Econ 248 Assignment 2

ECON 248 Assignment 2 1. The bank rate is the interest rate at which the Bank of Canada stands ready to lend reserves to chartered banks. The banker's deposit rate is the interest rate that the Bank of Canada pays banks on their deposits at the Bank of Canada. Changes to these rates by the Bank of Canada typically spread to other interest rates and therefore will influence the amount of lending done by the banks. An open market operation is the purchase or sale of government securities, which are government of Canada Treasury bills and bonds, in the open market by the Bank of Canada. These transactions done by the Bank of Canada change the reserves of the banks, which have an immediately impact on the amount of overnight borrowing. This enables the Bank of Canada to hit its overnight rate target. Government deposit shifting is the practice of shifting government deposits between the government's account at the Bank of Canada and its accounts at the various chartered banks. These shifts of deposits affects the banks' reserves, and therefore their ability to make overnight loans. Since this tool is typically used on a small scale to smooth daily fluctuations in the amount of overnight loans, its impact on the implementation of monetary policy is small. The required reserve ratio is the portion of depositors' balances banks must have on hand as cash, as determined by the central bank. The monetary policy of a required reserve ratio is no longer in use by the Bank of Canada. The Bank of Canada's policy tools work by changing the quantity of money in the economy, by changing the monetary base. By raising the bank rate, the Bank of Canada can make it more costly for the banks to borrow reserves. By raising the interest rate it pays the banks on their own deposits at the Bank of Canada, it can induce the banks to want to hold larger reserves. By selling securities in the open market, the Bank of Canada can decrease the monetary base. The Bank of Canada can also decrease bank reserves and the monetary base by switching some government of Canada deposits from a chartered bank to itself. These actions decrease the quantity of money, other things remaining the same. . L = (1 – 0. 35) X (1 – 0. 07) L = 0. 6 Quantity of money created = $50,000,000 X 1/(1 – 0. 6) Quantity of money created = $50,000,000 X 2. 5 Quantity of money created = $125,000,000 3. a) The multiplier is the amount by which a change in any component of autonomous expenditure is magnified or multiplied to determine the change that it generates in equilibrium expenditure and real GDP. Investmen t expenditures increase aggregate expenditure and real GDP. The increase in real GDP increases disposable income, which increases consumption expenditure. The increased consumption expenditure adds even more to aggregate expenditure. Real GDP and disposable income increase further, and so does consumption expenditure. The initial increase in investment brings an even bigger increase in aggregate expenditure because it induces an increase in consumption expenditure. The multiplier determines the magnitude of the increase in aggregate expenditure that results from an increase in investment or another component of autonomous expenditure. The greater the marginal propensity to consume, the larger is the multiplier. ) The marginal propensity to import and the marginal tax rate together with the marginal propensity to consume determine the multiplier. Their combined influence determines the slope of the aggregate expenditure curve. Since Multiplier = 1 / (1 – Slope of AE curve) and the marginal tax rate determines the extent to which income tax payments change when real GDP changes, the size of the multiplier will decrease depending o n the extent to which the marginal tax rate reduces the slope of the AE curve. ) The slope of the AE curve equals 0. 75 Multiplier = change in real GDP/change in investment = 1/(1-MPC) Multiplier = 1/(1-0. 75) = 1/0. 25 = 4 The revised slope of the AE curve equals 0. 45 Multiplier = change in real GDP/change in investment = 1/(1-Slope of AE curve) Multiplier = 1/(1-0. 45) = 1/0. 55 = 1. 818181812 4. a) Given that the increase in unemployment means a decrease in real GDP, and that consumer spending and investment spending reductions mean a fall in aggregate demand, the economy is in recession. This is due to a fall in aggregate demand, and the fall in investment may lead to higher costs of production in the future. b) In a recession, the number of people experiencing economic hardship increases, so induced transfer payments such as unemployment benefits and welfare benefits increase. Induced taxes and induced transfer payments decrease the multiplier effect of a change in autonomous expenditure such as investments, and moderate recessions making real GDP more stable. Discretionary fiscal policy would be used in an attempt to restore full employment. The government might increase its expenditure on goods and services, cut taxes, or do some of both, increasing aggregate demand. An increase in government expenditure or a cut in taxes increases aggregate expenditure as well. c) In a recession, the Bank of Canada will conduct an open market purchase to lower the interest rate. The quantity of investment will increase, and other interest-sensitive expenditure items will also increase. With an increase in aggregate expenditure, the multiplier increases aggregate demand, bringing real GDP to equal potential GDP, and a recession will be eliminated. . Keynesianism is loosely defined as the economic view that, left to itself, the economy may not fully employ the resources available, and that expansionary governmental action may be required to achieve full employment and growth. Monetarists, in contrast, think broadly that the principal economic task of government is to regulate the money supply, and in particular set limits to it, and