1. Conduct a critical analysis of a posting by two of your classmates by the end of the workshop.
a. The topic of your discussion response should be your classmate’s posting and should be written as if you were reviewing his/her posting in an academic journal. Your discussion response should, therefore, answer the following questions as applicable:
i. Were your classmate’s arguments articulate and logical? Were the facts correct?
ii. Was the interpretation your classmate provided reasonable and consistent with experts in the field? Was your classmate consistent with both the substance and intent of his/her references?
b. The focus for your critical analysis is not whether or not you agree with your classmate, but how well his/her position was presented. Each response should be at least 200 words in length and cite two academic sources. Please strive to make your discussion responses ones that cause iron to sharpen iron.
Peer Review 1:
In the close disagreement of production, the beneficial relationship between information and income emerges with the hope that labor will be the only changing information, which keeps capital stable.
In long-term productive labor, when labor and capital are variable inputs, the relationship between information and income is clarified under the condition (Kim, 2018).
For a long time, the role of inputs, labor and capital, was seen as multi-utility (changing frequently). Therefore, associations can be broadly related to both entries. If a larger volume of two inputs is used, the output volume increases. For a long time, the beneficial relationship between input change and income has been explained by the rules of profit per volume. The laws of profit measurement can be explained using the isoquant method.
The board needs adequate, organized and valuable cost information and reporting to run a business and reach its business premises. The useful data provided by cost records and cost management reports help executives resolve their preferences. In this way, administrative-accounting can be used to describe accounting techniques that can help classify all consulting degrees and dynamically control business practices. Simple cost is a method of estimating costs where only the variable assembly cost is considered and used when estimating inventory and pricing the goods sold. In other words, only convertible assembly costs are shown as item cost and are charged to manufacture goods. Absorption cost is also known as the full cost, which is the cost estimation method. All assembly costs, variable and fixed, are considered production costs and are used to determine the prices of manufactured goods and stocks. All assembly costs are fully invested in the finished product. Traditional absorption cost structures have long been based on the analysis. The discussion of the outcome of appropriate recovery rates and allocating overhead are two long-standing issues (Cohen, 2018).
Peer Review 2:
The COVID 19 pandemic has transformed the lifestyle and traditional operational strategies of every individual and business organizations. As per CDC guidelines, governments worldwide have advised to follow social distancing and avoid gathering at all public places. So the majority of the population have restricted themselves to their home and avoided any mass gathering. As a result, the industries related to airline travel, restaurants, barber shops, salons, and theme parks were impacted by a considerable loss in demand. According to CFI, “Economies of Scale refer to the cost per unit advantage experienced by a firm when it increases its level of output.” In microeconomics, by lowering your outputs, the cost per unit increases. To achieve economies of scale, it’s required of an organization to increase its output. However, during the pandemic, the demand fell and the surplus output which was readily available resulted in losses for the companies. As a result, the companies had to reduce their outputs, which prevented the achievement of economies of scale.
The organizational strategies are redefined as per the demand and the application of new methodologies is in progress. It is critical of any organization to adapt itself to new challenges and requirements that evolve every day. To overcome these challenges, organizations provide services to their customers by following the below strategies.
· The customer must follow social distancing and enforcing limited occupancy by allowing no more than five people at once based on the facility’s size.
· Backlisting or banning the customers who disobey to follow the companies COVID guidelines.
· Revisiting their finances and developing a production and marketing plan which would help to sustain the pandemic.
· Reaching out to the customers through social media and expressing their goals and objectives on how to support each other and fight the pandemic.
· Ensuring hygienic conditions at the facility by sanitizing and disinfecting the facility and products after every few hours.
By following the above strategies, the organizations are able to build back trust in the customers and protect their businesses from bankruptcy during the pandemic. It isn’t easy to rebuild the economies of scale and its associated benefits to its initial state.
The organizations need to reform their structural, organizational, and operational norms by evaluating their services/products, which are of high and low demand. Also, by rendering only the services which are of need/demand to the consumers. By avoiding concentration and following distribution of services across many consumers.
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