, my son!
Rrdayud Kipilng (uerblcamsnd vrieosn of Ryrduad Kiinlpg's iynatpasiionrl 'If' peom hree)
=======
For education purpose.

Acknowledgements to: Dr Rosaleen McCarthy, Sam Coates and the Times Newspaper, Graham Rawlinson, Nature magazine, Darren Brown (for prompting me to revisit this), Rudyard Kipling, and the Lerfjhax online jumbled words website, which was used to create the jumbled words which appear in this article.
======
If you like it, read the famous "IF" by Rudyard Kipling.

How to do well - from the horses mouth

Hi Class,

I have asked one of my ex student to share how she did well in RP overall. She took time off to share, despite juggling many tasks.

She is rather modest and does not want her name revealed. I also wanted her to present in class. I thought it is better you hear from a live person and know none of this came from me. Unfortunately, she declined out of humility. Recently, she won a prestigious scholarship. Unfortunately, I did not have play a big part in her achievement. It is her TENACITY, that she did well.


Hey GIRLS - rejoice!!!!(because the said student is a FEMALE), but GUYs, you can do it too, doing well is not the perogative of any particular sex - male, female or in between.

I have lightly edited it and included my comments in big cap (hiyah, nobody show me how to have other color fonts lah).
Here goes .....

========

Daily grades:
- Pay attention in class when the facilitator and peers are presenting. (sometimes it can be boring and a drag, but try your best to be attentive)
- Minimize MSNing and gaming (AH, YOU MEAN, IT IS OK ???)
- Ensure you do a fair share for the team’s ppt
- What’s important is not just that YOU understand the problem, but ensuring your team mates does too. (YES, WHAT IS A BETTER WAY TO LEARN THAN TO TEACH)
- Be helpful to those who don’t understand
- Do not skip school, it will be difficult to catch up and will haunt you for the rest of the semester
- Do not be late, this will affect your overall GAP and your daily grade as you will be a bit late to contribute to the team
- Contribute to class discussions, this is a big part of your daily grade.

- Don’t be shy to speak up
RJ:
- Can actually be quite tricky as some facilitators prefer shorter RJ’s while others expect a sincere one. (LIKE PERFORMANCE CITERIA, ASK!)
- Use proper English, write on Microsoft word 1st to ensure proper spellings and grammar. (HMMM, THERE IS ROOM AND LEEWAY HERE)

Evaluation
- be honest and modest
Quiz
- Even though it is not a part of the grade, it is better you do it with much effort as possible, it will give you the confidence that you have grasped the day’s content.
-
UT:
- Do not miss UT’s!! (YES, IT IS OK TO MISS TRAIN STOP LIKE YEW TEE, BUT NOT UT.)
- For cognitive and communication: if three options are given and we are asked to choose one answer and the reason, do not simply write the reason for why you chose that answer. Go one step further and write why you didn’t choose the other 2 answers as well
- Manage your time by doing the easy questions 1st
- Don’t dwell for too long in one question
Lastly, have goals (ex: getting a perfect GPA or something, it will definitely keep you going on those draggy days)

Tenacious

Talk about TENACIOUS, this guy is amazing.

He started walking since 2000 and will end his round the world walk for peace in 2012.

(Copied from his site.)
On August 18^th, 2000, at 9:00 am, Jean Béliveau left Montreal, Canada. His goal is to walk around the planet to promote "Peace and non-violence to the profit of the children of the world". He is travelling alone with a three wheeled stroller to carry a bit of food, his clothing, a First Aid kit, a small tent and a sleeping bag. Jean plans to walk across all the continents, from North America to South America, then across to South Africa, up to Europe, then the Middle East, South and Eastern Asia, Australia, New Zealand and finally back to Canada.

This journey will take 12 years to complete which is in accordance with the United Nations proclamation: 2001-2010 - International Decade for a Culture of Peace and Non-violence for the Children of the World

Credit : check the beautiful scenery :
http://wwwalk.org/ASSETS/PHOTOS/PHOTO08B/P080404.jpg

http://wwwalk.org/ASSETS/PHOTOS/PHOTO08B/P080402.jpg

Ceteris Paribus-live a simple life.

