In the module Business Communication BUS1514, students are required to
conduct a group assignment that have to write a business report on a company. By
conducting this group assignment, we need 3 to 4 member in our own group. The company
that we chose is TTC Education that located at Jalan Gasing.
In my expectation, this
assignment might be able to done smoothly with corporation of the entire group
member. I have this thought is because I joined the tuitions during my high
school period and I knew most of the tutor in there. I expect they can provide
the information that I need for my assignment. After the interview session, I feel
satisfied because I get all the information that me and my group member need to
conduct this group assignment. Every single question we asked he also provides
proper answer for us.
Basically, the whole
process when conducting this group assignment is very well. I went smoothly
because we have all the information of TTC Education and this helped us a lot
in the assignment. The only problem that we face is time problem. It is quite
hard to find a suitable time between four of us and the founder of TTC
Education, Mr. Lim You Hang. Mr. Lim as a tutor, he might barely have free time
for us to interview. After few times of discussion with Mr. Lim, we finally
found a suitable time to meet up with him. By meeting Mr. Lim that is busy,
four of us sacrificed our lecture time and went for the interview because it is
really hard to meet him. I am satisfied with what we have done for this group
assignment, everyone has done their part properly and there is no any other
problem other than meeting Mr. Lim.
From this group
assignment, I learnt about team work, accommodate and may more. As a team, we
have to work everything together only can be efficient and effective. Working alone
for group work is not going to be efficient because work as a group can divide
the works that we have to do and compile it together in the end and edit. On the
other hand, meeting an outsider for an interview we have to accommodate the
date, time and place with each other. If we do not accommodate with each other,
we will not have the chance to meet Mr. Lim for the interview. Other than that,
I also learnt a lot in writing a business report when I conducting this
assignment. Now, I know what and which contents are compulsory to add in a
business report such as foreword, summary, content page and many more.
In the end, I am very
satisfied in conducting this assignment because all of us are very cooperative and
this group assignment has been done smoothly.
Since final exam is
around the corner, I will prepare for this module with all the exercises that
lecturer and tutor gave us. Doing more questions on specifics topics and also
discuss with friends. I aim to get an A for this module so I will put all my
efforts on it and do my best in the exam. In my point of view, doing tutorial
works on Myaccountinglab is not really practical. We should do home works in a
traditional way so that we can be fast enough in the exam. This is to avoid
time lacking in the exam.
In the first day of lecture for module BUS1404 Introduction to Management, I expect the things I learn in this module will be very similar to People & Organization that I have learnt in Taylor’s Business Foundation but I drop the subject in the mid semester last year. I expected to learn how to manage people when we working as a manager in the future. Actually I have learned half of it in the previous year. After 12 weeks, what I have learnt in Introduction to Management is really similar as what I learnt in the previous year when I was in my foundation course. Some chapter is familiar to me because I already learned some last year but there are some I am not familiar with. In this module, I have learned how managers manage a team of workers. There are many ways for managers to manage a team of workers; they have different style to manage the workers. This module is not an easy subject; I know I have to put a lot more effort to study for final exam compared to those who already learned P&O in the previous year. This module have many theories to memorize therefore is it not an easy module to study. I do not really like management subject as go to this module because it have to memorize many things which I do not like to memorize things. Other than that, for assignment in this module, I do not like the way we pass up assignment online. This is because the website is always facing very serious server problem. Instead of passing up through TiMes to turnitin, I prefer we pass it up directly to turnitin website. Management is very important in an organization so it is very important in working life. This module is also very important to me when I become a manager in my future. I have to know how should I manage my subordinates and also motivate them so that they can work more effective and efficient. I should also know how to keep good relationship between my members in my team so that I can work easily with them. Other than that, the leadership skills that I had learned can help me to lead the team well now and in the future. Decision making skills is another important topic I had learned. As a manager, it is needed to make a decision fast and correctly. Since this module is important in my future, I will try my best to be good in it although I am not majoring in management.
