Search results1 – 10 of over 8000
A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).
The purpose of this paper is to propose a novel condition-based maintenance (CBM) policy with two sampling intervals for a system subject to stochastic deterioration…
The purpose of this paper is to propose a novel condition-based maintenance (CBM) policy with two sampling intervals for a system subject to stochastic deterioration described by the Cox’s proportional hazards model (PHM).
In this paper, the new or renewed system is monitored using a longer sampling interval. When the estimated hazard function of the system exceeds a warning limit, the observations are taken more frequently, i.e., the sampling interval changes to a shorter one. Preventive maintenance is performed when either the hazard function exceeds a maintenance threshold or the system age exceeds a pre-determined age. A more expensive corrective maintenance is performed upon system failure. The proposed model is formulated in the semi-Markov decision process (SMDP) framework.
The optimal maintenance policy is found and a computational algorithm based on policy iteration for SMDP is developed to obtain the control thresholds as well as the sampling intervals minimizing the long-run expected average cost per unit time.
A numerical example is presented to illustrate the whole procedure. The newly proposed maintenance policy with two sampling intervals outperforms previously developed maintenance policies using PHM. The paper compares the proposed model with a single sampling interval CBM model and well-known age-based model. Formulas for the conditional reliability function and the mean residual life are also derived for the proposed model. Sensitivity analysis has been performed to study the effect of the changes in the Weibull parameters on the average cost.
The results show that considerable cost savings can be obtained by implementing the maintenance policy developed in this paper.
Unlike the previous CBM policies widely discussed in the literature which use sequential or periodic monitoring, the authors propose a new sampling strategy based on two sampling intervals. From the economic point of view, when the sampling is costly, it is advantageous to monitor the system less frequently when it is in a healthy state and more frequently when it deteriorates and enters the unhealthy state.
There has been a considerable amount of interest in employee shareownership schemes in the last few years, and this has been mirrored byan increase in publications…
There has been a considerable amount of interest in employee share ownership schemes in the last few years, and this has been mirrored by an increase in publications relating to the subject. However, the authors argue that this literature leaves much to be desired, in particular in its implicit assumption that management and employee interests will converge with share ownership. The evidence from two of their case studies indicates a divergence between management objectives and employee responses. It also suggests that trade union attitudes to share ownership may be changing as well.
We find evidence that the runs on banks and trust companies in the Panic of 1907 were linked to the Bank of England’s contractionary monetary policy actions taken in 1906…
We find evidence that the runs on banks and trust companies in the Panic of 1907 were linked to the Bank of England’s contractionary monetary policy actions taken in 1906 and 1907 through the medium of copper prices. Results from our vector autoregressive models and copper stockpile data support our argument that a copper commodity price channel may have been active in transmitting the Bank’s policy to the New York markets. Archival evidence suggests that the plunge in copper prices may have partially triggered both the initiation and the failure of an attempt to corner the shares of United Copper, and in turn, the bank and trust company runs related to that transaction’s failure. We suggest that the substantial short-term uncertainties accompanying the development of the copper-intensive electrical and telecommunications industries likely played a role in the plunge in copper prices. Additionally, we find evidence that the copper price transmission mechanism was also likely active in five other countries that year. While we do not argue that copper caused the 1907 crisis, we suggest that it was an active policy transmission channel amplifying the classic effect that was already spreading through the money market channel. If the bust in copper prices partially triggered the 1907 panic, then it provides additional evidence that contractionary monetary policy may have had an unintended, adverse consequence of contributing to a bank panic and, therefore, supports other recent findings that monetary policy deliberations might benefit from considering the policy impact on asset prices.
Industry's need for external advisory assistance in the management/industrial relations area will be determined by the nature of the problems currently faced or…
Industry's need for external advisory assistance in the management/industrial relations area will be determined by the nature of the problems currently faced or anticipated. These problems in turn will be influenced by the industrial sector, size of establishment, technology and the economic and legal context.
When the system fails, the decision to repair or replace a failed unit may depend on the estimated repair cost. Such an idea is called repair limit replacement policy. The…
When the system fails, the decision to repair or replace a failed unit may depend on the estimated repair cost. Such an idea is called repair limit replacement policy. The repair limit is a limit on the amount of money which can be spent on the repair of a system. The repair limits thus provide an economic replacement policy. Examines optimal repair‐cost limits for a Weibull‐distributed time to failure and an exponentially distributed repair cost. Derives bounds for the optimal repair cost limit that minimizes the average cost per unit time for repairs and replacement. With those bounds, develops a simple algorithm to obtain the optimal repair‐cost limit. Gives numerical examples to illustrate the algorithm.
Applies the two‐factor version of the Heckscher‐Ohlin‐Vanek (HOV)theorem. Two hypotheses are derived. The empirical analysis offerssupport for the second but not for the…
Applies the two‐factor version of the Heckscher‐Ohlin‐Vanek (HOV) theorem. Two hypotheses are derived. The empirical analysis offers support for the second but not for the first hypothesis when trade of each Organization for Economic Co‐operation and Development (OECD) country with the rest of the world is analysed. Examines the factor content of net trade with data on foreign trade between the OECD countries and then determines average capital‐labour ratio as the OECD average. Both the hypotheses receive empirical support. Finds that the two‐factor version of the HOV theorem performs well when applied to the environment where it is supposed to apply.
I. INTRODUCTION In this monograph we point out and analyse various dimensions of bargaining structure, which we define broadly as the institutional configuration within which bargaining takes place, and attempt to provide some guidelines for management action. We look at the development, theory, and present framework of bargaining structure in Britain and then examine it in terms of choices: multi‐employer versus single employer, company versus plant level bargaining, and the various public policy issues involved.
In neo‐classical economic theory labour is a commodity and the ultimate value of the employer's services is determined by the sales value of the product of these services…
In neo‐classical economic theory labour is a commodity and the ultimate value of the employer's services is determined by the sales value of the product of these services: the cost of supply reflects both the disutility of work for the recruit and his equalisation of net advantages between jobs. For modern labour economists the assumption that entrepreneurs require identical inputs of labour and the new recruits will therefore possess similar skills (the conditions of free competition) is an unrealistic one. Hence segmental labour market theory has grown out of the need to explain differences between shared needs and commonalities within each group of consumers (employers) on the one hand and suppliers (employees) on the other. In this way it has been possible to carry on assuming the existence of perfect competition on both sides of the market within the boundaries of labour markets thus defined.
In the existing literature on organisational change (with a strong emphasis on human resource management) the cases discussed are frequently at the opposite ends of a…
In the existing literature on organisational change (with a strong emphasis on human resource management) the cases discussed are frequently at the opposite ends of a spectrum: a new plant or greenfield site situation or a brownfield site where change is sought in an older, established organisation. This paper reports the interim results of an on‐going investigation of a hybrid case study, which involves the building of a new factory on an existing site where the other on‐going businesses of the company are located.