Comparison Of Porter s Five Forces And Bcg Matrix Model

Assignment Title: Comparison and contrast between Porter’s Five Forces and BCG Matrix Model Subject: Strategic Management SIM 336 Tutor: Yahaya Alhassan Student No. 139169359 Student: Sujon Ahamed Word Count. 3229 (including headings and diagrams, Excluding references). Contents 1.0 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦03 1.2 An overview of Porter’s Five Forces†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.03 1.3 The advantages of Porter’s Five Forces Model†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..04 1.4 Some disadvantages of Porter’s Five Forces Model†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..05 2.0 An overview of BCG Matrix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..06 2.1 The features of BCG matrix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...06 2.2 The advantages of BCG Matrix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..07 2.3 Some limitations of the BCG matrix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..08 3.0 Comparison and contrast between Porter’s Five Forces and BCG Matrix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦08 3.1 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..09 3.2 Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..09 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦10 Comparison and contrast between Porter’s Five Forces and BCG Matrix 1.0 Introduction: The following assignment is a comparison and contrast of Porter’s (1985) Five Forces Model and BCG Model. 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My Personality Type Fours Letter Essay - 1507 Words

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Project Management Case Study Analysis

Question: Discuss about the Project Management Case Study Analysis. Answer: Introduction: Project documentation is one of the substantial features for a successful project delivery. Therefore, by considering the risks factors associated with the project management, significant documentation of project scope will be mandatory (Hyvri, 2016). The identified project paper has been provided to assess the adverse circumstances of a project management during a project if Computer Security Department (CSD). Moreover, through the identification of project status, a comparison with the sound project practices has been drawn to make an evident conclusion. On the basis of the structure of the project, steps have been suggested for project closure. Also, additional recommendations for future CSD projects, identified project manager skills and individual advice to the CEO had been included in the report paper to draw a significant conclusion. Current Project Status If the current status of the project is consider it can be seen that there is improper planning that has led to no documentation of the activities. There is an inappropriate budget planning that has led to failure of the budget. A shortfall of $185,000 can be seen in the budget that emerged to be a major problem for the project. The primary reason for the failure of the project is to not hire a project manager and hand over all responsibility of a project manager to the Finance Manager of the company (Wang King, 2007). Another issue that can be noticed from the case study is the upgraded software faces different problems that make the operations complicated. Furthermore, there is no reliable reports that present the budget, scope and closure report of the project. Structure of Report It can be seen through the investigation that the project management has few project scope creeps that occurred because of implementing unprofessional expert in the role of project manager. The risk attached to the project deliverables and activities were not judge appropriately (Rajani Reddy, 2016). Hence, the report has been prepared to compare the current practices of CSD project with the sound project management practices and recommend necessary facts that must be considered in the future projects. Furthermore, the report presents skills and attributes that must be possessed by a project manager to get selected for the role. Along with that, recommendations are provided to the CEO that must be considered in the future projects. A Comparison with Sound Project Management Practices Through the identification of sound project practices, a comparison has been analysed in the underlying section. The Role of Project Manager: Project Manager has occupied a vital position in a project management work. By employing a skilled and knowledgeable project manager in standard CSD, projects will be essential to manage each and every section of project management controlling the ongoing project activities (Davidson Frame, 2014). Project Scope Documentation: Through the identification of issues and uncertainties of the project, documentation of project scopes must be considered as a standard practice. Significant Monitoring System: Sustainable monitoring and the controlling system must be implemented to avoid any unwanted circumstances in project development. Flexible Budget: Flexible budgeting facility has been one of the significant practices in sound project management to make up the excess cost to compensate the complicated project scenario (Hossain Wu, 2009). Customary/Standard Documentation: Standard