Based on my result in
the mid semester test, I am very satisfied with my result. Although I have made
some small mistake in the test, but I will take it as a punishment for my own
to be more careful when answering questions in my final exam. I will not let
myself have the same mistake again in future. The questions that we did in
every tutorial are quite easy. It is helpful in doing revision and prepare for
the mid semester test because the questions in the test are all we have learned
and practice in every tutorial.
In the group assignment
I have done with my group member for module BUS1804, I have learned a lot statistical
techniques. In this assignment, I am doing question 1 on my behalf and also
have discussion on question 2 together with my group member. After we have
collected all the data from the internet, we started our own part of the assignment.
In question 1, I have used excel to complete the amount
of mean, standard deviation, inter quartile range and coefficient of variation
that are required. By calculating these amounts, is to measure the spread-ness of
the data and the minimum and maximum amount in the data. Besides that, we also
used the data that we collected to create histograms for both price and size of
the condominium. By looking at the histograms, we can see the skewedness of the
data. I also calculate the cumulative frequency to create an ogive graph to allocate
the first quartile in the ogive graph which estimate the number condominium
that are selling at the price below the first quartile which is 25%.
Other than that, we have also created a regression table with
the data we collected in question 1 part b. In that table, we can get the value
for r, r square, slope and intercept. By getting all the value, we used them to
do a statistical significant test to see whether correlation exists or not. We also
draw the bell shape graph to let lecturer and tutor understand what we are
doing in the significant test. In the end of part b, we also created a scatter
diagram to show the relationship of the price and size of the condominium. For all
the interpretation in part c of the question, we refer all from the lecture
slides given by the lecturer as a guideline.
However, I committed less in question 2 compare to
question 1 because I have focus too much in question 1. Although I provided
just a little information in question 2, but I really put a lot of effort in
question 1 to complete what is required. We identify the entire possible
outcome of rolling 2 dices at a same time. And we also complete the calculation
of the required outcome given in the question.
I am very happy doing works with my entire group members;
we are all very cooperating with each other. Whenever I have problem in doing
the assignment, they always give me suggestion and guidance so that I can
complete my work efficiently. On the other hand, when my group members have
problem their parts also I will give my full effort to help them from what I know.
By doing this group assignment, I have learned many
things such as the statistical theory and concept, regression and probability. Especially
my excel techniques, I have improve a lot in my excel techniques when I doing
this group assignment.
From my own engagement in this module, which is Microeconomics, I
learned many basic microeconomics concepts such as scarcity, demand and supply,
price elasticity and many more.
In this module, I
learned about scarcity. In this concept, I learned that people have unlimited
wants but the resources to fulfil consumers wants are limited. From limited
resources, firm will never get to fulfill what consumers’ wants and opportunity
costs occur. When there are limited resources, supplier will have to choose
what to produce. For example, firm only have enough resources to produce 150
units of bread and 250 units of biscuit. If the supplier wants to produce
another 120 units of bread, firm will have to produce less 120 units for
biscuit. The opportunity cost will be the 120 units of biscuit.
Besides that, I also
learned about demand and supply. In this concept, there are law of demand and
law of supply. Price and quantity have a negative relationship in law of
demand. When price increase in demand, quantity will decrease thus the demand
curve is downward sloping. However, there is a positive relationship between
price and quantity in law of supply. When price increase, quantity will also increase
because the supply curve is upward sloping.
Other than that, there
are many factors that will cause the change in demand and quantity demanded.
Price factor will cause the change in quantity demanded which means a movement
along the demand curve. However, the factors that will cause a change in demand
are all factor except price such as expected future income, price of substitute
goods and more.
From the example above,
I am now able to apply the microeconomics concept into my assignment, home
works and practices. Although I have learnt economics in the past few years,
but I can now be more understanding when tutor is teaching in the class. I took
it as a revision when tutor is repeating the same thing as I learned past few
years. I think I can improve my knowledge for my future by learning this module.
