Evaluation For Operations Management Of Hard Rock Cafe Marketing Essay

Evaluation For Operations Management Of Hard Rock Cafe Marketing Essay Hard Rock is one of the most globally trademarks in the world with 40 years history . At the beginning, it was a small cafà © located in London. What have made Hard Rock to be success, and their business cover all the world consisting of 169 venues in more than 50 countries.Hard Rock has become a truly phenomenon. We could evaluate how Hard Rock Cafe achieved that phenomenon in many points of view .One of these is operation management strategy of Hard Rock .Now we study and analyse the strategy to manage its operation.   Ã‚  1. Location selection With the first place in London, Hard Rock expands its cafes to major big destination cities on the world where there are huge population and tourist. Mr Oliver Munday, Hard Rocks vice president is heavily looking into global expansion in Europe, Latin American and Asia He said that Weve got to look at political risk, currency, and social norm-how does our brand fit into the country   [i]  . Therefore, the new choice for Hard Rock Cafe is to locate in other cities, they focus on the tremendous resurgence of the central of the city where nightlife is concentrated like Bang Coc, Ho Chi Minhà ¢Ã¢â€š ¬Ã‚ ¦. which are not rush tourist cities in order to less depend on such a fragile business. For the good position to be chose, markets research is deeply surveyed and analyzed base on Hard Rocks Standard market report. The analysis is based on these following fundamental elements including demographics, visitor market trend, transportations, restaurants and nightclubs, risk of politics, real estate market and comparable market, t. This serious quantitative market research supports Hard Rock Cafe to make right decisions for its business. Moreover, the success of every cafe in each location is also contributing the useful information for Hard Rock cafà © to expand these other one and also to improve their efficiency of the whole chains success. Hard Rock now aims to the area of Europe, Latin America and Asia. Not all cities selected Hard Rock cafà © operated by itself but choose to franchise because of risks, economic challenges such as culture, inflation, exchange rate, may affect its operating. Hard Rock chose to expand its chain to 2 big and busy cities (Bogota and Moscow) in nightlife , but they had both franchise to local partners there. Other Hard Rock Cafes in other place like Honolulu, Dubai .. will be opening soon. 2. Goods and service design: With the name of Hard Rock Cafà © we can image the a typical their service with an electronic guitar and a simple logo, Hard Rock Cafe impress all people entering its places the environment full of rock music which We cant see in any other kind of Cafà © or pubs and bars. Hard Rock Cafe not only serves its clients food, rock enthusiasm but also the special type of enjoying .. Environment is also very typical way of Hard Rock Cafà ©. It is easy to recognize from its outside or inside even other advertising that make its client remember Hard rock cafà ©. Food and drinking do not mean that they are not taken into consideration, courses in Hard Rocks menu are modified, upgraded and concentrated to fit client where it located For example, Thai Snack Combo is added into Hard Rock Cafe Bangkok. Regardless of age, class or gender, Hard Rock Cafe slogan Love all Serve all has been going together with its development throughout the years. All people putting their steps into Hard Rocks door feel that they are always welcome by an enthusiastic attitude, good quality of service.       3. Quality As other business, Hard Rock cafà ©s quality is one of the most important factor during their operating. Keeping food, drinking and service quality ( employees behavior à ¢Ã¢â€š ¬Ã‚ ¦) as well as music, environment à ¢Ã¢â€š ¬Ã‚ ¦is carried out regularly and it is required to get the highest assessment from customers. Improving quality at the cafe is always ensured and achieved their quality in the highest scale basing on the customer evaluation. Besides that, Hard Rock Cafe always update by time the music as well as change menus, environment, layouts, memorabilia, services and strategy to improve quality and adapt with the demand as its clients responses.    