Quality Improvement Practices Within Organizations

Quality Improvement Practices Quality management is a structured approach to organizational management that seeks to improve the quality of products and services through continual refinements in response to continuous feedback (Gharakhani, 2013). Thus, it necessitates the consistent application of the appropriate human and technical processes, tools and techniques. A strategic quality strategy will be effective only through long-term commitment and dedicated application by executive management and all employees (Gharakhani, 2013). The purpose of this paper is to converse on implementing successful quality improvement practices within organizations to help achieve viable quality management. Further, this paper also highlights the conditions that must be in place such as management commitment, employee involvement, communication, and continuous improvement for successful quality management to be aligned with ISO 9000. Management Commitment and Leadership Predominantly big and small organizations in society that practice quality management are assigned to oversee the process to ensure that everyone is on board in every department. For quality management to be fruitful, it is critical that all employees in every department understand the need for quality and that changes and improvement are part of the process (Management, 2015). Furthermore, it is essential for management to exhibit support for these changes, and show that support when communicating and interacting with staffShow MoreRelatedBenchmarking Is A Part Of Total Quality Management1483 Words   |  6 PagesBenchmarking is a part of total quality management; it is the process of establishing a standard of excellence by measuring and comparing an organization’s processes with the practices and processes of other organizations. According to Amerinet Inc. (n.d.), benchmarking can be done internally, externally, or a combination of both. 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Starting Your Own Business Case Studies - Free Essay Example

Sample details Pages: 6 Words: 1809 Downloads: 4 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? PLEASE READ THE FIVE CASES ATTACHED AND SOLVE THEM AS PER INSTRUCTIONS AND SUBMIT ON SAFE ASSIGNMENT VIA BLACKBOARD. Summary for each Case Study is required. Case Study 5: Entrepreneurship Stories (5 mini case-studies) Wendys Hamburgers (Success Comes from Listening to Customers) The founder of Wendys International was Dave Thomas a man who made his first million dollars as a Kentucky Fried Chicken franchisee owner (Dave invented the rotating bucket sign that stands outside many KFC restaurants). Eventually, however, Dave decided to stop selling fried chicken so he good make and sell the type of food he really loved hamburgers. Unfortunately, everyone told him particularly the bankers and financial people he spoke with that opening another burger restaurant was a bad idea. They told me the market was saturated. Dave lamented. After accumulating years in the fast food industry, however Dave thought otherwise. For a long time he had noticed tha t the big burger chains sold batch-cooked hamburgers made from frozen beef that sat under heat lamps. Early on he decided that his competitive advantage would be to offer something different quality and freshness. In 1969, Dave opened up his first Wendys restaurant (which was named after his daughter) and sold made-to-order hamburgers, chili, french fries, (real) milkshakes, and soft drinks. Since day one, his idea has been a success. In fact, his first restaurant became profitable after just six weeks. Later, as the business grew, Dave added menu items that corresponded to exactly what customers told him they wanted. This formula of providing what customers wanted in a hamburger, combined with offering better quality than the competition proved to be a real winner. The hardest part about running a business, Dave often said during his career, is being willing to listen to customers and then doing whatever it takes to make your dream (and their wants) a reality. SUMMARY Dav e Thomas, founder of Wendyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Hamburger also a former franchise owner of KFC, started selling his dream hamburgers instead of fried chicken. Despite of discouragement from people regarding his idea of selling burgers, he worked on his innovative technique to use fresh chicken with the exact à ¢Ã¢â€š ¬Ã…“wantsà ¢Ã¢â€š ¬Ã‚  of customers. He eventually succeeded in no time with this combination that actually came from truly listening to his customers. __________________________________________________________________ Running a Business is as Hard Mentally as it is Physically Laurey Masterton started her apartment-based business (Laureys Catering and Gourmet-to-Go)in Asheville, North Carolina in 1987. Running a business was a lot harder than I thought it would be, she says. Of all the challenges I face, the greatest is dealing with the everydayness of business ownership. It exists from the moment I wake up until the time I collapse in exhaustion at the end of the day. Hard work isnt the only hurdle Laurey faces. Keeping ones spirits up is as crucial as it is difficult. Ive averaged 30% growth for the past five years, but I still worry. In fact Ive never done better than last year, yet during the slow times worrying can consume me. Fortunatly, Laureys hrd work paid off. As the business grew, however, she realized that she couldnt continue to run the company from her apartment. So she brought