Open Access Original Research Article

Dynamic Model of Markets of Successive Product Generations

Joachim Kaldasch

Journal of Economics, Management and Trade, Page 1-15
DOI: 10.9734/BJEMT/2015/20473

A dynamic microeconomic model is presented that establishes the price and unit sales evolution of heterogeneous goods consisting of successive homogenous product generations. It suggests that for a fast growing supply the mean price of the generations are governed by a logistic decline towards a floor price. It is shown that generations of a heterogeneous good are in mutual competition. Their market shares are therefore governed by a Fisher-Pry law while the total unit sales are governed by the lifecycle dynamics of the good. As a result the absolute unit sales of a generation exhibit a characteristic sales peak consisting of a rapid increase followed by a long tail. The presented approach shows that the evolution of successive product generations can be understood as an evolutionary adaptation process. The applicability of the model is confirmed by a comparison with empirical investigations on successive DRAM generations.

Open Access Original Research Article

Role of Total Quality Management (TQM) as a Tool for Performance Measurement in Small and Medium-sized Enterprise (SME’S) in Ghana

Michael Kwamega, Dongmei Li, Evans Brako Ntiamoah

Journal of Economics, Management and Trade, Page 1-10
DOI: 10.9734/BJEMT/2015/20806

In the phase of globalization and internationalization, businesses and organizations around the globe have launched Total Quality Management (TQM) programs in an endeavor to gain or remain competitive in this dynamic business environment. Herein, this paper focuses on the role of total quality management (TQM), as a management tool effect on SME’s in Ghana as far as performance measurement is concerned. The researchers used both purposive sampling and accidental techniques for a sample size of four hundred and fifty (450) respondents. SPSS Statistics version 20.0 was utilized to analyze the data. Correlation and regression was executed to ascertain the significant level of the variables chosen for the study. Inferences from the analysis proved that all the independent variables had a positive correlation with the dependent variable, hence the statistical findings of our hypothesis were supported. It is therefore recommended that in order to improve performance of SME’s, management should do their best to address the concerns of the few customers to maximize the level of customer satisfaction and the Government of Ghana through the Ghana standard board and Ministry of Trade and industry must institute a national quality award where quality criteria will be set for firms.

Open Access Original Research Article

Budget and Implementation of Public Policy in Nigeria

Ekhator Victor Eghe, Chima Paul

Journal of Economics, Management and Trade, Page 1-8
DOI: 10.9734/BJEMT/2015/19707

The paper examined budget as instrument of realizing the goal of public policy. Using data generated from secondary sources, it was found that the goals of most policies were not accomplished in Nigeria due to incessant budget failure at the stage of the formulation and implementation. Critical among the factors responsible for the failure were; delay in preparation, late submission and appropriation, cumbersome bureaucratic process of securing release of funds, short fall in revenue, poor implementation plan and above all corruption. Consequently, the paper suggested the way forward which includes; effective monitoring, timely submission of the budget to legislature by the presidency, discouragement of unnecessary lobbying of National Assembly by MDAs and avoidance of temptations of allocating huge amount to new projects while the on-going projects are starved of funds.

Open Access Original Research Article

The Impact of Capital Flight on Economic Development: Nigeria in Focus

Paul C. Obidike, Kalu Ebi Uma, Joseph Chukwudi Odionye, Hycenth O. R. Ogwuru

Journal of Economics, Management and Trade, Page 1-13
DOI: 10.9734/BJEMT/2015/20122

The study investigated the impact of capital flight on the economic development of Nigeria. Following the behavioural pattern of the variables on the basis of time series property test involving Augmented Dickey-Fuller (ADF), we adopted Autoregressive Distributed Lagged model (ARDL) due to Pesaran and Shin [44] in the study. The result of the Auto Regressive Distributed Lagged (ARDL) model showed that capital flight has negative and significant impact on economic development. The CUSUM and CUSUMSQ tests showed evidence of long run stability of the parameters of the model. We, therefore, made the following recommendations, among others: Government should take concerted steps to improve security of life and property in the country because security lapse is a threat to investment as well as business; the public resource managers should sincerely partner with anti-graft agencies to ensure that all the channels through which public office holders launder money abroad are stopped; besides, the international anti-corruption law should be implemented to reduce the quantum of launder money and efficient public finance management discipline should be adhered strictly.

Open Access Short Research Articles

Specification of Training Costs in Higher Education

Szilvia Vincze, Zoltán Bács

Journal of Economics, Management and Trade, Page 1-11
DOI: 10.9734/BJEMT/2015/20287

Effective utilization of available resources has become increasingly crucial for institutions of higher education. Global trends put an ever-growing pressure on the financing of the sector: a decreasing amount of resources are available, while costs rise continuously. [1] This necessitates vigorous savings all over the world.

The scarcity of budget resources is clearly visible in Central-Eastern Europe, thus in Hungary also. In 2013 the support granted to Hungarian higher education was three-quarters of the state subsidy received in 2010 [2].

Although the government has considered it necessary for years, a general prime cost calculation model is still lacking in Hungarian higher education that would lead to the allocation of justified costs to programs or credit numbers iteratively with the help of its decision-supporting function in the planning and feedback stages; a model that would support the well-founded and rational use of resources and contribute to knowledge determining the financing of higher education.

Through more effective institutional operation (with the specification and acknowledgement of justified costs), the paper introduces the framework and application of a possible model that undertakes to precisely specify the costs of educational activities. However, it is not our primary objective in this paper to introduce the underlying methodology in detail.

Besides considering the special attributes of institutions, our primary goal was to make the model adaptable for institutions of higher education with a very heterogeneous background and thus to provide a framework both for those financing higher education and the institutions themselves to answer two crucial questions: “what the costs are” and “what the costs should be.”

The post-calculation model is indispensable because it helps in the subsequent evaluation of activities, supports decision making and its database can improve the effective operation of institutions while also providing a crucial tool in planning a stable budget.

Open Access Commentaries / Opinion Articles

Challenges in the Business Rescue Industry in Uganda

Kagame Vincent Sebikari

Journal of Economics, Management and Trade, Page 1-11
DOI: 10.9734/BJEMT/2015/19934

High level notion of business rescue remains rather debatable given that many changes are unpredictable. The interest in this opinion article is to convey someone a few cheerful hours of suggestive thoughtfulness in the simplest, most intelligible form in the value of clearness and eventually to propose the model of business rescue .

This would enable policy makers to design appropriate entrepreneurial policies and provide incentives that could promote better business investment.

Open Access Case Reports / Case Studies

Working Capital Management of SMEs: Ghana’s Version of the Story

Jacob Donkor

Journal of Economics, Management and Trade, Page 1-12
DOI: 10.9734/BJEMT/2015/19332

This study is about working capital management practices by the Small and Medium Enterprises (SMEs) in Ghana. The objectives of the study include inventory management practices, cash management practices and trade receivables management practices by the SMEs. The study involves both primary and secondary data. The primary data was collected from fifty (50) owners and operators of SMEs in Ghana. The respondents were selected using convenience sampling to answer the questionnaire. The secondary sources were the information gathered from books and previous studies and other valuable materials relevant to the study. Microsoft excel was used for the computation and subsequent analysis of the data collected from the respondents. Cash management-the study revealed that these SMEs do not manage the various elements of their working capital properly. It was found that operators of SMEs do not apply efficient inventory management, cash management and trade receivable management. The study recommended that the SMEs should redesign efficient inventory management system; appropriate cash management and trade receivable order to effectively and efficiently manage working capital.