4. Process and capacity design. Hard Rock is a very big chain of cafes which provides 100,000 meals per day only referring within the U.S. (3,500 at Orlandos Universal Studios), therefore it has to consider very carefully and carry out effectively. Non-current asset is always well managed and renewed. Labor, materials, inventory, other current asset, scheduling are all elements related, which are described with more details in the following decisions. It depends on the location and culture where Hard Rock cafà © is located, but the design of capacity and its process must follow standards of Hard Rock cafà ©. 5. Layout design Layout is the most key factor to make decisions in the long-term operation of Hard Rock cafà ©. It depends on the scales which follow the market demand or the social norms in different areas. Cafà © module is differently designed in each city, such as Hard Rock Cafe in Las Vegas is decorated by a huge, outstanding guitar in front of the building and most of the seats are organized in a large space for outside view while the cafe in Ho Chi Minh is designed according to a little eastern style with ceiling lights and chairs. Hard Rock cafà © design is considered whether they must lease in a long term, the structure of construction should be set up or remodeled for its operation smoothly and efficiently. Its places do not show the same module design of Hard Rock Cafà ©s chain.    6. Human resources and job design Good human resource strategies are expensive, difficult to achieve, and hard to sustain, like other many organizations, Hard Rock cafà © concentrate to build the human resource strategy. The purpose of human resource is that how employees contribute to firm and set up a reasonable quality of work life. Service industry is a industry employing around 75% of the people in the U.S, and Hard Rock have had huge network which creates a lot of jobs for people in the area it stands. All staff of Hard Rock Cafe must be required to have not only job skills, job description but also passion of rock music as well as to engage their personalities. Before working for Hard Rock Cafe, they are trained by Hard Rock cafà © and received a Hard Rock value card. Hard Rock employees will be proud to joint in a unique working environment and culture which appreciates the substantial diversity and individuality, personal and professional manner. Hard Rock has their promotion policies as well to encourage their employees loyalty, 60% managers of Hard Rock Cafe are promoted from their worker. Managers performance is evaluated by a target, and they will receive bonus when exceeding the target. It encourages all managers of Hard Rock Cafe to become better not only depend on the available data, but also they have to forecast other impacts and effects on sales then set up these countermeasure to improve or prevent for their operating . All of above human resource policy always helps Hard Rock take a competitive advantage, increase more revenues and saving costs for their success.    7. Supply-chain management Outsourcing is a creative management strategy that is popular method that a big-scale company, like Hard Rock, using for its supply-chain management to improve efficiency working such as capital, inventory management and operating margins. Qualified suppliers or vendors are chosen and controlled to ensure enough, fresh and quality meals. Risk of outsourcing is considered carefully for Hard Rock cafà © operation Hard Rock cafà © also manage the supply-chain risk by Hard Rock cafà © is reducing environment ( political) risk by franchising and licensing, rather than owning, when the political barriers seem significant  [ii]  Hard Rock cafà © in 2003 had the successful engagement of Avicon architects of the new supply chain and provided expertise in logistics for Hard Rock.    8. Inventory All company must establish system for managing inventory. Costs and expenditure can be substantial to store and move inventory. The way to manage inventory by ABC analysis, record accuracyà ¢Ã¢â€š ¬Ã‚ ¦ make Just-in-Time inventory control, can save costs and let products and services to customers more quickly. The best management of supply-chain support Hard Rock to keep a safe and effective inventory. Foods and drinking need to be fresh and provided on time. Also Hard Rock cafà © manage inventory base on the market demand to avoid long-term stock. A huge valued memorabilia are controlled by locations and catalogues and are renewed every few years.    