in a private investor who added money, management experience, and emotional support to the mix. Laureys catering business has since grown to a 2,500 sq. foot kitchen and gourmet shop that sells sandwiches and salads. You have to be your own worst critic and your own best cheerleader, she says. My advice is that most business owners reach a point where no one is there to tell them you can do it. You have to be able do that yourself. SUMMARY Laurey Masterton was running out of energy and enthusiasm which are required to run her apartment- based catering business. She had to work really hard whole day. However, she managed to expand and grow the business by adding the private investor in her business, who also shared work with her. Only with her continue efforts, self belief and positivity she succeeded. . _____________________________________________________________________ Youre on Your Own For years, Tracey Campbell worked as a financial journalist for Standard and Poors wire service. But in 1995, she left the corporate world and started her own business a 24-hour telephone and Internet service designed to search for bed-and-breakfast inns throughout the United States. Almost immediately Tracey discovered that the transition from working in a corporate office to becoming an entrepreneur created its own set of unique difficulties. I took for granted the support services and infrastructure that was built into my corporate job, Tracey says. For example, the office supply cabinet was always stocked and a techni cal crew was always available to fix my computer, and so on. Now if Tracey needs envelopes, pens, or paper, she has to travel to an office supply store. If her computer breaks down she spends hours on the telephone waiting for technical support from the manufacturers customer hotline or spends hours travelling back and forth to a computer shop. When a potential client asked for a brochure, she had to design and create her own. When she ordered 10,000 tent business cards, she had to fold them herself. In short, Tracey has found what a lot of entrepreneurs discover: that sometimes a large part of her day can be spent drowning in a sea of menial duties. Such is the life of an entrepreneur. SUMMARY Tracey Campbell former financial journalist started her own business of telephone and internet service to search beds-and- breakfast in U.S. She suffered with the dilemmas of entrepreneurship such as maintaining of office infrastructure and supporting functions. She had to work at h er own for every single little thing. ___________________________________________________________________ The National Association of Secretarial Services (Look Before You Leap) In 1996, Lynette Smith (a secretarial service owner in California), was asked if she would be interested in purchasing The National Association of Secretarial Associations, a business support group operating in the USA. Because the offer came so quickly, and a contract was signed even faster, Lynette didnt have the time most professionals would say is appropriate to prepare for ownership. In not time, after spending two long weeks doing as much research as she could, she found herself virtually on her own. It was then that she discovered the association was losing memberships. In addition, few members seemed to be aware of the services the association provided so membership retention was extremely low. To compensate for her lack of preparation, Lynette began working 70 hours a week. She consul ted with members of the association, sought comments and suggestions from them, and added a website. She followed up renewal notices (previously, less than half the associations members renewed their memberships when they expired), updated the businesss publications and added several new ones. Her time then switched to becoming a salesperson, whereupon she found herself explaining the benefits of belonging to the association countless times each day. During this period she realized that most members had no idea of the range of services the association offered so she began tackling that issue. Eventually, as each of her challenges was overcome, she started encouraging the opening of new local chapters and even pursued major corporate clients. Later, when members said they didnt like the term secretarial in the associations name. she changed it to The Association of Business Support Services. As a result of her hard work, Lynette watched memberships increased dramatically and t he retention of current members improve to 72%. But to this day, she still doesnt want to think about how much hard work could have been avoided if she had only done a little bit of homework before signing her ownership contract. SUMMARY Lynette smith made the decision to purchase The National Association of Secretarial Associations in haste. She acquired the association when members leaving the association and retention rate were declining. She had to work very hard to maintain the retention level from vigorous marketing to excellent member services. Finally, she managed to improve the situation, but, if she took enough time before taking buying decision, it could help her saving lots of her energy. ____________________________________________________________________ Keeping a Watchful Eye Believe it or not, the conglomerate behind Hardees, Taco Bueno, Carls Jr., Rallys and Galaxy restaurants all started with a hotdog cart. Carl Karcher had an 8th grade education, a steady job as a bread truck driver, and a burning ambition to own his own business. In July of 1942, he borrowed $311 (against his car) and bought a hot dog cart in Los Angeles, California. His first days sales totaled $14.75. A muffin tin served as the cash register. Carl kept his bread delivery truck job and his wife worked the cart with their first baby asleep in the car. Two additional employees were eventually hired to help out. Each man worked alone for an 8-hour shift. Carl arrived each night at 02:00 hrs to collect the days receipts and close up the cart. One day, Carl noticed that the night shift employee consistently made about 25% less than Carl himself had brought in during the same period. When he stopped by the cart unexpectedly one evening, he dicovered that the employee was using hot dogs buns that neither he nor his wife had bought. As it turned out, the employee knew that Carl kept track of his inventory by counting the hot dog buns, which were bought by the dozen, rather than the hot dogs, which were purchased by the kilo. He then bought his own buns in order to sell several hot dogs off the books, the sales of which he pocketed. I learned real fast about costs and inventory control after that, Carl recalls. Tips for avoiding situations like Carls include keeping a close track of inventory, signing every check (and checking bank statements against purchases), assigning different financial duties to different people (which makes it difficult for one employee to take advantage of a situation), and enforcing employee holidays (dishonest employee practices often cease while the culprit is away). It all comes down to keeping a watchful eye. SUMMARY: Carls Jr., Rally founder of Hardeeà ¢Ã¢â€š ¬Ã¢â€ž ¢s and Galaxy restaurant started his journey from hotdog cart. Initially his wife worked at the cart later he hired two employees and delegated duties in alternate shifts. He caught fraudulent sale made by his night shift employee by cl osely observing first decline in sales and then counter checking of inventory. He suggested taking preventive measures and having watchful eye on business for effective success. ____________________________________________________________________ These stories have been adapted from: What No One Ever Tells You About Starting Your Own Business, by Jan Norman, Upstart Publishing Company (a division of the Dearborn Publishing Group), Chicago, Illinois, 1999. à ¢Ã¢â€š ¬Ã‚ ¹ Case Study 4: Grameen Bank and Grameen Telecom Profiting from Unprofitable customersupCase Study 6: Marketing and Entrepreneurship (2 mini case-studies) à ¢Ã¢â€š ¬Ã‚ º Don’t waste time! Our writers will create an original "Starting Your Own Business: Case Studies" essay for you Create order

The Tried and True Method for Travel Essay Samples in Step by Step Detail

The Tried and True Method for Travel Essay Samples in Step by Step Detail Ruthless Travel Essay Samples Strategies Exploited Interviewing our family members is the ideal approach to have a crystal clear comprehension of our family background. Quoting men and women you have met during your journey or other individuals who have visited the exact place will offer your travelling essay a nice and personal touch. We searched throughout our buddies and also via the internet. On this trip I intend to take my very best friend along. A new perspective could be formed. Therefore, the major criterion is profound understanding of subject. Regardless, it's still essential to abide by the requirements for writing an essay. The thesis statement might only be a couple of sentences. however, it is that bit of work upon which the remaining portion of the capstone essay is based. Things You Should Know About Travel Essay Samples So as to identify Grand Canyon, an individual may discover it from the Tours Brochures. Travel is internal in addition to external, and therefore the story is absolutely free to concentrate on subtle shifts of inner awareness. It can involve a lot of waiting. If I were able to time travel I would least likely to return to the 1930s-40s. Interestingly, flight isn't a problem when travelling to Grand Canyon. I must be ready for flight delays too. It's a fact that air travel has gotten more affordable and popular recently. Just place an order and get prepared for the trip. Travel Essay Samples Ideas Stephen's essay is rather effective. I intend to go to Lake Powell in Arizona. If you aren't sure, what a travel essay resembles, we have a couple of guidelines for you to follow. A travel essay in addition gives a glimpse of the culture of a particular place. A Gulliver's travels essay cannot contain the entire story itself. The essays on Gulliver's travels should not merely highlight the considerable events in the story, but in addition needs to be able to supply an insight into it. Looking at IELTS essay topics with answers is a significant approach that will help you to get ready for the test. Writing is an art and it requires a lot of preparations to earn an ideal article. A vacation essay could possibly be written with the assistance of these steps. Writing a travel essay is straightforward. This usually means they might be in possession of high excellent essay samples on traveling. It's advantageous as a result of the variety that may be obtained from the library. You might be asked to pay for a number of the samples obtained online. It's thus important find the samples from reliable sources. The Little-Known Secrets to Travel Essay Samples The gas prices have a tendency to shoot high in this season too. For travel businesses, this is the best way to increase customer solutions, special deals, and thoughtful surprises. In