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Topic Review
FOB (Shipping)
FOB, "Free On Board", is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway transport. As with all Incoterms, FOB does not define the point at which ownership of the goods is transferred. The term FOB is also used in modern domestic shipping within the United States to describe the point at which a seller is no longer responsible for shipping cost. Ownership of a cargo is independent from Incoterms. In international trade, ownership of the cargo is defined by the bill of lading or waybill.
  • 1.4K
  • 13 Oct 2022
Topic Review
Cost of Electricity by Source
The distinct methods of electricity generation can incur significantly different costs and these costs can occur at significantly different times relative to when the power is used. Also, calculations of these costs can be made at the point of connection to a load or to the electricity grid (ie they may or may not include the transmission costs). The costs include the initial capital, and the costs of continuous operation, fuel, and maintenance as well as the costs of de-commissioning and remediating any environmental damage. For comparing different methods, it is useful to compare costs per unit of energy which is typically given per kilowatt-hour or megawatt-hour. This type of calculation assists policymakers, researchers and others to guide discussions and decision-making but is usually complicated by the need to take account of differences in timing by means of a discount rate.
  • 10.7K
  • 13 Oct 2022
Topic Review
Iranian Subsidy Reform Plan
The economy of Iran includes a lot of subsidies. The Iranian targeted subsidy plan (Persian: طرح هدفمندسازی یارانه‌ها‎), also known as the subsidy reform plan, was passed by the Iranian Parliament in 2010. The government described the subsidy plan as the "biggest surgery" to the nation's economy in half a century and "one of the most important undertakings in Iran's recent economic history". The goal of the subsidy reform plan is to replace subsidies on food and energy (80% of total) with targeted social assistance, in accordance with a Five Year Economic Development Plan and a move towards free market prices in a 5-year period. The subsidy reform plan is the most important part of a broader Iranian economic reform plan. According to the government, approximately $100 billion per year is spent on subsidizing energy prices ($45 billion for the prices of fuel alone) and many consumable goods including bread, sugar, rice, cooking oil and medicine. However, some experts believe direct subsidies are about $30 billion, depending on oil prices. The subsidy system has been inherited from the Iran–Iraq War era but was never abolished. Iran is one of the largest gasoline consumers in the world, ranking second behind the United States in consumption per car. The government subsidy reform has been years in the making, for reasons which are unclear. Iran's Supreme Leader has backed the government’s subsidy reform plan.
  • 1.9K
  • 13 Oct 2022
Topic Review
Click Farm
A click farm is a form of click fraud, where a large group of low-paid workers are hired to click on paid advertising links for the click fraudster (click farm master or click farmer). The workers click the links, surf the target website for a period of time, and possibly sign up for newsletters prior to clicking another link. For many of these workers, clicking on enough ads per day may increase their revenue substantially and may also be an alternative to other types of work. It is extremely difficult for an automated filter to detect this simulated traffic as fake because the visitor behavior appears exactly the same as that of an actual legitimate visitor. Fake likes generating from click farms are essentially different from those arising from bots where computer programs are written by software experts. To deal with such issues, companies such as Facebook are trying to create algorithms that seek to wipe out accounts with unusual activity (e.g. liking too many pages in a short period of time).
  • 479
  • 12 Oct 2022
Topic Review
Business Process Reengineering
Business process re-engineering (BPR) is a business management strategy, originally pioneered in the early 1990s, focusing on the analysis and design of workflows and business processes within an organization. BPR aimed to help organizations fundamentally rethink how they do their work in order to dramatically improve customer service, cut operational costs, and become world-class competitors. BPR seeks to help companies radically restructure their organizations by focusing on the ground-up design of their business processes. According to early BPR proponent Thomas Davenport (1990), a business process is a set of logically related tasks performed to achieve a defined business outcome. Re-engineering emphasized a holistic focus on business objectives and how processes related to them, encouraging full-scale recreation of processes rather than iterative optimization of sub-processes. Business process reengineering is also known as business process redesign, business transformation, or business process change management.
