Analysis Of The Rate Of Unemployment As Related To Inflation Rate Essay

Analysis Of The Rate Of Unemployment As Related To Inflation Rate - Essay Example Low standard errors help to infer that the sample drawn for estimating is truly representative of the population and gives a power to the statistical inference to a study (Vassilis, 2008).If there is no significant difference between the standard errors of the two samples we can consider that they belong to the same population or in the other way the test results are same with respect to a particular parameter.  This curve is a historical inverse relationship between the rate of unemployment and the rate of inflation in an economy. This means that lower unemployment in an economy is correlated with a higher inflation rate. When high levels of both inflation and unemployment also take place then it is called stagflation and violates the principle of the forecast of the curve. To consider this anomaly various modifications of this curve has taken place. For example, New Kenysian â€Å"Dynamic Stochastic General Equilibrium† models based on macroeconomics has been developed wit h sticky prices it is reflected that there is a positive relationship between the rate of inflation and the level of demand and thus a negative relation between the rate of inflation and rate of employment occurs. In the context of this article, we concentrate on the money wage Phillips curve given by the equation gW= gWT – f(U) where g is the equivalent of the percentage rate of growth of the variable, W is the money wage rate and signifies the total money wage costs per production employee, which includes the benefits and the payroll taxes. Hence the focus is on the production workers money wages as these costs are crucial to a firm for making financial decisions. The equation tells us that the growth of money wages rises with the trend in growth of the money wages (T) and falls with the unemployment rate(U). The function (f) is assumed to monotonically increase with U so the dampening of money- wage increases by unemployment is reflected by the negative sign.

Creating Effective Information Systems Essay Example | Topics and Well Written Essays - 2500 words

Creating Effective Information Systems - Essay Example This project was aimed at implementing a number of IT processes such as medical information transformation, electronic prescriptions services, and a web based booking system. Initially, it was estimated that this project will take no more than cost  £2.4 billion, however after almost a decade as well as with small to show considerable development and progress, the budget had risen to  £12.7 billion. It was a long-term project and a massive investment was done to make this project a success. However, the ultimate result of all the efforts appeared in the form of a huge failure. This project became one of the biggest IT project failures. There were a number of reasons and factors that played a major role in making this project a failure (Smolaks, 2012; Shuhab-u-Tariq, 2010; Hendy et al., 2005). This report outlines some of the major reasons that have led this project towards failure. This report also outlines the ways to deal with project risks. In the end this report also suggests the ways that could be adopted in an attempt to make this project a success. Up till now, a large number of reports and researchers have discussed the major reasons of this project failure. Without a doubt, it is the part of nature of a large project that it will go through a number of serious challenges throughout its development. In view of the fact that NPFIT project also involved the integration of other systems in order to allow them work collectively so this kind of projects experience serious challenges which ultimately led a project toward failure. In place of integrating several IT systems, an organization must develop and implement an individual system for the reason that a high intensity of complexity in within a project in consequence of huge scope could raise the risk of failure. However, this kind of project had not been implemented ever before so it was no possible to take protective measures by keeping in mind the scenario of other