conclusion, restricting air travel is not likely to boost air quality much because aeroplanes aren't the biggest polluters on Earth. In my opinion, it is unlikely to have any real impact on air quality. So apart from tourists coming from different elements of the Earth, the regional tourists also find time to tour their very own native nation. These locals also find time to tour different nations, and in the process tourists from different nations also tend to find time to tour different nations also, besides the nation of their very own. In summary, although travelling is a fantastic way of learning about other nations, I firmly insist that all information about other nations can be gotten through television and on the internet. Time travel is a complicated manner of cognition that few men and women understand and appreciate. Traveling is always helpful for the individual experiencing it. Traveling or seeing places is a significant portion of our education. Travelling isn't a panacea. It is the kind of activity, which almost all the people love. Some individuals believe this to learn about other nations, they have to travel. The company folks are made conscious of the organic products of distinct countries by travelling. They may travel because of different purposes.

Comparative Progress Global Business Systems

Question: Discuss about the Comparative Progress Global Business Systems. Answer: Introduction Modern Israel was established in the year 1948 with a very small population. In just a period of two years, the population of the country doubles. This lead to an increase in the gross domestic product per capita income. Various economic factors and conditions led to the transformation of the state. The assignment analyzes the economic factors such as interest rate, Gross domestic product, interest rate, technology, population and other factors. The country has the second largest start up companies in the world with the GDP of US$37,032. It is a developed nation and was ranked in seventeenth position in the world in the year 2010 (Aharoni, 2014). It is technically advanced economy. The economy plays a leading role in the supply of solar energy industry. The industries that are established in the country are metallurgical industries, chemicals, food, metal products, transport equipments and diamond cutting industries. The economy of Israel is relatively poor in natural resources and h ence depends on imports of natural resources from other countries such as petroleum, raw materials, wheats and other natural gas reserves (Bental et al., 2016). The industrial sector of the economy is advanced and technologically upgraded. The nation has established a free trade agreement with European Union, United States, Turkey, Mexico and other countries of European free trade association. Economy of Israel is also a tourist place with 3.54 million foreign tourists visiting the nation in the year 2013. The export goods of the nation include telecommunication equipments, machinery equipments, agricultural products, textiles, metals, and chemicals. Its main export partners are United Sates, United Kingdom, Hong Kong and China. The import goods and materials that are imported by Israel are raw materials, natural resources, petrol and petroleum products, fuels, consumer goods and investment goods. The importing partners of the country are United Sates, Italy, Germany, China and Switzerland (Yaron et al., 2013). The condition of statehood had put the economy of Israel in crisis. The unemployment rate was high and the foreign currency reserves were scarce in the period 1949 to 1959. An agreement was signed with West Germany where Germany agreed to pay money to Israel for the development of the nation. This was done to compensate the Jewish property that was stolen by Nazis. Israel is nation that is religious in nature. The state mainly comprises of Muslims, Jews, and Christians. The priority was given for the development of industries. The policies of the nation concentrated on industrialization (Blinder, 2013). Development of two policies has helped the economy of Israel develop. The first policy was Jewish immigration and the second policy was peace process. In the early 2000, the economy of Israel went again into crisis due to the crashing of dot com bubble. It hampered the startups of many new industries that put the economy at stake. The economy of Israel was able to sustain the crisis o f 2000. A growth in GDP was encountered in 2009 along with capturing low rate of unemployment (Bakalyar Galil, 2014). Economic policies that led to economic transformation Economic policies Israel gained independence in the year 1948. Economic policies are the policy that is set by the government of nation to transform the economy and form strategy that will benefit the economy. The economic policies included attributes such as interest rates, government spending, money supply, inflation rate, cash rate, taxes and various monetary and fiscal policies. Changes in any one of the economic policies affect the entire nation (Benchimol, 2016). For example, increase in money supply in the economy increases the demands, investment and the inflation rate. The population of Israel was very low during the time of its establishment. In two years, the population of Israel almost doubled due to rise in the migration of people. The political, social and economical structure of the country was developed in the year 1948. The two main factors that led to the development and growth of the economy of nation was immigration and capital inflows. The