This module is a very
good module to let students to more understand the reality, but the one thing I
dislike in this module is the Individual assignment. Based on the information
given in the Module Information Booklet (MIB) is not clearly stated how and
what should we conduct our research paper. The information is too general and it
is very confused. I understand that lecturer and tutor would like to be more
advance in handling assignment I wish lecturer or tutor will state clearly how
should we hand up our assignment in a more advance way.
In conclusion, this
module had helped me a lot in my studies although I am not majoring in
economics. What I learned from this module is all basic things that I need to
learn, I am happy that I have learned all this. It will be very helpful in my
future.
Demand
is a curve that shows an amount of products that consumers are willing and able
to purchase at different prices during a period of times (McConnell, et al,
2009). The relationship between the amount of products that consumers willing
to buy and the price of product can easily be shown in a table and graph.
Demand
for Fast Food Meal
Price per meal ($)
Quantity
Demanded per week
8
10
7
20
6
35
Table 1.0
Based on Table 1.0 and
Diagram 1.0, when the price of fast food meals is $8 per meal, the quantity
demanded for fast food meals is 10 meals per week; when the price of fast food
meals is $7 per meal, the quantity demanded for fast food meals is 20 meals per
week; when the price of fast food meals is $6 per meal, the quantity demanded
for fast food meals is 35 meals per week. However the table and diagram does
not tell the market price of fast food meals. The market price depends on the
interaction between demand and supply.
Law
of Demand
The
main characteristic of demand is as price decreased, the quantity demanded will
increase and as price increased, the quantity demanded will decrease, ceteris
paribus (McConnell, et al, 2009). In other words, this is an inversed or
negative relationship between price and quantity demanded. Economists named
this negative relationship as the law of demand (McConnell, et al, 2009).
Changes
in Quantity Demanded
A
change in quantity demanded is a movement along the fixed demand curve from one
point to another point (McConnell, et al, 2009). This happened when there is
change in price of product itself.
Demand for McDonalds’ Lunch Set
Price per set
Quantity
Demanded per week
7
15
6
25
5
40
Table
1.1
According
to diagram 1.1, when the price of the McDonalds’ lunch set increased from $6 to
$7, the quantity demanded decreased from 25 to 15 which showed the movement
along the demand curve from point A to point B. On the other hand, when the
price of McDonalds’ lunch set decreased from $6 to $5, the quantity demanded
increased from 25 to 40 which showed movement along the demand curve from point
A to point C.
Changes
in Demand
A
change in demand is the shift of demand curve to the right, which is an increase
in demand or to the left, which is a decrease in demand (McConnell, et al,
2009). The shift of demand curve occurs when the one or more determinants of
demand changed. The determinants of demand are taste, income, price of related
goods, number of buyers, and consumers’ expectations (Sexton, 2006).
Tastes
A sudden increase or
decrease of demand for a product or services is caused by change in fashion
(Sexton, 2006). Advertising or promotion may trigger the change in taste of
consumers. Other than that, a new launched product also may affect the consumer
taste. For example, when Kentucky Fried Chicken launched their new Spicy Korean
Burger, the demand for Zinger Burger is decreased where the demand curve for
Zinger Burger shifted to the left from DD1 to DD3; the
price of the burger remain unchanged while the demand for zinger burger
decreased from Q0 to Q2.
Number
of Buyers
An
increased in number of buyer in the market will increase the demand while a
decrease in number of buyer in the market will decrease the demand for a
product (Sexton, 2006). For example, when a large scaled of people are moving
in into an area, the demand for fast food will increase where the demand curve
for fast food shift to the left from DD1 to DD2; the
price of the fast food remain the same and the demand for fast food increased
from Q0 to Q1.
Consumers’
Expectations
The
demand for a good or services will increase or decrease dramatically in a
specific period because the consumers expect there is changes in price or
availability for a good or services in the future (McConnell, et al, 2009). For
example, if the customers of McDonalds expect the price of McDonalds’ McValue
dinner or lunch set will increase in the future, the demand for McDonalds’
McValue dinner or lunch set will increase for now where the demand curve for
McDonalds’ McValue dinner or lunch set shifted to the right; the price of the
meal remain the same and the demand for McValue increased from Q0 to
Q1.