9. Scheduling Types of scheduling decisions depend on type of company and its operating. Hard Rock Cafe applies shot-term forecasting scheduling to their services. It can be based on the real daily activities and data from whole restaurants in right Hard Rock chain. Every manager of each cafe set up its database to prepare the daily forecast which is recorded daily working. Next other factors, like upcoming events, major conventions, concerts, etc. are referred to. And then hourly sales are examined and Hard Rock is possible to calculate the time for rush or low hours in order to allocate suitable jobs for all employees.. This way of above managing schedule support Hard Rock Cafe managers Who can predict the volume of people, theirs feeling may get in and enjoy in its restaurants and prepare a right human, foods and services to serve Hard Rocks people with the way, Just-In-Time to save the costs.   10. Maintenance Maintenance is the way to keep quality that is the key to success in all industry sectors. Hard Rock Cafà © use preventive maintenance for inspection and serving to keep their facilities in good condition. They also adjusted its menus and music time by time, it depend on locations, basing on the survey done. All kitchens, bar, restaurants or other equipments are maintained regularly under supervising. In order to strengthen the brand name, Hard Rock Cafe creates its own website: www.hardrock.com and maintain a cable television program weekly on VH-1. Task 2: In the light of the above, discuss the operations management challenges and opportunities for Hard Rock when considering an expansion of its business into Hanoi. Hard Rock Cafe just established in Ho Chi Minh city. When expanding business into Hanoi, Hard Rock needs to survey the Hanoi market.Hard Rocks Standard market report following conditions: A- Demographics As Hard Rocks focus, Hanoi is the city center and have the nightlife with many small satellite cities to be built around like Ha Dong, Trung hoa Nhan chinh, Bac Thang long. Total is over 6,000,000 people (See table 2 below) with rapid urbanization , so tendency of population will surely increase in near future. Hard Rock may have is more and more people (Foreigner and Vietnamese) in Hanoi love Rock Roll music in Hanoi. And Hanoi is a choosier market for all cultural activities than Ho Chi Minh, it has quite loyal audiences if Hard Rock cafà © can convince them by the unique culture, interesting activities. Moreover, the cheap labor is an important advantage that affects to its cost and particular the companys human resources strategy (See table1 below). Beside that the economic indicator of Hanoi and Hanoi area is attractive for all business sector(See table 1 below) Table 1 (Economic index of Hanoi) Content 2009 2010 2011 ( forecast) GDP per capita (UD$) 1710 1900 2120 GDP growth rate (%) 6.70% 11% 11.50% CPI 8.22% 9.56% 10% Exchange rate (VND/US$) 17500 19500 21000 Source: VnEconomic-December 2010  [iii]   B-Visitor market and market trend Hanoi have Tourists and business visitor growth rate increasing with 20,5% for foreigner ( 1.227 million people) and 10% for Vietnamese(7.392 million people) in the year 2010. Total revenue in tourist industry increased 26.9% in Hanoi -Report of Hanoi general statistic offices data December 2010(See table 2 below) Table 2 (Population and tourist of Hanoi Content 2009 2010 2011 ( forecast) Population (1000) 6480 6617 6750 Population growth rate (%) 2% 2.10% 2% Tourist Foreigner (1000) 1080 1227 1472 Foreigner growth rate(%) 11% 20.50% 20% Local tourist (1000) 6720 7392 8130 Local tourist growth rate (%) 5% 10% 10% Source: Report of Hanoi general statistic offices data December 2010.  [iv]   As above data, Hanoi market of population and visitors is potential market for all kind of business, especially for service industry C-Transportation Because Both population and tourist/ visitor have been increasing, so the trend of infrastructure suck as Hotel, Convention center, Entertainment service place .. to be increased . Transportation is concentrated priority, Phase two of Noibai airport is going to start within 2011 with ODA fund from Japan. Four lines subway are studying to build soon and some bridges have been built crossing Red river. Also Hanoi have expanded the wide of many road and built the new road with high standard from Northern part to southern part, from eastern part to western part, they try to connecting center Hanoi to the rest of Hanoi by road, subway, railà ¢Ã¢â€š ¬Ã‚ ¦ D-Restaurants and nightclubs Right location is a very important element for Hard Rock cafe to be successful in Hanoi, where is the most tourist to stay and also there are many restaurants and nightclubs located, that is