  • 1.1K
  • 12 Oct 2022
Topic Review
Online Shopping
Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser. Consumers find a product of interest by visiting the website of the retailer directly or by searching among alternative vendors using a shopping search engine, which displays the same product's availability and pricing at different e-retailers. As of 2016, customers can shop online using a range of different computers and devices, including desktop computers, laptops, tablet computers and smartphones. An online shop evokes the physical analogy of buying products or services at a regular "bricks-and-mortar" retailer or shopping center; the process is called business-to-consumer (B2C) online shopping. When an online store is set up to enable businesses to buy from another businesses, the process is called business-to-business (B2B) online shopping. A typical online store enables the customer to browse the firm's range of products and services, view photos or images of the products, along with information about the product specifications, features and prices. Online stores typically enable shoppers to use "search" features to find specific models, brands or items. Online customers must have access to the Internet and a valid method of payment in order to complete a transaction, such as a credit card, an Interac-enabled debit card, or a service such as PayPal. For physical products (e.g., paperback books or clothes), the e-tailer ships the products to the customer; for digital products, such as digital audio files of songs or software, the e-tailer typically sends the file to the customer over the Internet. The largest of these online retailing corporations are Alibaba, Amazon.com, and eBay.
  • 20.1K
  • 12 Oct 2022
Topic Review
Knowledge Management Criteria in the Banking Industry
Banks’ performance and profitability were influenced significantly by the COVID-19 pandemic. Facing the impact and challenges derived from the pandemic, some responsive measures needed to be adopted by the banking industry. Supported by successful sustainability performance and a competitive advantage, accurate knowledge management could help organizations to survive future pandemics.
  • 645
  • 12 Oct 2022
Topic Review
Consumer Privacy
Consumer privacy is a form of information privacy concerned with the legal and political issues arising from the interaction of the public's expectation of privacy with the collection and dissemination of data by businesses or merchants. Consumer privacy concerns date back to the first commercial couriers and bankers who enforced strong measures to protect customer privacy. In modern times, the ethical codes of most professions specify measures to protect customer privacy, including medical privacy, client confidentiality, and national security. Since most organizations have a competitive incentive to retain an exclusive access to customer data, and since customer trust is usually a priority, many companies adopt security engineering measures to protect customer privacy. Consumer privacy protection is the use of laws and regulations to protect individuals from privacy loss due to the failures and limitations of corporate customer privacy measures. Corporations may be inclined to share data for commercial advantage and fail to officially recognize it as sensitive to avoid legal liability in the chance that lapses of security may occur. Modern consumer privacy law originated from telecom regulation when it was recognized that a telephone company had access to unprecedented levels of information. Customer privacy measures were seen as deficient to deal with the many hazards of corporate data sharing, corporate mergers, employee turnover, and theft of data storage devices (e.g., hard drives) that could store a large amount of data in a portable location.
  • 495
  • 12 Oct 2022
Topic Review
Flat Rate
Flat interest rate mortgages and loans calculate interest based on the amount of money a borrower receives at the beginning of a loan. However, if repayment is scheduled to occur at regular intervals throughout the term, the average amount to which the borrower has access is lower and so the effective or true rate of interest is higher. Only if the principal is available in full throughout the loan term does the flat rate equate to the true rate. This is the case in the example to the right, where the loan contract is for 400,000 Cambodian riels over 4 months. Interest is set at 16,000 riels (4%) a month while principal is due in a single payment at the end.
  • 1.0K
  • 11 Oct 2022
Topic Review
Business Continuity
Business continuity is the planning and preparation of a company to make sure it overcomes serious incidents or disasters and resumes its normal operations within a reasonably short period. This concept includes the following key elements: Typical disasters that business continuity covers include fires, floods, accidents caused by key people, server crashes or virus infections, insolvency of key suppliers, negative media campaigns and market upheavals (ex. stock market crashes). The locations of these disasters and the company real estates may be independent.
  • 556
  • 11 Oct 2022
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