population of the country doubled from 56 ,000 to 630,000 due to huge immigration of population (Balassa, 2014). These mainly included the refugees, from Central and Eastern Europe. Immigration of large amount of population led to increase in capital inflows and funds. There was rise in the national funding and private funding. The two developments Since the early 1990s two developments has led to the transformation of the economy of Israel. The first development was the immigration of Jewish people. This led to an increase in the citizens of Israel especially from the people of former USSR. The population increased by one million Jewish people due to immigration of people. The benefit was that people who immigrated were highly educated people, which now comprises of sixteen percent of population. Rise in the population has both the advantages and disadvantages on the economy (Ben-Elia, 2016). Rise in the population in Israel led the country to establish new start up industries and create demand for products. The establishment of startup industries led to an increase in investments. Rise in aggregate demand and investments leads to economic growth. The above diagram shows that rise in the investment leads to the outward shift of both the aggregate demand and aggregates supply. This is due to the rise in the capital stock. The outward shift of the curves leads to a rise in the GDP and hence encourages economic growth. Rise in immigration and population The growth in the population has negative impact as well. Israel was successful in sustaining the rise in the population. The housing and employment needs of the people were fulfilled by the policies used by the economy. A new economic policy came into enforcement in the year 1952. The policy concentrated on curbing of monetary policies such as interest rate and money supply, relaxation of price controls and rationing, relaxation on restraints and exchange rate devaluation. The encouragement of immigration was curtailed to sustain and absorb the masses from previous immigration (Breznitz Ornston, 2013). Peace treaty The second development that led to the transformation of the economy is the signing of peace treaty between Israel and Jordan at peace conference held at the Madrid conference (Budge Laver, 2016). Technologically advance economy: Israel is technologically advance economy that attracts large amount of foreign investment. It is an industrialized economy where the concentration is on industries and service sector. The transformation of the economy of Israel led the economy become globalized with high tech industry, multinational labor and increase in consumer culture. It also led the gap between the rich and the poor to increase (Horowitz Lissak, 2012). Increase in foreign investments Increase in the capital inflow from foreign countries was one of the reasons for the economic growth. Real Gross National Product increased by rate of eleven percent and annual gross national product increased at a rate of six percent. The capital inflows was in the form of unilateral transfers, loans from the United States aids, inflow from Germany in the form of reparations, and transfers of loans and unilateral transfers from other agencies such as that of Jewish institutes (Carmon, 2016). The availability of resources for consumption in domestic nation increased both the private and national consumption in the economy. Import substitution was promoted for the development of new industries by adopting protectionists measured through the government budget. Government also enabled subsidies that were involved in export of goods. This was done to increase exports and the revenue collected from these exports (Checherita-Westphal Rother, 2012). Changes in the economic fluctuations in the economy of Israel were mainly due to flow of immigration. The economy encountered high rates of growth in income and GDP till the year 1973 after which the rate of growth was not as high as those of previous years did. The economy of Israel fell into recession in the period from 2001 to 2003. The income of the nation has said to rise in the end of twentieth century that was similar to many developed and industrialized nations (Khattab et al., 2016). The contribution of industrial sector towards the GDP growth is maximum. The change in structure of economy increased the importance of industrial sector and declined the contribution of agricultural sector. The other reason for the economic transformation was development of technology and industrialization. From the traditional industries, the industry transformed itself into high tech sophisticated industry. This was a major step from the transformation of economy of Israel (Kirzner, 2015). The capital inflow in Israel after the global crisis. In 2013, the foreign capital recorded a hit high of 7022 billion dollar. Increase in the capital inflow of the economy is the reason why the economy of Israel is able to maintain the deficit in current account. Rise in capital inflow also led to an increase in the currency of Israel strengthening the currency of Israel that is twenty-three percent (Konnikov Raijman, 2016). Liberalization of economic policies The economic policies of the economy were changed from government control to a more free policy. The government released its control over the economy to help it develop and grow. A policy of economic liberalization was followed by the nation. A free trade treaty was signed by Israel with many countries to encourage export. The restriction of imports was changed from quantitative