HoanKiem district in the center Hanoi which is called tourist town. But the lease cost for a centre position is too high and most of them are dominated by both foreign and local cafe brands, consist of Highland, Trung Nguyen with trademark G7à ¢Ã¢â€š ¬Ã‚ ¦.. There are also many potential competitors such as Coffee Bean and other foreign brands who really want to enter Hanoi markets as well like Gloria Jeans Coffee, etc. E-Political risk Besides, Vietnam is evaluated one of the most stably politic regimes. This situation allows Hard Rock cafà © to feel safe to invest the business in Hanoi. Vietnam government established a system of open policies, encouraging foreign investors to invest by foreign country investment law, develop Vietnam country and create jobs for local people. However, many environment challenges that Hard Rock Cafe has to consider before entering in Hanoi. Hanoian has the way to drink coffee and enjoy it in differently way. Almost them like to sit in a street-cafe with a cheap cup of coffee, making cafe by the traditional and simple method, talk each other, read newspapers and look people passing by. There are not many people to spend high price ( around VND 80,000,000 )on drinking a cup of coffee that Hard Rock may serve that average price for its items. One thing, the local peoples taste of coffee and foods in is different. They are drinking stronger taste than the other countries. Robusta coffee in Viet Nam is more popular than Arabica. The type of cafe with live-music is more and more popular in Hanoi and its price is various from low-end to high-end level. With Hard Rocks price set (Hard Rock Ho Chi Minh), it can not only aim to rich people but also change clients mind or their consumption behavior. Local labor will be a issue that Hard Rock need to care about . The labor cost is cheap, but the tendency of labor cost is increasing year by year and local people are not familiar with the high international working intensiveness, style of unique business of Hard Rock cafe and they may not satisfy with standard required. Hard Rock cafà © must train them and change their thinking, all labor need to be trained regularly and intensively. Furthermore, the Vietnamese is too modest, so they may not feel confident to show their thinking, personality as expected by Hard Rock Cafà ©. F-Real estate market The real estate market is rapidly increasing in recent years in whole country , particularly in Hanoi and Hochiminh City, the tendency of market is also increasing of capital investment, sector investment , source investment as well as management investment. The real estate price is too high where is good location (See table 3 below) Table 3 (Rental fee of office and shopping mall of Hanoi) Content 2009 2010 2011 ( forecast) Rental fee ( $/m2/month) Office ($/m2/month) 35.7 34 35 Office growth rate (%) -6% -5% 3% Shopping mall ($/m2/month) 40.1 42.2 45 Shopping mall growth rate(%) -13% 5% 7% Source : CB Richarsd Ellis Viet Nam -December -2010  [v]   These information of the market brings information to Hard Rock if managers want to study and set up its business in Hanoi. They must have a comparable market analysis carefully then making their decision whether Hard Rock cafà © expand its business in Hanoi or not. Vietnam has not developed the information system and its information is some time not unclear, so it is difficult for researchers to collect exactly data for studying all business. In summary, all above information which mention in this topic is only for us to have a look of Hanoi market, that is surely a potential market for doing business, but it is not sure for Hard Rock cafà © or other business to be successful when they set up business in Hanoi. So Hard rock need to analyse many factors and index such as breakeven point, IRR,RCE,ROCEà ¢Ã¢â€š ¬Ã‚ ¦inflation, exchange rate, GDP, GDP growth rate.. before they make final decision for expand their business in Hanoi In this topic we only concentrate to analyse the breakeven point and we assume that all data collect from all sources to be accepted Assumption that We will set up Har rock cafà © in Hanoi with capacity as follow: -Area : 400 m2, Labor : 16 persons ( 2 shift/day),Facility investment : 200,000 USD, design and reconstruction:100,000USD, training cost : 30,000USD and other: 16,500 USD, other figure refer Table 1,2,3 above. Option 1 Option 2 Definition Description   Explanation Change rental fee Change cost/unit 50 42.2 35 1.5 1.25 1 Area (400 m2) 400 Labor ( 2 shift)/day total 16 