that achievement of adequate levels of employment and growth can be left to the market. Historically, Keynesians avoured fiscal policy and monetarists favoured monetary policy as the tool for stabilizing aggregate demand. Today, the divide between the two schools on this issue has almost vanished. Monetarists favour a target growth rate for the quantity of money, and feel that not keeping money growth on target risks outbursts of inflation. Keynesians favour a target for the interest rate, and feel that aggregate demand can be controlled more accurately by preventing the interest rate from fluctuating too wildly, which it might do with strict targeting of the quantity of money and its growth rate. When real GDP falls below potential GDP, Keynesians feel that taking swift action to stimulate the economy by cutting the interest rate and increasing government expenditures is the most effective road to take. Monetarists feel the best that stabilization policy can do to achieve a high level and growth rate of real GDP is to keep inflation in check. Monetarists favour an inflation target at a low inflation rate. When the inflation rate rises, monetarists want swift action to slow it regardless of the state of real GDP. 6. a) 1000 tons of breadfruit / 500 tons of fish = 2 The opportunity cost of 1 unit of fish in Kiribati is 2 units of breadfruit. b) 750 tons of breadfruit / 1875 tons of fish = 0. 4 The opportunity cost of 1 unit of fish in Tuvalu is 0. 4 units of breadfruit. c) Tuvalu has a comparative advantage because it is able to produce fish at a lower opportunity cost than can Kiribati. d) Kiribati will import fish from Tuvalu because Tuvalu has the comparative advantage in the production of fish. 7. The three main arguments for protection and restricting international trade are i. the employment argument ii. the infant-industry argument iii. the dumping argument The employment argument is that if a country imports cheap foreign goods, local workers lose their jobs and become a drain on the welfare system, spending less, and causing a ripple effect of further job loss. The proposed solution is to ban imports of cheap foreign goods and to protect local jobs, but that proposal is flawed. Free trade does cost some jobs, but it also creates jobs. It brings about global rationalization of labour and allocates resources to their highest valued activities. Local jobs are lost, but jobs are created in the foreign countries that now produce those goods. The local workers who lost their jobs now have better paying jobs because export industries have expanded and created more jobs than have been destroyed. Another point is that imports create jobs. They create jobs for retailers that sell imported goods and for firms that service those goods. They also create jobs by creating incomes in the rest of the world, some of which are spent on imports of locally made goods and services. The infant-industry argument for protection is that it is necessary to protect a new industry to enable it to grow into a mature industry that can compete in world markets. The argument is based on the idea of dynamic comparative advantage, which can arise from learning-by-doing. Learning-by-doing is a powerful engine of productivity growth, and comparative advantage evolves and changes because of on-the-job experience. These facts, however, do not justify protection. The infant-industry argument is only valid if the benefits of learning-by-doing accrue not only to the owners and workers of the firms in the infant industry but also spill over to other industries and parts of the economy. Dumping occurs when a foreign firm sells its exports at a lower price than the price at which the product is normally sold in the foreign firm's domestic market. A firm that wants to gain global monopoly might use dumping, selling its output in the domestic market at a price that is low enough to drive domestic firms out of business. When the domestic firms are gone, the foreign firm takes advantage of its monopoly and charges a higher price for its products. This practice is the typical justification given for anti-dumping tariffs. There are reasons for resisting the dumping argument for protection. First, it is virtually impossible to detect dumping. The test for dumping is a weak one because it can be rational for a firm to charge a lower price in markets in which the quantity demanded is highly sensitive to price and a higher price in a market in which demand is less price-sensitive. Second, it is hard to think of a good that is produced by a natural global monopoly. Even if all the domestic firms in some industry were driven out of business, it would always be possible to find many alternative foreign sources of supply and to buy at prices determined in competitive markets. Third, if a good or service were a truly global natural monopoly, the best way to deal with it would be by regulation. Such regulation would require international cooperation. 8. a) Exports to the US would decrease due to lower demand because it would cost US importers more to purchase Canadian goods. b) Canadian importers would see a decrease in cost when importing machinery and equipment from US suppliers. c) Cross border shoppers would pay less for goods they purchase in the US. ) If the retired Canadians have US dollar bank accounts, the fluctuation of the Canadian dollar would likely have little effect on them. However, if they have Canadian dollar bank accounts or have Canadian currency, they can buy more with those Canadian dollars. 9. Current account Exports of goods and services+411 Imports of goods and services-378 Net transfers+3 Net interest payments-34 Current account balance+2 Capital account Foreign investment into Canada+22 Canadian investment abroad-35 Statistical di screpancy+10 Capital account balance-3 Official settlements account Official settlements account balance-1

