Oil Industry and Nigerian Development Essay -- A Level Essays

Oil Industry and Nigerian Development Oil is one of the most valuable natural resources in the world today. The oil industry carries with it a great deal of economic and political power across the globe. Having oil, or any natural resource, as a prime source of revenue has long been debated as being an advantage or a drawback. In any case it should at least lead to increased revenue and financing of industrial growth which, arguably, is related to an increase in the quality of life of the population. In the case of Nigeria, the oil industry is a double-edged sword. Since the discovery of oil in 1956, the oil industry in Nigeria has greatly increased the financial resources of Nigeria, and yet has proven a constant stumbling block in the creation of effective internal capability. The development of cutting edge technology and infrastructure, considering the resources available, has been marginal and the oil industry itself has not been extremely competitive (at least in expectations) on the global market. As the largest n ation in Africa, a safe assumption should be that Nigeria is among the leaders in development as a whole, or at least be progressing toward that. The oil industry has, however, interfered somewhat in the development of alternative industries. In addition, even though it is directly associated with problems in leadership, corruption has been established as a normal order of business in Nigeria’s government and dealings with oil and has grown along with the industry. While the oil industry has introduced many significant problems in Nigeria, both socially and economically, there is still promise in what it can provide for the nation while oil remains in abundance. There are some positive examples across the glob... ...formation Administration, Dept. of Energy. 31 Oct. 2004 . Nigeria: Oil and Gas Industry. 12 July 2000. Mbendi: Information for Africa. 31 Oct. 2004 . Nigeria: Oil, Poverty, and Rights 2. 4 July 2002. Africa Action. 1 Nov. 2004 . OIL AND NATURAL GAS IN NIGERIA. Human Rights Watch. 11 Feb. 2005 . Olukoya, Sam. Oil Industry Crisis Worsening. 29 July 2004. Inter Press Service. 1 Nov. 2004 . Rodriguez, Fransisco. Why Do Resource Abundant Economies Grow More Slowly? 10 Mar. 2005 . Stevens, Christopher. Nigeria: Economic Prospects to 1985. London: EIU, 1982. Oil Industry and Nigerian Development Essay -- A Level Essays Oil Industry and Nigerian Development Oil is one of the most valuable natural resources in the world today. The oil industry carries with it a great deal of economic and political power across the globe. Having oil, or any natural resource, as a prime source of revenue has long been debated as being an advantage or a drawback. In any case it should at least lead to increased revenue and financing of industrial growth which, arguably, is related to an increase in the quality of life of the population. In the case of Nigeria, the oil industry is a double-edged sword. Since the discovery of oil in 1956, the oil industry in Nigeria has greatly increased the financial resources of Nigeria, and yet has proven a constant stumbling block in the creation of effective internal capability. The development of cutting edge technology and infrastructure, considering the resources available, has been marginal and the oil industry itself has not been extremely competitive (at least in expectations) on the global market. As the largest n ation in Africa, a safe assumption should be that Nigeria is among the leaders in development as a whole, or at least be progressing toward that. The oil industry has, however, interfered somewhat in the development of alternative industries. In addition, even though it is directly associated with problems in leadership, corruption has been established as a normal order of business in Nigeria’s government and dealings with oil and has grown along with the industry. While the oil industry has introduced many significant problems in Nigeria, both socially and economically, there is still promise in what it can provide for the nation while oil remains in abundance. There are some positive examples across the glob... ...formation Administration, Dept. of Energy. 31 Oct. 2004 . Nigeria: Oil and Gas Industry. 12 July 2000. Mbendi: Information for Africa. 31 Oct. 2004 . Nigeria: Oil, Poverty, and Rights 2. 4 July 2002. Africa Action. 1 Nov. 2004 . OIL AND NATURAL GAS IN NIGERIA. Human Rights Watch. 11 Feb. 2005 . Olukoya, Sam. Oil Industry Crisis Worsening. 29 July 2004. Inter Press Service. 1 Nov. 2004 . Rodriguez, Fransisco. Why Do Resource Abundant Economies Grow More Slowly? 10 Mar. 2005 . Stevens, Christopher. Nigeria: Economic Prospects to 1985. London: EIU, 1982.