persons, 8persons/shift Non-current asset Design and construction ( 400m2) 250$/m2 100,000 100,000 100,000 100,000 100,000 100,000 Total Facility (USD) Full set 200,000 200,000 200,000 200,000 200,000 200,000 Training (USD) Full course 30,000 30,000 30,000 30,000 30,000 30,000 Other ( 5%)(USD) Allowance 16,500 16,500 16,500 16,500 16,500 16,500 Total(USD) 346,500 346,500 346,500 346,500 346,500 346,500 Depreciation ( 10 years) Depreciation/month(USD) Straight-line 2,888 2,888 2,888 2,888 2,888 2,888 Fixed cost Rental fee ( 500m2)(USD) Option 1 20,000 16,880 14,000 16,880 16,880 16,880 Labor cost for 16 employees 200$/p/month 3,200 3,200 3,200 3,200 3,200 3,200 power consumption ( lighting.. per /month 500 500 500 500 500 500 Depreciation(USD) per /month 2,888 2,888 2,888 2,888 2,888 2,888 Total fixed cost / month(USD) 26,588 23,468 20,588 23,468 23,468 23,468 Variable cost Raw material ( coffee, ice, sugarà ¢Ã¢â€š ¬Ã‚ ¦)(USD) cost /unit 1 1 1 1 0.75 0.75 Material consumption ( Gas ,tissue (USD) cost /unit 0.5 0.5 0.5 0.5 0.5 0.25 Total cost /unit(USD) Option 2 1.5 1.5 1.5 1.5 1.25 1.00 Sale price Sale price/unit(USD) 4 4 4 4 4 4 Breakeven point Breakeven point Total fixed cost + total variable cost= total revenue; X : breakeven point How many units will be sold/month 10,635 9,387 8,235 9,387 8,534 7,823 How many units will be / day 355 313 275 313 284 261 Above analysis just give Hard Rock a data about the breakeven point which depend on the difference level of rental fee and unit cost, they must analysis more other variable. So Hard Rock cafà © should compare with its data of Hard Rock Cafà ©s chain. Hard Rock decision maker will make decision whether they are going to expand their business in Hanoi or not.

Teddy Roosevelt Essay example -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Theodore Roosevelt, born October 27, 1858, was the United States’ twenty sixth President. Roosevelt was born into a wealthy and socially dominant family. Though he was a quick thinker and very bright, he was not very physically fit; Roosevelt had severe asthma attacks as a youth. (Andrews) Roosevelt attended Harvard College starting with a science major, but his eventual majors were law and politics. After graduating Harvard in 1880, Roosevelt married his first wife, had his first child, and lost his wife two weeks after the birth of their daughter on Valentines day 1884. He had also begun his career in politics, joining the Republican Party when they were treated like a private organization, having few credentials that were needed to become a member. (Roosevelt)   Ã‚  Ã‚  Ã‚  Ã‚  Roosevelt did many beneficial things for his country, both as the President and as a soldier. One of the key features in his life was his involvement with the â€Å"Rough Riders† during the Spanish-American War, from April of 1898 to September of 1898.   Ã‚  Ã‚  Ã‚  Ã‚  Prior to his involvement in the Spanish-American War, Roosevelt was the Secretary of the Navy. He resigned from that position to begin organizing the First Volunteer Calvary Regiment. 23,000 men from all parts of the United States of America; cowboys, Indians, NY policeman, Athletes from ivy league colleges and more, were eager to volunteer for the regiment. (Andrew) All of these patriots felt it was there duty to defend their country after the USS Maine had been bombed in Havana, with the blame on Spain. (Harbaugh) The majority of the men in the regiment, which was originally composed of 1000 men (Hill), were from the southwestern ranch country. These men were skilled wild horsemen, thus the regiment was given the name Rough Riders. (Roosevelt)   Ã‚  Ã‚  Ã‚  Ã‚  Roosevelt was offered the position of commander of the regiment but had to decline because he did not have the time to train the soldiers. He suggested that he work under Colonel Leonard Wood as a lieutenant colonel. (Hill) Wood had received the Medal of Honor for his military action in the capture of Apache chief Geronimo. (Harbaugh)   Ã‚  Ã‚  Ã‚  Ã‚  The first battle to ever take place during the Spanish-American War was the battle of Las Guasimas, which was a small village in Cuba.... ...and Roosevelt got his nomination for governor of New York. Which lead up to his outstanding accomplishments with the national parks and others. Andrew, Paul. T.R. Takes Charge, American History   Ã‚  Ã‚  Ã‚  Ã‚  Magazine, http://americanhistory.about.com/library/   Ã‚  Ã‚  Ã‚  Ã‚  prm/bltrtakescharge2.htm Andrews, Wayne. The Autobiography of Theodore   Ã‚  Ã‚  Ã‚  Ã‚  Roosevelt. New York: Charles Scribner’s Sons,   Ã‚  Ã‚  Ã‚  Ã‚  1958. Harbaugh, William Henry. Power and Responsibility.   Ã‚  Ã‚  Ã‚  Ã‚  Chicago: American Book-  Ã‚  Ã‚  Ã‚  Ã‚  Stratford Press, 1961. Hill, Howard C. Roosevelt and the Caribbean. New York:   Ã‚  Ã‚  Ã‚  Ã‚  Russell & Russell, 1927 Jeffers, H. Paul. Colonel Roosevelt: Theodore Roosevelt   Ã‚  Ã‚  Ã‚  Ã‚  Goes to War, 1897-1898. New   Ã‚  Ã‚  Ã‚  Ã‚  York: John Wiley &   Ã‚  Ã‚  Ã‚  Ã‚  Sons, Inc., 1996 Roosevelt, Theodore. The Rough Riders, New York:   Ã‚  Ã‚  Ã‚  Ã‚  Charles Scribner’s sons, 1899;   Ã‚  Ã‚  Ã‚  Ã‚  Bartleby.com,   Ã‚  Ã‚  Ã‚  Ã‚  1997. www.bartleby.com/51/. Mar. 31, 2003