(economicsfun, 2009)
Supply
Supply
is a curve that shows the willingness and ability of producers to produce a
various amount of product for sale at different level of price during a given
period (McConnell, et al, 2009).
Supply
for McDonald Burger
Price
per piece ($)
Quantity
Supplied per week
9
50
8
30
7
20
Table
2.0
Law
of Supply
The table 2.0 and diagram 2.0 shows the direct or
positive relationship between the price and quantity supplied; when the price
of burger is $7, the quantity supplied is 20 per week; when the price of burger
is $8 per piece, the quantity supplied is 30 per week; when the price of burger
is $9 per piece, the quantity supplied is 50 per week. As price increased, the
quantity supplied increased; as price decreased, the quantity supplied
decreased (McConnell, et al, 2009). This relationship is named the law of
supply.
Changes in Quantity
Supplied
Change in quantity supplied is a movement along the
fixed supply curve from one point to another. This movement occurs when there
is a change in the price of product itself(McConnell, et al, 2009).
Supply
for Fried Chicken by KFC
Price per piece ($)
Quantity
Supplied per week
4
200
3
100
2
50
Table
2.1
Based on the Diagram
2.1, when the price of fried chicken decreased from $3 to $2 per piece, the
quantity supplied by KFC will decreased from 100 to 50 which showed the
movement along the supply curve from point A to point C. When the price of
fried chicken increased from $3 to $4 per piece, the quantity supplied by KFC
increased from 100 to 200 where the supply curve moved from point A to point B.
Change
in Supply
Change in supply is a change in the entire supply
curve. In other words, change in supply is the shift of supply curve to the
right (increase in supply) or to the left (decrease in supply) (AmosWEB, 2013).
The shifting of supply curve is caused by the supply determinant. The supply
determinants are resources prices, technology, taxes and subsidies, price of
other goods, producer expectations, and number of sellers.
Resources
Prices
The prices of the raw materials used to produce
determined the production cost incurred by the firms (McConnell, et al, 2009).
The production cost increased as the resource prices increased, ceteris
paribus, and thus reduced the profit. When the profit is reduced, the incentive for
firms to supply a product at each price reduced as well. For example, when the
price of potato increased, McDonalds will reduce the supply of French fries;
the supply curve of French fries shift to the left from SS0 to SS2
and the quantity reduce from Q0 to Q2.
Taxes
and Subsidies
Tax mostly treated as an expense by businesses. An
increase in revenue or property tax will increase the cost of the firm and
caused the firm to reduce supply (McConnell, et al, 2009). On the other hand,
the subsidies will lower the cost of the product and increased the incentive of
a firm to supply the product at each price. For example, when the government
increases the sales tax for all the fried chicken by the fast food industry,
then the supply of fried chicken by the entire fast food industry will reduce
causing the supply curve of fried chicken shift to the left from SS0
to SS2, the quantity reduce from Q0 to Q2.
Number
of Sellers
Ceteris Paribus, the number of sellers determined the
supply too. The larger the numbers of firms, the greater the market supply
(McConnell, et al, 2009). For example, there are many fast food dealers in
North Carolina, the supply for fast food there is greater at there. The supply
curve shift to the right in North Carolina from SS0 to SS1
due to the large number of supplier, and the quantity increased from Q0
to Q1.
Campbell
R. McConnell, Stanley L. Brue, and Sean M. Flynn, 2009, Economics, 18th Ed, New York, McGraw-Hill/Irwin
Economicsfun,
2009. Understanding The Difference
Between Change in Supply and Quantity Supplied. [video online] Available
at: <http://www.youtube.com/watch?v=K_G-_izbPl8>
[Accessed 30th
May 2013].
Mjmfoodie,
2010. Episode 12: Change in Demand VS Change
in Quantity Demanded. [video online] Available at: <http://www.youtube.com/watch?v=aTSwcXJ700c>
[Accessed 28th
May 2013]
Robert
L. Sexton, 2006, Essentials of Economics,
2nd Ed, United States of America, Thomson South-Western