You see, ceteris paribus mean many things, depending on the context.

In science, ceteris paribus means keeping all variables constant, except the one being studied

In life, ceteris paribus means live a simple life., ie hold everything constant - eat the same thing, do the same thing, go to RP at the same time, everyday.
See, how complicated life gets, if you visit a very wealthy friend for a mere cup of tea.


> > Once while visiting a very rich friend,
> >
> > Question : "What would you like to have...? Fruit juice, Soda, Tea,
> > Chocolate, Capuccino, Frapuccino, or Coffee?"
> > Answer : " Tea please"
> >
> > Question : " Ceylon tea, Indian tea, Herbal tea, Bush tea, Honey
> bush tea, iced tea or green tea?"
> > Answer : " Ceylon tea"
> > Question : "How would you like it? Black or white?
> > Answer : "white"
> >
> > Question : "Milk, or fresh cream?
> > Answer : "With milk"
> > Question : "Goat's milk, or cow's milk"
> > Answer : "With cow's milk please.
> > Question : "Freezeland cow or Afrikaner cow?"
> > Answer : "Um, I'll just take it black."
> > Question : "Would you like it with sweetener, sugar or honey?"
> > Answer : "With sugar"
> > Question : "Beet sugar or cane sugar?"
> > Answer : "Cane sugar"
> > Question : "White, brown or yellow sugar?"
> > Answer : "Forget about the tea, just give me a glass of water instead."
> > Question : "Mineral water, tap water or distilled water?"
> > Answer : "Mineral water"
> > Question : "Flavored or non-flavored? "
> > Answer : "I think I'll just die of thirst"

Ahhhhhhhhhhh, you see when you meet an economist, who is wealthy (unlimited supply) and don't believe in living a simple life (unlimited wants) - every step is about choice and decision.
> >

Good Bye Mom

Hope this touches you the way it touched me!

GOODBYE MOM


A young man shopping in a supermarket noticed a little old lady following him around. If he stopped, she stopped. Furthermore she kept staring at him.

She finally overtook him at the checkout, And she turned to him and said, 'I hope I haven't made you feel ill at ease; it's just that you look so much like my late son.'

He answered, 'That's okay.'

'I know it's silly, but if you'd call out 'Good bye, Mom' as I leave the store, It would make me feel so happy.'

She then went through the checkout, And as she was on her way out of the store, The man called out, 'Goodbye, Mom.'

The little old lady waved, and smiled back at him.

Pleased that he had brought a little sunshine Into someone's day, he went to pay for his Groceries.

'That comes to $121.85,' said the clerk.

'How come so much . I only bought 5 items..'

The clerk replied, 'Yeah, but your Mother said You'd be paying for her things, too.'

GOTCHA! LOL.... you see sometimes, we got to see the other side to learn this side. Huh??? got to know what is ungrateful to know what is grateful.

Really, real estate, there is such job?

Lesson 3 : one of the worksheet question, asked what are the chain of activities needed before you received your Value meal, starting with location.

Well, there is a job in Subway, looking for a real estate professional to help their franchisees with finding locations.

Learn economic and get Latin thrown in free-Ceteris Paribus

What is :

"Ceteris paribus"

Latin expression for "other things being equal."

This term is also used in science, legal context.

The term is used in economic analysis when the analyst wants to focus on explaining the effect of changes in one variable on changes in another variable without having to worry about the possible offsetting effects of still other independent variables on the dependent variable under examination.

For eg : to study effect of price change on the quantity demanded . Will quantity demanded of Pizza Hut pizza increase or decrease if we run a price promotion, ceteris paribus, (ie all things being equal), ie assuming Canadian 2-4-1 did not run a price promotion, or KFC did not introduce new product or there is no rise in incomes etc etc.

Lesson 4 - May I serve you coffee or tea ?