Religion and Morality Essay

In this paper I will discuss the relationship between religion and morality. I will first address the question asked by those with religion, how are atheists moral? Then I will examine morality and its relativity to culture. Next I will explore whether those without a religion are actually more moral than those with a religion. And finally, I will discuss any possible objections to my claims. This argument is in no way saying that those that believe in God are unmoral but that those who don’t believe in God, are just as capable of being moral. Being atheist means that you choose to believe that God, or a god, does not exist. You have no faith or religion, you don’t go to church every Sunday morning, or pray every night before you go to bed. Therefore the belief is that you’re condemned to spend the rest of eternity in hell. So just because a person doesn’t believe in a God, does that make them a bad person? A common question of those with religion is, where do atheists get their moral compass from? Atheists aren’t taught by any type of ultimate superior that they can’t lie, cheat, steal, rape, or murder. So how do they know not to do it? The underlying message I interpret from this is: religion is what keeps everybody in the world moral. That the only thing stopping you from murdering someone is reading a Bible (Marcotti, 2011). Just because you don’t have a bible does it mean that you want to go around blowing up buildings and terrorizing grocery stores. It’s safe to assume that most people want to do good in the world. There is the occasional serial killer every once in a while but, the bulk of the world’s population is promoting good that exists in all forms because everybody has a different idea of whats right from wrong. Some people make incredible scientific discoveries to better mankind, that’s considered good. Others might go to countries and help those less fortunate, also good. One might reply that these are just acts of morality. And that they still don’t define a moral person. But if you think about it, nobody’s born with a perfect moral compass. Nobody is born with morals. Not even those that are born into a religion. In our society, when we’re young and we tell a white lie, we learn the consequences. Some are told by their parents, who are told by the Bible, that it is wrong. Others learn that when you deceive people, it can have many effects. Through experience and questioning, do children acquire their sense of right and wrong. Which accompanies them throughout the rest of their lives. In Louise M. Antony’s Philosophers Without Gods, she says that, â€Å"All that is lost, if there is no God, is a divine enforcer. In a world without God, there is no guarantee that the virtuous will ever be rewarded, nor that the vicious will ever be punished. We must do what is right simply because it is right,† (Antony, 2007, pg. 51). Let’s look at morality and religion from a cultural standpoint. â€Å"When used in a descriptive sense [morality] refers to codes of conduct that are actually put forward and accepted by some society, group, or individual,† (Gert, 2012). If you think about it, there are over seven billion people spread out over seven continents in our world. The majority of those people have a religion and believe in a God. But, what about the people that aren’t even exposed to the idea of a God? Let’s say a rural, very secluded tribe in the habitable regions of northeast Asia. Just because they don’t have a religion, would that make them bad people? If they lead a simple life and didn’t steal, lie, commit adultery, or murder, why should they be branded as unmoral for something they have no control over. An excellent insight into Chinese culture and religion is portrayed in the book, The Good Earth by Pearl S. Buck. Even though this example is a fictional story, it’s based off of a real culture and the religious views of that culture in the late nineteenth century. The protagonist Wang Lung practices a religion with the Earth. When his crop is well and thriving he pays homage to the Earth God and when his crop is poor he resents the Earth God. At a point in the book, Wang Lung kills his newborn daughter because of her sex. During a time of famine, he steals gold coins from a wealthy family. And after he encounters money and prosperity, he spends his time in a tea house with a concubine instead of with his dying wife (Sparknotes Editors, 2012). But, in this story the main character does feel guilt for the things that he did. Knowing that it wasn’t right, and that it didn’t feel right to kill his newborn child, Wang Lung still did it and the act was perfectly acceptable according to their culture. When he stole the gold from the wealthy, he knew morally that it was wrong but, his family needed the money therefore his motivation was to provide for them. And when he purchased a concubine, Wang Lung was complying with the cultural norm of wealthy Chinese men. Whereas in our culture, and its predominant religion, the idea of adultery and lust is considered unmoral. It is even arguable that those without a religion are more genuinely moral. For example, the Christian religion. The whole belief is that you don’t sin and therefore are rewarded with eternal bliss. If you do sin then you will be forever damned. The motivation for all the good that they are guided to do is to have a better afterlife, selfish isn’t it? Well one who has no religion, has no belief in the afterlife. All the actions and choices that they make in this physical life are all they have. They live for today instead of living for tomorrow, metaphorically. When you do the right thing, like not lie, cheat, steal, then your life will reflect upon that. If you rape someone then our judicial system will lock you up in a concrete cell for a few decades and then you just wasted half of the only life you have. From this you could say that an Atheist has more to lose by not being moral. For this argument, well known atheists, Ricky Gervais said, â€Å"Forgiveness is probably the greatest virtue there is. But that’s exactly what it is - ­ a virtue. Not just a Christian virtue. No one owns being good. I’m good. I just don’t believe I’ll be rewarded for it in heaven. My reward is here and now. It’s knowing that I try to do the right thing. That I lived a good life,† (Gervais, 2010). A possible objection brought upon by these claims would be simply that God made morality and it’s not something we acquire. And for those that have faith in God, in all honesty why should they believe any differently? Their faith is what allows them to believe without having any need for reason, and that is extremely commendable. Many people aren’t capable of providing that much trust in the existence of a supernatural being. In this case, there are two sides to the story and it really does come down to which side you are on. Those that have a religion would say that their morality has come from the teachings of that religion. But, they wouldn’t know any otherwise. Even if they came to religion later in life, the bible provides written, physical guidance. An atheist would have a clean palette, not influenced by any ideas or direction. So the question of their morality is perfectly understandable. Its like saying if I had a candy bar, how could somebody else conjure that candy bar and experience the same sensation of it. In this paper, I explored a few concepts that argue the relationship between religion and morality. First by arguing where morality comes from, I said that it is something that we acquire through society. Next I said that morality is related to the religions amidst a culture. Last, I put forward that those without a religion are actually more moral than those with a religion. I Finished by providing objections and a point of view for those with a religion. The examples from literature that were used supported the claims made in the paragraphs. With these arguments, I believe that the relationship between religion and morality was effectively exposed. That it is not necessary for one to have a religion and be moral. References Antony, L. (2007). Philosophers Without Gods’ . Oxford University Press Gert, Bernard, â€Å"The Definition of Morality†, The Stanford Encyclopedia of Philosophy (Fall 2012 Edition), Edward N. Zalta (ed. ), URL = . Gervais, Ricky (2010) â€Å"Ricky Gervais: Why I’m an Atheist† The Wall Street Journal [Online] Available at: http://blogs. wsj. com/speakeasy/2010/12/19/a-holiday-message-from-ricky-gervais-why-im-an-atheist/ Marcotte, Amanda (2011) â€Å"10 Myths Many Religious People Hold About Atheists, Debunked† AlterNet [Online] Available at: http://www. alternet. org/story/152395/10_myths_many_religious_people_hold_about_atheists,_debunked SparkNotes Editors. (2003). SparkNote on The Good Earth. Retrieved October 25, 2012, from http://www. sparknotes. com/lit/goodearth/Ã'Ž