documentation of project works must be practised at the management level to keep a record of the regular activities for future orientation. Recommended Steps for Project Closure The Project Closure steps have been identified as follows. Project Approval: In the first step, the deliverables of the CSD project must be approved by the sponsors meeting the expectations and requirements. Project Assessment: In the next stage, the project deliverables must be identified and verified. At the same point of time, any alteration in the deliverables can be suggested as per the suitability of the project (Gaikwad, 2016). Develop Project History: In order to ensure the quality of the project, a project history report has been constructed comparing the project scopes. Construct a Project Closure Report for futuristic perspective: Finally; a project closure report must be documented for future reference. Recommendations for the CSDs Future Projects Recommendations for the CSDs future projects are presented below: Employ skilled project manager: The organisation need to employ skilled project manager capable of analysing the uncertainties and prepare a proper project budget and scope. Regular watch on activities: The project team must keep a regular watch on the activities to ensure the quality of the project (Watts, 2010). Documentation of the activities: There is a need to maintain proper documents for every activity that can be used as reference in the future. Flexible budget: There is a need of flexible budget to meet the uncertainties that occurs during the phase of project development. Consider uncertainties while preparing project scope: Proper analysis must be conducted while planning the project scope to increase the efficiency of the project development process. Attributes and Skills to be Considered for Selecting a Project Manager While selecting a project manager, several valuable skills and attributes of a leader must be judged. The project manager must be capable of planning the project with an availability of limited resources. The project manager must have the skills and attributes of effective communication to motivate the team and understand the problems on regular basis. The project manager must have proper knowledge of the market and the fluctuation in the prices (Ponnappa, 2014). Furthermore, the project manager must have knowledge of the requirements that is going to be met through the project. Hence, the project manager needs technical skills to control and manage IT projects. Additional Advice to the CEO Considering the current issues identified in the project, it can be seen that the CEO must be careful from next time while handling over the responsibility of project manager to any person without judging their skills. The CEO must understand the project deliverables properly by discussing it with all stakeholders of the project (Jalote, 2012). Furthermore, the project plan must be developed after analysing the demanded deliverables of the project. The schedule and budget must be prepared considering the risk elements of the project. Finally, the critical milestones of the project must be set to increase the efficiency and effectiveness of the project deliverables. Conclusion The CSD project case scenario has seemed to include significant issues that have led to project uncertainties to some extent. In the current state of project scenario, the lack of a professional project manager costs the project more than anything else. Moreover, the project requirements are somewhat confusing. Due to the shortfall in funding, the functionality of the team has been hampered in a severe manner. In the case of finding a solution, significant meetings with the sponsors will be crucial to allocate more funds. Additionally, following the recent change request, the project life cycle must be developed. Meanwhile, the performance of the project team can be appreciated as they have worked according to the project standards. References Davidson Frame, J. (2014). Reconstructing Project Management.Project Management Journal,45(1), e2-e2. https://dx.doi.org/10.1002/pmj.21387 Gaikwad, M. (2016). A Review On Security Issues In Cloud Computing.International Journal Of Engineering And Computer Science. https://dx.doi.org/10.18535/ijecs/v5i2.33 Hossain, L. Wu, A. (2009). Communications network centrality correlates to organisational coordination.International Journal Of Project Management,27(8), 795-811. https://dx.doi.org/10.1016/j.ijproman.2009.02.003 Hyvri, I. (2016). Project management effectiveness in project-oriented business organizations.International Journal Of Project Management,24(3), 216-225. https://dx.doi.org/10.1016/j.ijproman.2005.09.001 Jalote, P. (2012).Software project management in practice. Boston: Addison-Wesley. Ponnappa, G. (2014). Project Stakeholder Management.Project Management Journal,45(2), e3-e3. https://dx.doi.org/10.1002/pmj.21400 Rajani, P. Reddy, P. (2016). Security Ecosystem in IoT Cloud.International Journal Of Engineering And Computer Science. https://dx.doi.org/10.18535/ijecs/v5i3.14 Wang, C. King, S. (2007).Department of Defense Sponsored Information Security Research. Hoboken: John Wiley Sons. Watts, S. (2010). Computer security risk management.Computer Fraud Security Bulletin,2010(7), 17. https://dx.doi.org/10.1016/0142-0496(90)90012-a