protection to tariff protection. The economy encouraged both import and export by flexible exchange rates (Maddison, 2013). The economy transferred itself from fixed exchange rate to floating exchange rate system where the exchange rate was fixed through the system of exports and imports. The floating exchange rate system can be depicted in a following diagram: Trade and open market of Israel After the independence of the economy of Israel, the economy followed trade restriction by imposing import substitution and quantitative restrictions on imports. This was done to encourage domestic production and reduce the imports if the economy. A new economic policy was generated in the year 1952 that concentrated more on liberalization of the economy. A free trade agreement was signed between the countries where the economy encouraged export and quantity restriction on imports were replaced by tariff protection. This helped the economy encourage exports and imports that led to industrialization in the economy (Martin, 2014). The foreign exchange currency was changed from fixed exchange rate system to floating exchange rate system where the government had less control on the economy. The state driven economic policy transformed the economy of Israel. The economy of Israel transformed from a central economy to a mixed economy where both the public and the private sector thrived and the government had less control on the economy. Liberalization of the economy led to an increase in the exports and strengthened the economy (Metzer, 2014). The GDP per capita of the economy rose and the purchasing power. The economy of Israel transformed itself into more competitive market structure, that was market oriented and pen in nature. The average tariff rate in Israel is 0.9 percent (Webber Smith, 2014). The economy and the government puts several restrictions on the import of agricultural products to encourage the local farmers and help them increase and improve the standard of living. This can be analyzed from the following diagram of tariff restriction. Tariff restriction reduces the amount of goods that a country can import but also helps the government earn revenue in form of tariff rates. Tariff rates are the taxes that are imposed by the government on the economy (Morata Sandoval, 2012). Change in the role of government The role of the government changed in the economy. The control of the government on exports, imports, process and others were controlled. The role of the government shifted to other programs such as health care centers, infrastructure, and other social welfare benefit. The policy of social welfare payment such as unemployment benefits, transfer payment, pensions, insurance, helped the economy reduce the inequality gap of income (Magazzino, 2015). Due to the increase in transfer payments by the government, Israel was on e of the developed nations with the least income inequality gap. Occupation settlement enterprise Israel was one of the nations to have encountered the largest economic growth for the period of six years. The main factor for encountering largest economic growth in a period of six years apart from industrialization and liberalization was establishment of occupation settlement enterprise. The major reasons for the growth of the economy of Israel were trade liberalization, industrialization, less control of the government over the economy, global and new economic policies, encouragement of imports and exports and free functioning of the economy. Apart from these, the other reason for the transformation of the economy of Israel was use of high and sophisticated technology in the agricultural and industrial sector (O'Connor, 2013). This occurred in a period from 1967-1973 where the rate of economic growth or the GDP growth arte almost doubled. The major reason for this was establishment of occupation settlement enterprises. The major transformation took from 1948 to 1956. The economic policies have made the economy of Israel a lender and not a borrower, which is mainly due to the macroeconomic policies that the economy follows (Perez, 2013). Decline in the interest rate The interest of the economy was declined to encourage the economy towards the path of growth. Decline in the interest rates led to an increase in the money supply. Rise in money supply in turn led to an increase in demand and investment. Taking loans from the banks became more interesting and lucrative that led to an increase in the investment. Increase in investment led to an increase in the start up of industries that helped in employment generation. Decrease in the interest rate will reduce the price for loan able funds and increase the demand. This will lead to an increase in aggregate demand and investment. Economic Miracle The unemployment rate is low in Israel as compared to other nations. This is mainly due to two factors. One is the refusal of the government of Israel to aid the public money at the time of crisis. This helped in curtailing the risk that was involved with the policy. The second was the adoption of the policies set by Bachar commission that helped in management of finance of the economy. The economy of Israel is said to have gone through the phase of Economic miracle. Israels tremendous growth in the economy was remarkable (Plessner, 2012). The GDP growth rate was ten percent annually. Along with this, the economy was also successful in absorbing immigration, maintain security, fight the wars, maintain, and establish infrastructure. This was termed as economic miracle of the nation. The optimal