Wilkerson Company

Assessment 2 – Individual By – Andrew Chan WILKERSON COMPANY Overview Wilkerson Company is facing a decline in profits and has attributed this to a severe price cutting exercise in their Pumps line of products, dropping the company’s pre-tax margin to less than 3%, far below the historically healthy 10% margins. It appears that gross margins on pump sales in the latest month had fallen below 20%, well below the budgeted gross margin of 35%. Although a recent increase to Flow Controllers by 10% seems to have been overlooked by competitors and have not caused an apparent effect on demand. Wilkerson had always practiced using a simple cost accounting system in their business. Cost Drivers | |Valves |Pumps |Flow Controllers |TOTAL | |Production |7500 |12,500 |4,000 |24,000 | |Direct Labor |10 |12. 0 |10 | | |Material Costs |16 |20 |22 | | | | | | | | |Machine Hours |3,750 |6,250 |1,200 | | |Production Run |10 |50 |100 | | |No. f Shipments |10 |70 |220 | | |Hrs Engineering |250 |375 |625 | | | | | | | | |Direct Labor Expenses |75,000 |156,250 |40,000 |$271,250 | |Direct Material Expenses |120,000 |250,000 |88,000 |$458,000 | Action Whilst a simple cost accounting system gives us the overall picture of the company, it doesn’t truly reflect an accurate picture of the performance of each product. In order to get a clearer picture of the situation, we need to examine the true relation of costs on each product based on their activities. For this to happen, we need to use the ABC system to examine and identify the overhead costs of each product based on their activities. [pic] Machine |Set Up |Receiving |Engineering |Shipping | |$336,000/ |$40,000/ |$180,000/ |$100,000/ |$150,000/ | |11,200 |160 |160 |1250 |300 | |=$30 p/h |=$250 |=$1,125 p/run |=$80 p/h |=$500 p/ship | Manufacturing Overhead Using ABC | |Valves |Pumps |Flow Control |TOTAL | | |30Ãâ€"3750 |30Ãâ€"6250 |30Ãâ€"1200 | | |Machine |112,500 |187,500 |36,000 |$336,000 | | 1125Ãâ€"10 |1125Ãâ€"50 |1125Ãâ€"100 | | |Receiving |11,250 |56,250 |112,500 |$180,000 | | |80Ãâ€"250 |80Ãâ€"375 |80Ãâ€"625 | | |Engineering |20,000 |30,000 |50,000 |$100,000 | | |500Ãâ€"10 |500Ãâ€"70 |500Ãâ€"220 | | |Shipping |5,000 |35,000 |110,000 |$150,000 | | |250Ãâ€"10 |250Ãâ€"50 |250Ãâ€"100 | | |Set Up |2,500 |12,500 |25,000 |$40,000 | | |$151,250/ |$321,250/ |$333,500/ |$806,000 | | |7500 |12,500 |4000 | | | | | | | | |Overhead Costs p/unit using ABC |$20. 17 |$25. 70 |$83. 38 | | Comparison between Simple Cost Accounting System and ABC System Simple Cost Accounting |Valves |Pumps |Flow Controller | |Costs p/unit |$56 |$70 |$62 | |Actual Selling Price |$86 |$87 |$105 | |Actual Profit |$30 |$17 |$43 | ABC System | |Valves |Pumps |Flow Controller | |Costs p/unit |$46. 17 |$58. 20 |$115. 38 | |Actual S elling Price |$86 |$87 |$105 | |Actual Profit |$39. 83 |$28. 80 |$(10. 38) | |Valves |Pumps |Flow Controller | |Simple Accounting Gross Margin | | | | | |34. 9% |19. 5% |41% | | | | | | |ABC Gross Margin |46. 3% |33. 1% |-9. 9% | Key Findings The previously thought â€Å"star† product, the Flow Controller when using the ABC system is identified to be actually performing poorly. The cost of producing the Flow Controller is higher then the actual selling price and producing a negative gross margin of nearly 10%. †¢ The Pumps product line which was causing the concern of management and blamed for dragging Wilkerson’s operating income to a 3% margin is in fact not doing badly. This may explain why competitors dropped their pricing. †¢ Being a simple 4 machined component product to produce and can be shipped in large lots, Wilkerson’s Valves are doing extremely well and performing well above the targeted 35% gross margin. Recommendations Increase the sellin g price of Flow Controllers by 10% to $116, making the sale price and costs per unit to be of negligible difference. Monitor the results, review and suggestion is to continue the gradual price increase into profit territory over a 6-12 month period. †¢ Cut price to Valves by 10% in order to capture market share as no competitors have tried. Based on March 2000 data, operations still have room to run at a higher capacity which in turn lowers per unit costs. †¢ Hold pricing on Pumps as the process of manufacturing is practically identical to Valves and the increase in production of Valves can be rolled over to Pumps and thus reduce costs per unit. |Valves |Pumps |Flow Controller | |Costs p/unit |$46. 17 |$58. 20 |$115. 38 | |New Selling Price |$77 |Hold |$116 | |Target Profit |$30. 83 |Hold |- | |Target gross margin |40% |Hold |0% | At Capacity Machine |Set Up |Receiving |Engineering |Shipping | |$336,000/ |$40,000/ |$180,000/ |$100,000/ |$150,000/ | |12,000 |180 |180 |1250 |400 | |=$28 p/h |=$222. 22 |=$1,000 p/run |=$80 p/h |=$375 p/ship | ———————– $336,000 $40,000 $180,000 $100,000 $150,000 Products MachineSet Up ReceivingEngineering Shipping Overhead $806,000

Effect Of Letter Rotation Angle And Learning Style On...

The Effect of Letter Rotation Angle and Learning Style on Response Times in Determining Whether a Letter is Normal or Mirror Reversed Abstract There are two research questions, one was on the angle of rotation and the other involved learning styles, the dependent variable was, response time. To hypothesise visual learners will have a faster response time on deciding if a letter is normal or mirrored and upright letters will have a higher response time than the disorientated, likewise those that are normal will be easier to read than those that are mirrored An online VAK was filled out by 51 participants, to distinguish which participants had different learning styles. Letters were flashed on screen and participants had to use the keyboard to say what was normal or mirrored. The results found that response time was faster for kinaesthetic learners, and when images were upright than when at 180 º, or mirrored. A planned contrast was carried out for the within subjects design due to the results being significant. The aim of this report is to determine which learning group has a faster reaction time within the association of different letters that are of different orientations. This report will distinguish what type of learning style will have a quicker response time on alphanumerical recall, under different circumstances. Hatami (2012) defines learning style’s to be a person’s ideal way of learning, it is one they will understand, there are three learningShow MoreRelatedTeaching Assistant Level 2 (Assignment 3)6057 Words   |  25 Pagesthe Curriculum TASK 9: Using subject headings together with a brief summary of the subject, describe the range and main provisions of the relevant National curriculum in the school where you are employed. 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