Hazard Identification at Work Place

Introduction: With a rapid increase in industries from the last few decades, equally corresponding increase in the hazardous materials in process. The industries became larger and often situated in or close to densely inhabited areas. Therefore it is need of the day to develop comprehensive approach to the prevention of human and economic loss or any occurrence associated to the hazards. In the forthcoming paragraphs we will discuss in detail hazards, risks associated to hazards and how preventive measures can be taken to minimise the risks of any accident with reference to the Restaurants (McDonalds Restaurants Ltd).Before to go further one should know what hazard means and how it can be defined. The most common definition of the word Hazard is, â€Å"A potential source of harm or adverse health effect on a person or persons†. The word hazard has many definitions but most common when talking about workplace health and safety is; â€Å"A hazard is any source of potential dama ge, harm or adverse health effects on something or someone under certain conditions at work†. In concise hazard is any condition, event or circumstances that could be the source of an accident.Therefore hazard is a potential source of harm, for example sharp knife is a hazard while working in a kitchen because it can cut. A cutting board is a hazard as it can produce bacteria. Sometimes the meaning of the hazard is confusing. Often dictionaries do not give specific definitions or combine it with the term â€Å"risk†. Such as, dictionary defines the word hazard as a â€Å"danger or risk†. Hazard is not deemed to be identical with risk although it can be significant determinant of risk. This example will differentiate and explain appropriately the meaning of these two terminologies.If there was a spill of water in a room then that water would present a slipping hazard to persons passing through it. If access to that area was prevented by a physical barrier then the hazard would remain though the risk would be minimised. Under the law it is required that the employers must to any extent identify the hazards in the workplaces under their control and assess the risks presented by these hazards. It is the responsibility of the employers to write down the workplace risks and how to deal with it, which is known as a risk assessment.This means the employers must examine in the workplace that what could cause harm to the employees and other people including customers and members of the public. Moreover it allows the employers to evaluate weather adequate precautions have taken or should do more to avoid harm. Hazard identified: In the process of risk management the most important step is to identify the hazard, the hazard not identified cannot be controlled. Whereas the identification process must be comprehensive and conducted in close consultation with the people performing the activity.Under Section 20 of the Act 2005 it is required by the employe r to prepare a written statement (known as safety statement) based on the identification of hazards and risk assessment. Safety statement must specify the manner in which the safety, health and welfare of employees shall be secured and managed. But still it is difficult to declare a hazard identification process as complete. Therefore it should be periodically reviewed. Moreover the process of hazards identification should be documented in the form of hazard logs. For hazard identification the workplace needs to be examined regularly.It assists in determining exactly where slips, trips and falls or any accident on the same level have happened, or there is a potential of likely to happen. This could be completed through simple three steps to pursue; * Consultation with the employees, this is the legal obligation of employers to consult with employees when going through the