utilization of the available resources and capital was one of the reasons for economic growth and development of the nation (Ram, 2013). The countries successful policies managed the immigrants successfully which contributed towards the growth of the economy. The economy was also successful in sustaining the global economic crisis. The economic growth of the nation was relatively high in 2006 as compared to other developing nations. Israel was one of the few nations to have encountered a positive economic growth in 2009 after the period of global recession (Richardson, 2014). GDP growth rate Table: Economic growth rate of Israel Year GDP growth rate (annual %) 2001 0.2 2002 -0.1 2003 1.2 2004 5.1 2005 4.4 2006 5.8 2007 6.1 2008 3.1 2009 1.3 2010 5.5 2011 5.0 2012 2.9 2013 3.4 2014 2.6 2015 2.5 (Source: Data | The World Bank. 2016). The growth rate is fluctuating in the economy. Initially the growth rate was rising. It declined in 2009 due to global recession and crisis. The economic growth rate was positive even at the time of recession. The other developing countries experienced negative economic growth rate but Israel experienced positive economic growth though it was low. Economic challenges Though the economy has experienced high rate of economic growth in past there are several economic challenges that an economy face. This includes both short term and long term challenges. The short term challenges that Israel economy face is the problem in developing the telecommunication industry that changes the economic outlook and perspective of the economy. The economy is also not being successful in promoting large multinational companies that controls the employment of large number of peoples. The rise in dependency of labor force participation of orthodox Jews with less knowledge hampers the economy in long run (Cingano, 2014). Due to the high dependency ratio the poverty among the orthodox Jews rise that is harmful for the economy of Israel. The two main challenges faced by the Israel economy are that of terrorism and work force participation. Terrorism: Rise in terrorism is very harmful for the economy. It affects the functioning of the economy in a negative way. The resources of the economy deplete and it leads to rise in the pollution. The number of tourists visiting the economy also declined due to which the revenue that the economy earns from tourists also declined (Rudnitzky, 2014). The rise in the terrorism hurt the exports and the foreign investments too as foreign companies were apprehensive too invest in the nation. Israels economy began to grow after the war ended. The strong point of Israels economy was that it was able to sustain the risks of terrorism (Sadeh, 2014). Work force participation: lower level of workface participation is harmful for the economy as it reduces the wealth generation and production of products in the economy (Scully, 2014). Inflation: The prices are rising with the advancement in technology and economy. The problem of income inequality between the rich and the poor is increasing. Israel is a mixed economy where both the government and private sector work together in the economy. The challenges and economic problems faced by the economy of Israel are same as that of an industrial country. This includes problems and challenges associated with reconciling innovation in industrial products and methods. The industries face problems in transition stage when replacing the traditional activities with high tech sophisticated machines (Stiglitz, 2014). It is essential for the economy of Israel to figure the ways of fitting in the global economy that is marked by two major markets of European Union and United States. The economy also faces challenges due to the relationship that it holds with other Arab countries. The economy is always under the threat of war and terrorism due to which the major part of capital is wasted in maintaining the security and army. Peace can lead to productive utilization of products. Political security also helps the economy attract foreign i nvestments that is beneficial for the economy. The educational qualification of the economy is high in Israel (Thrisdttir Karlnudttir, 2014). Conclusion Israel gained independence in the year 1948 after which the economy captured a tremendous growth in the economy. The population size of the economy doubled and the gross domestic product. The economic growth almost doubled in the economy. The economy of Israel transformed from a central economy to a mixed economy. Various economic factors led to the transformation of economy of Israel. These factors include economic liberalization policies, free trade, decline in interest rate, occupation settlement enterprise, economic liberalization, and less control of the government. Industrialization and rise in immigration are some of the other factors that led to the transformation of the economy. The economy experienced the growth in the GDP per capita income by forty percent. The economic growth doubled in the economy. Privatization of the economy and increase in capital inflow led to an increase in the economic growth. The foreign investment led to an increase on demand and start up industr ies. High tech technologies led to an increase in startup industries. The economy has low inflation rate, low unemployment rate and interest rate that led to an increase in foreign debt. Economy of Israel was able to survive the recession of 2009 and encountered a positive economic growth. References Aharoni, Y. 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