How successful has the Australian Government and the Reserve Bank of Essay

How successful has the Australian Government and the Reserve Bank of Australia been in running the Australian economy over the l - Essay Example Trade policy in Australia supports open trade as well introduction of Doha Round of multilateral trade negotiations which promoted economic growth for 17 consecutive years just before the global financial crisis. This writing analyses the degree of success that the Australian Government and the Reserve Bank of Australia been in running the Australian economy over the last two years. Australia’s economy is believed to have performed successfully in the recent years due to policies and strategies that the government and the Reserve Bank of Australia have made. Although there have been challenges and some sort of inconsistency in the economic growth for the last two years, the government has done tremendous things to boost the economy. According to Greber (2013, n.p), the Australian government has attempted to curb debt but the budgetary position has not fared on very well in the last few years leading to higher deficits and high level of unemployment. Additionally, there has bee n a reduction of revenue accompanied with increase in expenditure, which has greatly strained Australia’s budget for the last two years. However, the budget deficit was lower than the Europe’s making Australia to be in a somehow better situation compared to the region. Australia’s credit rating is currently AAA but the credit rating agencies have received strong criticism since the 2008 financial crisis. The agencies could not detect the jumble financial products that led to eventual fall of various financial institutions thus raising lots of questions regarding reliability of credit ratings. It is therefore apparent that dynamics of microeconomic indicators be used in determining the strength of Australian economy. On the other hand, Australia is one of the largest capitalist economies in the world and in 2011; it was position 13 in terms of national economy. The economy is dominated by service sector which makes up a bigger percentage of the GDP although econo mic growth mostly depends on the mining sector. According to Australian Government (2013), the government has somehow enhanced economic freedom thus making her economy the most free in 2013 index. The free economy has been consistent for the last two years especially freedom from corruption and business freedom. The government’s commitment to economic freedom as well as openness to investment and global trade has made Australia to rebound so quick from the global recession. This is actually plausible because most countries have not been able to recover from the crisis. Unfortunately, the government has not done much in terms of labor and poor management of expenditure. According to Thirlwell (2013, n.p), government and the Reserve Bank of Australia have ensured stabilized fiscal and monetary policies thus allowing banks to withstand the global financial crisis. In addition, public finances have somehow been managed well thus reducing the national debt compared to other econom ies. The government has created a stable and transparent climate for doing business making it one of the most steadfast and appealing place for entrepreneurs. There is also an independent judicial system, which has ensured protection of property rights and further allows easier and reliable enforcement of contracts. There is a tradition of clean and fair government that has smoothly worked for the last two years thus reducing bribery of public officials. Moreover, Australian government has boosted and attracted investors

Project Management Case Study Example | Topics and Well Written Essays - 1000 words

Project Management - Case Study Example This is because any additional work may likely lead to increased costs of operation. If all factors are held constant, there should be no consideration for the increase in the productivity since the increase will likely lead to a decrease in the profits. Consequently, since the indirect costs are accrued daily on the project but, are fixed, the possibilities would be that of increasing the costs of certain specific projects while at the same time decreasing the project time. The decrease in project duration of a specific activity results in an overall decrease in the duration for the whole project hence, a decrease in the total overheads (Meredith & Samuel 204). Another related issue with the tradeoffs is the determination of activities to be crashed for the enabling of maximum overall job profits. Therefore, the cost-time tradeoffs will enhance the costs of specific activities in the project while reducing the overall cost for the project (Nagarajan 105). Question 2: Options for acc elerating project completion There are several options that can be available to the project manager for the enhancement of the completion of the intended project. These include addition of extra resources into the project, outsourcing for the project work, scheduling of overtime for the project and the establishment of a core project team to look over the project’s completion. Other options for the acceleration are conduction the project twice (repeated project), faster and correctly than the first case (Gray & Erik 324). However, these options may only apply when the resources for the project are not constrained. If the resources are constrained, then the options available would be fast-tracking of the project to hasten its completion, development and adoption of a critical chain for the completion of the project, reduction of the scope of the project and the compromising of the quality of the project though a faster conduct for as long as it is completed (Gido & James 130). In the first scenario, a project manger may enhance completion of a project through the addition of resources. While this will probably lead to augmented costs to the project, it will increase the rate at which the project is delivered thus, a reduction in the time of the project. Activities that can be done in regard to this include employment or hiring of additional staff and purchasing of additional equipment to carry out the tasks. In the second scenario, a project manger may schedule the work involved in the project to entail workers doing overtime. In this regard, the extension in work time will hasten the completion of the project but at an increased cost of maintenance of workers in overtime shifts (Haynes 44). The project manage can also enhance the completion of the project through outsourcing of the project either in terms of outsourcing other materials and laborers from other companies or giving a fraction or the entire project to a different company to carry out. This, just like the former process will reduce the project duration and enhance faster completion of the project but, at a higher cost to the project (Morris 98). Finally, the project manager may enhance the completion of the project through the establishment of a core project team which will be tasked to oversee the stages of the project to its finishing point. In this, the team has to put more efforts to be