steps of this procedure. * Regular inspection of the premises. This may be helpful in identifying the source of usual hazards. * Check records including incidents and injury reports, workers compensation claims, and workplace inspection checklists.Whereas working in McDonald’s Restaurants the hazards we might find in a kitchen or restaurant can be categories as: * Electrical equipment * Spills, trips and falls * Sharp equipment * Lifting and carrying * Cleaning chemicals * Cold areas such as chiller and freezer * Vats and hot oil * Grills * Toasters * Hot drinks machines * Compactor These are obvious or apparent hazards which can cause harm, while in the similar system or operations actual incidents that have occurred in the past can be beneficial for the identification of hazards.Risks associated with hazards and control measures: Hazards and risks associated with them are everywhere. Everything we do exposes us to the hazards, but these can be minimised or eliminated with the known control measures to be taken. It is consist of actions to be taken to decrease the possibility of expos ure to the hazard. It could be to remove the hazard or to reduce the likelihood of the risk to contact to the hazard being realised. When we look at control measures we often refer to the hierarchy of control measures.It includes eliminating the hazard creating the risk, substituting the hazard creating the risk with a hazard that gives rise to a lesser risk, minimising the risk with engineering means, isolating the hazard, use of administrative means or using personal protective equipment. We will determine in detail the hazards and risk associated with it, and what could be possible control measures for it. The best way is simply to get rid of the hazard but this not always possible. For example it would be difficult to have a kitchen with no hot equipment.If the hazard cannot be removed we have to minimise the risks. This in turn reduces the likelihood of an accident. For example wet or dirty floor in the restaurant is a hazard, which can damage the health of both employees and t he visitors or customers by falling on the floor. This can have serious consequences both legal and of moral values. Whereas slips and falls are the most common type of accidents in the work place, therefore we should be extra cautious in this area. But still we can avoid the risk or minimise by adopting the proper procedure.To eliminate or minimise the risk associated with a wet or dirty floor, the appropriate procedure is to prepare the area by putting the warning cones in the place to warn anyone approaching the area. To reduce the risks of slips and falls it is highly recommended to clean up spills immediately with a cleaning agent if required. The other example of hazard while working in the restaurant is the step ladders. These are potential hazard if not used safely. It can be the cause of major accident if appropriate precautions are not adopted.While using these ladders in the time of need, one should make it sure that it is fully open with all four feet on the level, non-s lip surface. And to make it sure that it should be used with dry and clean shoes. Always make sure to climb the steps one at a time, ensuring a safe foot and handhold, with a firm grip. The very nature of McDonald’s restaurants, it has a lot of hot surfaces and hot liquids in the kitchens and front counter areas. While working near hot equipments such as grills, toasters, hot drink machines and fry vats extra care has to be taken; negligence can be very harmful and could result in severe burns.For example the special grills used in McDonald’s consist of a lower hot plate (temperature 218 C) with a moving top hot plate (temperature 177 C) known as platen, which has high risk of burns. Therefore to reduce the risk of burns it is highly recommended when not in use return platens to lower stand by position. This prevents the hot platens from being exposed and reduces the risk of burns. Moreover to reduce the risks we have to: * Check the design and safety of all equipment and chemicals used. * Develop the procedures and training Introduce special protective equipment if the risk is still too high. Such as for vats and hot oil filtering special protective clothing must be worn. This consists of long gauntlets, heavy duty apron and face visor. Work can be fun, but never at the expense of safety. Practical jokes can have tragic results; it can put the safety of employees or customers at risk. Every procedure we learn, or