Who Needs Them free essay sample

A debate over immigration in America since September 11ths terrorist attacks. This paper presents the arguments for and against an open immigration policy in the United States. This debate was recently flamed following the mega terrorist attacks on Sept 11th. Prominent among those opposed to free immigration is Pat Buchanan, the long-time politician, and former presidential candidate. While on the opposite side of the fence is Ben Wattenberg, an author, columnist, political advisor, and expert on demographics. Their opinions are examined in this paper as representative of the two opinions in the country. Few issues are as emotionally charged as the current debate over immigration in America. It is a question that has been fired with a new sense of urgency in light of the tragic events of September 11th. Acts of terror, and the fear of further acts of terror, has created a climate in which foreigners are suspect. We will write a custom essay sample on Who Needs Them? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Native-born Americans find themselves looking over their shoulders, eying with suspicion those who look different or speak with a strange accent. However, there is also another side to this argument. All Americans are descended from people who were once immigrants. Even the ancient inhabitants of this land once crossed over from Asia, and in recent centuries, millions have come here from Europe, Africa, Latin America, and all parts of the world. We are a nation of immigrants and each of these immigrant groups has made its contributions, positive and negative, to the American scene. And it is on the nature of these contributions that most arguments hinge. Prominent among those opposed to free immigration is Pat Buchanan, the long-time politician, and former presidential candidate. While on the opposite side of the fence is Ben Wattenberg, an author, columnist, political advisor, and expert on demographics. The two men went head to head in the March 2002 issue of American Enter prise Online.

Chocolat analysis Essays

Chocolat analysis Essays Chocolat analysis Essay Chocolat analysis Essay Essay Topic: The Birthday Party In the movie Chocolat we first encounter Vianne with her daughter Anouk as they brave the harsh wind and settle into the new village. She is bound by the ways of her mother cheetah: She was one of the wanderers she moved with the north wind from place to place dispensing natural remedies never settling down. We hear how Vianne and Anouk have travelled from city to city also bound by the same north wind. The wind itself carries a musical overtone of strong wind instruments and the light playing of the piano, which is played whenever the wind is present. This delicate playing is used to call Vianne into moving on. This condition is apparent as the film maker focuses on the positioning of the urn next to Vianne`s bed as if it was a constant reminder of her inherited ways. Soon after the north wind called Vianne we see her talking, as she is packing her suitcase, to the urn as if her mother was still alive: Of course of course whatever you like mamma. To reinstate this unspoken bond the same piano and wind instrument sounds are played in the background of the dim lighted room. It is only after Anouk`s and Vianne`s struggle on top of the stairs when we see the ashes fall and the bond broken. We view the urn tumble in slow motion, in quiet fear if the moment. This scene is valuable because it allows Vianne to re-evaluate her own situation. The wind continues to call desire for what is thought to be Vianne. Although Vianne hears this she ignores its calling for her and in one brief moment release what is left of her mothers ashes into the noisy north wind, thus freeing cheetah from her limitations in the urn. After months pass we see Vianne still in the chocolate store with her happiness completed with Rouxs return. We soon are shown the characteristics of the mayor of the village Comte de Reynaud. This is told through the camera work as it is situated high above as if to say his ancestors are looking over his every move. He believes in self control and opposes Vianne as she is compromising with his authority and the morals that the towns people should live by. He is faced with another demon, that of his wife. It is shown that all that is left of the marriage to his wife is a black and white photo of the couple on his desk. When asked about her absence from the village he tries to hide the truth, only later on in the film does he gain independence when he submits to the chocolate and accepts that the old ways of life are not always the best. With this we meet Josephine, in church, stealing a mirror out of a persons purse. She is perceived by many to be crazy. She is illustrated as being a messy and over protected woman in her thirties. She steals to get away from the abuse she suffers at the hands of her husband. A source of independence and freedom, something he can not control. During the movie she stumbles in to Vianne`s shop, beaten but boundless. There is a little light source apparent outside but in the shop it is only dimly lit and there is also an eerie silence inside. We see scenes of a smiling Josephine and her costume changes during this to give her a more brighter and neat look. Its only after a run in with serge that she gains a final stage of freedom. After Serges banishment, Josephine takes over the sleazy cafà ¯Ã‚ ¿Ã‚ ½ and creates a family orientated atmosphere, where she appears to be herself after facing constraints for so many years. Judi Denchs character of Amande can be first thought of as a cranky, old scrooge, even though her house is to some extent neat her life portrays a depressing look. It is only after drinking a hot chocolate her eccentric disposition changes. When Luc and Amande are reunited we see that their similarities between them are endless. Through the movie Amande regains her love of life as she dances and smiled all through out her party. Her party creates her favorite scenarios being her friends, Luc, chocolate and final acceptance. Lucs first appearance is shown in the church as he draws an over emphasized body of a person in the hymn book, while everyone around him is singing. His grandmother hates the way his mother fusses over him. In Lucs room he yearns to be outside with the other children. In this scene the camera is positioned high where his room is, to say that the two worlds are so far apart and secluded. In his room pictures of imaginary worlds are hung, each one more twisted then the last. Unfortunately his mother fusses all over him as shown when Luc develops a little nose bleed. She gushes over him, trying to clean him up. After doing the portrait of his grandmother Luc starts to laugh and acts like a normal boy. Its only after Luc runs away to be at his grandmothers birthday party his mother releases how over protective she has been. In the scenes towards the end of the movie we see Luc at the Easter Sunday celebrations laughing, running around and being a kid. The movie brings into view many different lives and also their stories. As extreme as they might appear, it is not that different and secluded from the society we live in now. Its only because the village is so small and secluded that everyones faults seen to become so clear. This movie shows the determination of people trying to become independent as most are sick of the ways of the old and are looking for a source of output but unfortunately they are told repeatedly what they are doing is wrong in Gods eyes. In the film we are shown the way of a quiet village in the French countryside where they live by the motto tranqulite and have done for many years. It is only after the arrival of a traveller that the town is able to live the way the people crave it to be.

