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MGT604 - Management of Financial Institutions - Lecture Handout 05

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BALANCE OF TRADE

  • The balance of trade is the difference between the monetary value of exports and imports in an economy over a certain period of time.
  • A positive balance of trade is known as a trade surplus and consists of exporting more than is imported;
  • A negative balance of trade is known as a trade deficit or, informally, a trade gap.

Physical balance of trade

  • Monetary balance of trade is different from physical balance of trade (which is expressed in amount of raw materials). Developed countries usually import a lot of primary raw materials from developing countries at low prices.
  • Often, these materials are then converted into finished products, and a significant amount of value is added

Factors that can affect BOT

  1. Exchange rates
  2. Trade agreements or barriers
  3. Other tax, tariff and trade measures
  4. Business cycle at home or abroad.

Balance of Payment

  • The Balance of Payments (or BOP) measures the payments that flow between any individual country and all other countries. It is used to summarize all international economic transactions for that country during a specific time period, usually a year.
  • The BOP is determined by the country's exports and imports of goods, services, and financial capital, as well as financial transfers. It reflects all payments and liabilities to foreigners (debits) and all payments and obligations received from foreigners (credits).

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MGT613 - Production / Operations Management - Lecture Handout 35

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MATERIAL REQUIREMENTS PLANNING / ENTERPRISE RESOURCE PLANNING- I

Learning Objectives

  • Discuss benefits and requirements of MRP.
  • Explain how an MRP system is useful in Capacity Requirements
  • Benefits and shortcomings of MRP
  • MRP II and MRP.

MRP: A Recap

  1. Material Requirements Planning (MRP) is software focusing on production planning and inventory control system used to manage manufacturing processes.
  2. An MRP system is intended to simultaneously meet three objectives:
    1. Ensure materials and products are available for production and delivery to customers.
    2. Maintain the lowest possible level of inventory.
    3. Plan manufacturing activities, delivery schedules and purchasing activities.

    4. Read more: MGT613 - Production / Operations Management - Lecture Handout 35