Risks Faced By A Manufacturing Businesses Number

RisksFaced By A Manufacturing Businesses

Number:

GeorgeHerbert Mead Discussion

GeorgeHerbert Mead was an American philosopher whose views transformedsocial philosophy. He accepted many of the tenets of behaviorismincluding the fact that rewards and costs are involved in behavior.However, Mead, had various objections to the tenets of behaviorism.First, he thought that behaviorism did not go far enough by excludingconsciousness from behavior (Ritzer, 2011). Most sociologists did notdid not address consciousness in relation to an actor’s behavior.They argued that consciousness could not be studied scientificallyand, therefore, ought to be disregarded when studying the tenets ofbehaviorism.

Accordingto Ritzer (2011), “Mead vehemently disagreed and sought to extendthe principles of behaviorism to an analysis of the “mind” (p.15). In so doing, he brought forward a scientific idea ofconsciousness and its relation to psychological behaviorism.Therefore, he broadened the approach to the study of behaviorismmaking it possible to relate private mental experiences of a personwith the person’s behavior through introspection. Mead’s concernswere based on the premise that stimuli and social objects had richmeanings as opposed to the bare meanings given to them by manypsychological behaviorists.

Meadproposed self-examination as a means to study the internal attitudesignored by most behaviorists. Introspection through reflectivethinking could unearth some of the hidden attributes aboutconsciousness (Ritzer, 2011). As a result, decisions and actionsagainst instinct and normal physiology could be discovered unearthingthe important role of the mind in affecting behavior. The Meadpivotal book took the standpoint of a social behaviorist. He citedthat all human actions are symbolic, therefore making the society anetwork of endless interactions where humans have to interpretbehavior. In conclusion, it is evident that behaviorism is affectedby many integrated factors. These factors include conditioning,rewards and punishments. In addition to these, behaviorism is alsoaffected by consciousness as proposed by Mead. The only way to studythis effect is through introspection.

Reference

Ritzer,George. (2011). Classical Sociological Theory, (6th Ed). Boston:McGraw Hill.

Risks Faced By A Manufacturing Businesses Number

RisksFaced By A Manufacturing Businesses

Number:

RisksFaced By Manufacturing Businesses

Amanufacturing business processes raw materials into finished productsfor sale either directly to consumers or other manufacturers. Itrequires labor, raw materials, finances, and formulation ofoperations for smooth running of the business (Matsui, 2009).However, manufacturing companies contend with some risks in theprocess of transforming raw materials into finished goods. Thegrouping of these risks is in terms of specific people, finances, andoperations. This paper addresses such risks faced by manufacturingbusinesses and provides solutions to managers on how to mitigate themfor maximum production and profits. It also compares these risks withthose faced by other industries.

Accordingto Matsui, (2009), “specific people present the risk of inadequatelabor workforce arising from the increased global demand for labor(p23).” They also introduce the risk of embezzlement of funds,theft, corruption and fraud which may deny crucial business funds tocarry out operations. Sickness and injuries arising in the course ofduty can weigh heavily on the company as it may lead to reducedproductivity. Drug abuse is another risk factor that can causereduced productivity among employees more so, those playing strenuousroles. Such may cost the business a lot of money in paying for themedical bills.

Financialrisks include increased competition leading to reduced sales ofgoods. A drop in the demand for goods due to various reasons is alsoa significant financial risk affecting manufacturing businesses(Matsui, 2009). Increased cost of raw materials and labor is anotherrisk factor that can cause high production costs translating toincreased prices of goods, thus, reducing the revenues. Operationalrisks for manufacturing enterprises include securing a cheap,reliable and efficient supply chain for the raw materials. Lack ofsuch leads to shortages and quality problems that affect the outputof goods. Regulations placed upon manufacturing business by federal,state, and local authorities are also a risk factor affecting theiroperations. The lack of proper internal and external communicationchannels and inadequate planning are also challenges plaguingmanufacturing businesses (Matsui, 2009).

Tomitigate risks, the management should insure the organization againstthe insurable risks. Risks from particular people should be avoidedby adopting a system of double signature on cheques, invoices, andall payables to prevent embezzlement and proper accounting andauditing procedures to promote accountability. The manager shouldensure work safety standards are adhered to avoid injuries, trainback up employees and provide medical insurance.

Tomitigate financial risks, the audit committee should anticipatefinancial risks and come up with financial controls. Outsourcing ofproduction to low-cost countries and seeking for cheaper suppliersthrough proper tenders can help lower the financial burden. Investingin technology and automation of processes reduces the risk of highproduction costs. To mitigate operational risks, the managementshould redefine supplier relationships and seek the most reliablesupplier. The organization should adhere to the laid down guidelinesand regulations to avoid fines. Finally, the management should investin modern communication techniques to promote the quick transfer ofinformation (Matsui, 2009).

Inconclusion, the manufacturing industry is faced with similar risks asthose facing other industries. According to Theis, (2014) “Industriesare facing different day to day risks which include businessinterruption and supply chain disruption, lack of talent anddisasters such as fire.” However, risks such as accidents arehigher in the manufacturing industry than in the other industries.Therefore, risk assessment should focus on the type of industry anddetermine the appropriate response plans accordingly. Risk assessmentprocedures should also evolve with time to ensure that all the risksfacing the business are addressed.

References

Matsui,M. (2009). Manufacturingand service enterprise with risks a stochastic management approach.New York: Springer.

Theis,A. (2014). AllianzRisk Barometer 2014.Agcs.allianz.com.Retrieved 25 August 2015, fromhttp://www.agcs.allianz.com/about-us/news/press-riskbarometer2014/