ryan lochte resume Essay Example

ryan lochte resume Essay Example ryan lochte resume Essay ryan lochte resume Essay RYAN LOCHTE Ryan Lochte has been swimming formally for eight years now. He started swimming when he was Just five years old by going to swimming classes but started competing when he Joined his college swimming team in 2005. Lochte has been practicing and competing for several events now; 200m backstroke, 4x100m freestyle relay, 200m individual medley among others. Ryan Lochte was born in Rochester, New York. Hi s mom being from Cuba and born and raised in Havana and his father being from German and English decent. His father being a swimming teacher made him go to swimming classes at the age of five but always got kicked out be cause of pulling other kids legs, blowing bubbles and hiding at the other side of the pool. He started taking swimming seriously in his Junior year of high school. Ryan currently lives in Port Orange, Florida where he trains on a daily basis and competes all over the world in different types of events. He continues to swim and prepare for the 2016 Olympics. Swimming has been recorded since prehistoric times over 7,000 years ago. This started when people of the time simply went into the ocean or the rivers. Competitive swimming started in Europe in the 1800s by mostly using breaststroke. As the years went by swimming started to evolve and it then became what it is today. Some of the basic rules for swimming are the swimming attire; you always have to swim with a swimming cap, goggles and obviously a swimming suit. In all of the styles after you finish the lap you have to touch the wall with your feet. Not swimming with your chest looking up etc.

Sustainable Consumption Essay Example | Topics and Well Written Essays - 4250 words

Sustainable Consumption - Essay Example Globalization is a process of integration among people, governments and companies through the mode of international trade, which is aided by the information technology. The procedure has an impact on culture, environment, economic development, political systems and the society. Globalization has helped to form an interdependent and interconnected world, where free transfer of capital as well as goods and services take place across national boundaries (Blowfield and Dolan, 2014). During the middle-ages, individuals, followed by corporations, bought and sold goods through the eminent Silk Road across Central Asia (Hill, Cronk and Wickramasekera, 2013). Likewise, globalization has substantially supported corporations to invest in other countries. Constant technological and policy developments over past few decades can be attributed to globalization. It has spurred a rise in the cross-border migration, investment and trade massively (Young, et al.,2014). The rapid globalization has enabled the world to enter into a new stage of economic development. Since 1950, the volume of trade globally has increased by almost 20 times (Gwynne and Cristobal, 2014). From 1997 to 1999, the inflow of foreign investment has nearly doubled from $468 to $4827 billion (Gwynne and Cristobal, 2014). The entire process of globalization has become cheaper, faster and deeper in the recent past (Daly, 2013). The fresh wave of globalization is driven by policies that have opened the econo mies internationally and domestically. Since the Second World War, the governments of various countries have adapted to the system of free market economy, which has facilitated improvement in their productivity, thereby creating innumerable new prospects for investment and international trade (Hall and Vredenburg, 2012).