piece of equipment we use, has been designed with safety in mind. That is why it is so important to follow procedure.It is to keep in mind that for the health and safety of ourselves and the people around us we shouldn’t do any tasks which haven’t been shown or we not properly trained of. Conclusion: Safety is no accident. Every employee has a responsibility towards health and safety in their workplace. A lot of health and safety is common sense and nearly all accidents can be avoided if we always follow the correct proced ures and to take reasonable care for health and safety of ourselves and of other people at work. It can be managed just as we manage every other aspect of the business.This requires planning, well trained people, good supervision by managers, and the commitment of every single employee. We must work together to identify hazards and take action to minimise risks. We have to make sure that not to misuse anything provided in the interests of health and safety. Words count: 1729. ——————————————– [ 1 ]. Frank P Lees. Loss prevention in the process industries, hazard identification, assessment and control. 2nd Edition 1996. [ 2 ]. http://www. hsa. ie/eng/Topics/Hazards/Hazards_and_Risk. tml? showDoc=1 [ 3 ]. Hazard and risk: http://www. ccohs. ca/oshanswers/hsprograms/hazard_risk. html [ 4 ]. A guide to risk management. http://www. qast. org. au/Portals/0/PDFS/gde40v1. pdf [ 5 ]. Hazar d and risk; http://www. ccohs. ca/oshanswers/hsprograms/hazard_risk. html. [ 6 ]. http://www. hsa. ie/eng/Topics/Hazards/Hazards_and_Risk. html? showDoc=1& [ 7 ]. Section 19 of the Safety, Health and Welfare at Work Act, 2005 [ 8 ]. www. hsa. ie. [ 9 ]. Hazard management. http://w3. unisa. edu. au/ohsw/procedures/docs/hazard. df [ 10 ]. Safety, Health and Welfare at Work Act, 2005 [ 11 ]. Ibid. [ 12 ]. Guidance on hazard identification- March 09, http://easa. europa. eu/essi/ecast/wp-content/uploads/2011/08/ECASTSMSWG-GuidanceonHazardIdentification1. pdf [ 13 ]. Guidance on hazard identification- March 09, http://easa. europa. eu/essi/ecast/wp-content/uploads/2011/08/ECASTSMSWG-GuidanceonHazardIdentification1. pdf [ 14 ]. Preventing slips, trips and falls, Guide 2007. http://www. workcover. nsw. gov. au [ 15 ]. McDonald’s, hygiene and safety handbook 16 ]. Hazard identification, risk assessment and risk control procedure: http://www. bhtafe. edu. au/about/Documents/Policies%2 0and%20Procedures/OHS%20Procedures. pdf [ 17 ]. http://www. dehp-facts. com/CLab/CL_hazard. htm [ 18 ]. www. hsa. ie [ 19 ]. Preventing slips, trips and falls, Guide 2007. http://www. workcover. nsw. gov. au [ 20 ]. McDonalds hygiene and safety handbook. [ 21 ]. McDonald’s hygiene and safety handbook. [ 22 ]. ibid [ 23 ]. Ibid. [ 24 ]. Ibid. [ 25 ]. McDonald’s. Hygiene and safety handbook. [ 26 ]. Ibid.

Introduction of Malaysia Bond Market - 4467 Words

INTRODUCTION 1.1 WHAT IS BOND? In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity. Interest is usually payable at fixed intervals (semi-annual, annual, and sometimes monthly). Very often the bond is negotiable, i.e. the ownership of the instrument can be transferred in the secondary market. Thus a bond is a form of loan or IOU: the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor), and the coupon is the interest. Bonds provide the†¦show more content†¦More importantly, Malaysia, among the key Islamic financial centres, offers a wide variety of Islamic bonds that are based on Shariah compliant concept. As at end-Dec 2010, Islamic bonds accounted for 39% of total bond outstanding. 1.3 BOND MARKET DEVELOPMENT IN MALAYSIA * With the shift in public policy in the 1980s to consolidate public sector activities and promote the private sector as the engine of growth, a new financing pattern emerged. With this transformation of the economy, the decline of public sector borrowing was compensated by an increase in financing by the private sector. The private sector has relied on the banking system for its financing needs, of which a large portion was intermediated through the banking system - the ratio of bank credit to gross domestic product (GDP) in Malaysia was high at 149% in 1997. Nevertheless, the ratio of bank deposits to GDP was also high at 154% and therefore banks were able to finance their lending operations from their deposits. * As the banking sector was heavily exposed to the economic crisis that struck the nation in 1997, it was very cautious in extending new credits. 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