The Nature of Organisational Change (Mod 5 Case Leadership and Change) Essay

The Nature of Organisational Change (Mod 5 Case Leadership and Change) - Essay Example These include shareholders, customers, suppliers, employees, societal groups as well as communities which are concerned with the legal and natural environment in which the business operates. The stakeholders have keen interest in the moves of the organization as they are positively and negatively affected by them. Stakeholders such as investors have put their money into the business and therefore, it is their right to stay informed on how the company is progressing and of course up to date knowledge of dividend/profit generation. Any decision that lowers the profit yield would never get appreciation from shareholders. Employees are the ones who work devotedly for the company to make a living; they have the right to know in what direction the company is going because they are concerned about securing their future. Before actually introducing change into the organization, the engagement and approval of all employees is essential so that they could work with motivation and commitment and demonstrate no negative productivity. In the same manner, the customers, who are the end users of the company’s products and services, must be educated about the strategic decisions of the organization. The reputation of any business lies in the hand of its customers. If any business is unable to deliver the promised value to its customers, it will lose its credibility and loyalty which would ultimately affect the financial performance. Suppliers are integral to the success of any business. Suppliers need to stay informed about the company’s activities so that they could estimate the demand for raw material as well as promptness in payments. In the same way, environmental groups are concerned about ensuring that the businesses are operating in an environmentally friendly manner. If the environmental rules are being violated by any business, strict actions are taken which can tarnish the brand image. Every decision that the CEO of an organization makes