Micro economic is a very established field and you will easily find material on it.
I recommend you go to RP library and pick one text book. Read only the intro chapter (what is economic), then the chapter on demand and supply.

There are many definitions of what is economic.
Simple definition : study of how people make choices or the study of how to allocate limited resources (kind of supply) to unlimited wants (kind of demand).

Eg : you may want a car now(WANT), but don't have the money to buy or maintain it(resource).
someone may have the money to buy a car(resource), but want to spend more time with the family (want) - ie it is about making choice.

Economic focuses on the process and consequences of making choices.

=========

Class : I have deliberately left the graph out. If you can visualise or draw the graph, based on the scenario, then you have grasp the concept. If you not, please refer to a text book, as I just wanted to recap the key points.

===============

Key points :

a) Law of demand- what does it says about price and quantity demanded
b) What is the relation between price and quantity demanded in a demand model?
c) What are the factors affecting demand? (identify them in worksheet question)
d) How does the the demand curve shift, when there is an increase in demand (right)?
e) How does the the demand curve shift, when there is an decrease in demand(left) ?

a) Law of supply - what does it says about price and quantity demanded
b) What is the relation between price and quantity demanded in a supply model?
c) What are the factors affecting supply?(identify them in worksheet question)
d) How does the the supply curve shift, when there is an increase in supply (right)?
e) How does the the demand curve shift, when there is an decrease in supply (left) ?

============

What is the difference between demand curve and demand quantity? (IMPORTANT DISTINCTION)

DEMAND : the demand schedule for an INDIVIDUAL specifies/describes the units of a good or service that the individual is willing and able to purchase at alternative pirces during a given period of time.

The relationship between price and quantity demanded is inverse.


QUANTITY DEMANDED is the amount (quantity) that will be purchased at a given price.

A change in demand (SHIFT IN DEMAND) is NOT the same as change in quantity demanded(MOVEMENT along the demand curve).

============

SHIFT IN DEMAND/CHANGE IN DEMAND.
When factors (eg government, increase in buyers, change in consumer preference) affecting it change, it SHIFT the curve.
eg : increase in foreign talent, (ie increase in buyers) demand curve shift to the right.
eg : if many Koreans immigrated to Singapore, demand for kim chi will shift to the right (ie demand increase).
eg : factor (research show coffee causes wrinkles) change, the demand curve shift to the left (decrease demand for coffee)

================


MOVEMENT ALONG THE DEMAND CURVE.

When the DEMAND CURVE (ie no shift) is held CONSTANT
how does price change affect quantity demanded?

eg if price increase, QUANTITY DEMANDED decrease.
eg if price decrease, QUANTITY DEMANDED increase. (Assuming the total consumers is the same, what will happen to quantity demanded if KFC decide to run a price promotion on value meal?)
This is MOVEMENT along demand curve.

==================

What is substitute good? - goods that be replace each other in consumption.

What is the effect of one substitute good (eg kai lan) on another (eg choy sum)

What is complementary good? - goods that are used in conjunction with each other
(eg : cars and petrol, DVD player and DVD)


===================

PRICE EQUILIBRIUM/ SURPLUS, SHORTAGE.

For a given price, when quantity supplied is MORE than quantity demanded, there is a sulprus.

eg : is there a shortage or sulprus of hotel rooms available for F1 weekend?.

For a given price, when quantity supplied is LESS than quantity demanded, there is a shortage.

When quantity supplied = quantity demanded, price equilibrium is reached.

===================

For a given price in equilibrium,

what happen to price when something happen to demand curve and it shift right, supply curve being constant?

price start to increase (because there is a shortage)
until quantity supplied = quantity demanded,
then new price equilibrium is reached.

===========

what happen to price when something happen to supply curve and it shift right, demand curve being constant?

price start to descrease (because there is a sulprus)
until quantity supplied = quantity demanded,
then new price equilibrium is reached.

===============

Is it possible for price to remain the same?

yes, if both the supply curve and demand curve shift .

ie supply increase and demand increase or vice versa.