Methods Exercise Essay Example | Topics and Well Written Essays - 1000 words

Methods Exercise - Essay Example As indicated earlier breast cancer is treatable if it is diagnosed at an early stage. This purpose of this paper is to .look at the different methods of creating awareness among the members of the community on this disease. The objective of this project is to increase the awareness level of female members of the community and engage as many people as possible to get tested. The main goal is to increase the current levels of women who are aged 20 and above to get tested. The target group is mainly young women who do not have the test as they usually argue that they are either too young or they are feeling fine. The target group for this project is the youths and young women under the age of 25 years and as a result the methods to be used should involve this group (Boyle, 2003). First, due to the lean budget that has been allocated to this project the methods used shall be more involving and will require a lot of effort by all the parties involved. The first method that this project will use is sensitizing the people through volunteers who will be selected and be chosen by the programs director (Baum and Meredith, 1999). The volunteers will be selected according to their age for the volunteers who will be doing the field work. The volunteers are to go round through the country sensitizing the people on the effects and the symptoms of breast cancer. This program is geared towards sensitization and awareness among the young people and encourages them to get tested as early as possible to get a cancer free population. The other volunteers that will be used in this program is the clinical offic ers and doctors who will be used in the campaigns as we will be having camps that will be used in the testing in every point that the campaign stops. These are the most important volunteers in this campaign as they will be losing and giving their working hours to this project. This project will therefore start by inviting all

Marketing wk 2 Essay Example | Topics and Well Written Essays - 1250 words

Marketing wk 2 - Essay Example Price: Price plays equally a crucial part in product marketability. Pricing of products depend on their availability. If a product and its types are easily available in the marketplace, its pricing would be elastic, which means the unit sales would rise or fall with the change in its price. In comparison such products that are scare in availability but have robust demand would exhibit inelastic pricing behavior, which means product sale won’t be impacted with any fall or rise in its price (Jones, 2007). Place: A product can be made available through different distribution mediums such as retail outlets, via mail, through download from the internet, on a ship or any easily deliverable platform. The speed of making products available and choices for ordering a product offered to customers can affect the sales volume as per the facilities offered by the seller (Jones, 2007). Promotion: Promotion is related to any medium used for finding market for your products. Advertising, publ ic relations, point-of-sale displays, and word-of-mouth promotion are all different promotional tools. Promotion brings the prospective buyers and sellers closer to clinch the deal. Budget decides a promotional strategy for the kind of product being sold and availability of that promotional medium (Jones, 2007). Understanding the marketing mix is as relevant today as it was in the past. It is the marketing parameter to test the working of all the bases in a marketing initiative (Jones, 2007). Company Introduction Coca-Cola Amatil Limited (CCA) is a big soft drink company in the FMCG industry sector that produces many types of soft drinks in Australia. Its products are Coca-Cola, Diet Coke, Powerade Sportswater, Disney Cordial, Fruita, Fruitopia 100% Fruit Juice etc., including bottled water â€Å"Mount Franklin† that has been available since 1991. Mount Franklin is pure spring water without adding any flavour into the water, taken from beneath the ground, travelling through r ock layers of three natural sources in Australia; 1. Mount Franklin (Victoria) 2. The central Cost (NSW) 3. Perth region (Coca-Cola Amatil Ltd [CCA], 2003). CCA has been using the marketing mix tactics for all products, particularly Mount Franklin. Marketing Mix Tactics of CCA 1.1 Product Tactics 1.1.1 Product Quality The most important tactic, which CCA uses to satisfy their customer, is the product’s quality. As tap water can be used for drinking, and there is a rival such as H2go, CCA has become more alert on their product quality. The benefit of Mount Franklin, which CCA provides to customers, is the quality of still water. It means that customer can be sure on health grounds when they get fresh clean water, which is Mount Franklin (Griffin, 2004). As being fresh, clean and healthy is the significant image of the product, CCA has to ensure the water quality of the source of still water. CCA has appointed a professional hydrologist expert scientist to study the aquifer, th e layer of rock or sediment which carries the water and looking at the quality and quantity of water available (Griffin, 2004). Moreover, CCA is not depending solely on the nature to guarantee the purity of the water. Therefore, Mount Franklin water is passed through

International Economic Growth (Economics) Essay

International Economic Growth (Economics) - Essay Example It has been destroyed about 30 % of basic industry equipment. After numerous bombing Nagasaki and Hiroshima has been almost purely ruinous. The capital of the country, Tokyo, has stayed in ruin. There has been demobilized about 9 million soldiers, moreover 1.5 million people has entered the country as refugees. The inflation has reached 5000 %. There has been overall shortage of goods and materials. There has been a great dearth. The value of the yen to the dollar has been constantly falling down that has evidenced that financial system of the state has been completely unsettled. Notwithstanding Japanese people has felt release with the end and war. The society has been full of optimistic expectations. Everybody has been equally poor, and everybody has had the same chances. They have started everything from the very beginning. The great role of Japan economics development has been played by Ministry of International Trade and Industry (MITI). It seems like no other governmental regulation or organization had more economic impact than this ministry. "The particular speed, form, and consequences of Japanese economic growth are not intelligible without reference to the contributions of MITI" (Johnson, 1982). The main achievement of Japan government that time has been an efficient cooperation between the Japanese government and private industry. The other scholar, David R. Henderson, considers that "MITI plans for industry growth, and sometimes gets other agencies to use their powers to carry out the plans, the extent of MITI's control, and of government control generally, has been greatly exaggerated". It should be mentioned that in period 1955 -1973, Japan government has had six different National Economic Plans. But without exception actual growth rates have exceeded those required to fulfill the plan's targets. This is evidence that the plans themselves were not responsible. The course that has been chosen for the state's development to some extent may seem paradoxical: To cut the program of industry funding in order to take inflation under control; To eliminate the dependence of enterprises development on external source of financing; To state fixed value of yen to a dollar. These sanctions have created severe conditions for those industry branches, which have been subsidized with the help of foreign or governmental sources of financing. The position has been more aggravated in result of division of such big monopolistic incorporations like "Mitsui", "Mitsubishi", and "Sumitomo". The point is that in result of such division there have been broken numerous connections with providers of raw products. In this sphere they have has to start everything from the very beginning too. The program of development, which taken a lot of companies over a rough road, has followed the aim to stop the hasty growth of prices. The numerous companies' bankruptcy has been seen as less harmful for the economy as engrossing inflation. Reduce of market for the goods resulted decrease. But there has been any assurance that Japan economics would stand the test of conjuncture degradation. The market changes resulted by the war in Korea has saved a lot of Japan companies. The boom has lasted for a year, and then another decline has come. The question of vital importance has become a long-term economics development, and its

Case Study and 2 General Qustion of scope management Essay

Case Study and 2 General Qustion of scope management - Essay Example Stakeholders are those individual or group that affects the business in one way or another. These include, customers, prospective customers, suppliers, Government, community among others. In our Rolls-Royce case, the stakeholders include, Airbus, Boeing, Turkey’s national airline, Government among others. You need to develop an understanding of the needs of the stakeholders. You need to understand their view about you project and how you can best attract their participation to the project. Understanding how you can communicate with them is also very important. Objective can be defined as the goals that the organization aims at achieving in the course of their business and activities. This can be reflected through mission statements, performance metrics and in situations whereby the organization keeps on reminding the employees on how crucial their work is in the organization. Strategies on the other hand are a planned action that focuses on enabling the organization to achieve its objectives. After a strategy is established, it has to be communicated to the entire organization through the top management, in order to justify it and commit the whole organization to it. An organization can have an objective of increasing the number of customers in a given period of time. For example an organization dealing with online newsletters may have an objective of increasing the number people subscribing for e-newsletter each month by 20%. Project management is an important management tool in a broad aspect of economic activities. Project management can be viewed as an art or a science (Schmidt 144). As an art, project management is concerned with managing and relating to people with an aid of project manager who uses experience and skills in technical situation of each project. As a science, the success of the project depends on proven and repeated processes and technique. Project management is an important tool in