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Industrial Framework CPS 313 1

An Informational Guide
To

Industrial Framework
Structure, Community, Workspace
Operations, Management

Author
Eng. Moosa Naseer

Department of Chemical Engineering
University of Engineering and Technology, Lahore

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Industrial Framework CPS 313 2

A Message from Author
(Eng. Moosa Naseer)

It is a known truth that today’s era is an era of a tough competition. Whether this
competition is related with the market placement or is related with a large production
sector. To survive, it has become necessary to gain something more what we called
the one step ahead. If a person knew hundred words, then other person who knew
one hundred and one words will win the battle of intelligence and knowledge. But
irrespective of having extra knowledge, it is better to have extra knowledge about
your own field of work. An engineer do not have to learn about the medical science
and a doctor do not have to learn about the engineering. A person who is studying
in a specific field must have maximum knowledge about his field. If, so, they he will
stand out most bright out of the competition of competitors.
Many students do not knew anything about industry, they only knew about some
short sentences and mnemonics. However, nobody knew the reality behind the
curtains of industrial walls, its background and our perception after a one month
internship. Therefore, this booklet has been written with a height of simplicity so
that even a rude and stubborn student who hate reading, takes a good interest in
diving into this industrial information sea. It is plagiarism attested and is based
purely on my analysis and observations including meetings with some experienced
and smart industrial workers. All the technical words for all discussions are
eliminated to make it extremely easy to understand. It also includes simple examples
related with daily life so reader could extend his mindset from the world of words to
the world of applications and limitations. Reality cannot be hidden if you want to
see. I hope that at the end, the reader will become almost expert junior industrialist
after reading this document. For making it less boring, only most important aspects
of all discussions are written with supreme simple language.

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Attested “No Plagiarism”
It has been certified that this document contains no
duplicate content and source contents are given credits
where they are used. This document is purely based on
observations and analysis of respective researcher. And
we are happy to sign a plagiarism challenge deed with
author which will be fulfilled if any kind of disperency or
plagiarism is detected.
Regards,
XYZ (Experienced Industrialist)
Author’s review:
I am fully assured that this document is free from any kind of plagiarism. I will be
guilty if any kind of duplication is found by reader. I hope that it will add a lot in
the knowledge of reader and will surely improve his technical sense about business
development in industrial sector.

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Industrial Framework CPS 313 4

Table of Contents
1. Introduction to Industry
• Framework ………………………………………………... P#7
• Structure ………………………….................................... P#8
• Operations ………………………………………………... P#9
• Workspace ……………………………………………….... P#10
2. Strategic Design
• Estimations and Predictions …………………..................... P#11
• Assessments ……………………………………………….. P#15
3. Operation Framework
• Processing Department……………………………………….. P#16
• Production Department………………………………………. P#17-
• Quality and Assurance Department………………………….. P#17
• Safety Department……………………………………………. P#19
• Collaboration…………………………………………………. P#20
• Workers community………………………………………...... P#22
4. Business Administration
• Introduction to Business administration …………………….. P#22
• Business Finance…………………………………………….. P#24
• Accounting…………………………………………………… P#29
• Marketing…………………………………………………….. P#30
• Promotional activity………………………………………….. P#33
• Audit…………………………………………………………. P#36
• Stock market…………………………………………………. P#40
5. Resource Management
• HR Management………………………………………………. P#43
• Revenue management…………………………………….. …... P#45
• Raw material management…………….....……………………. P#48
6. Research and Development…………………………………………… P#49
7. Condition of Industrial sector of Pakistan……………………………. P#51
8. Industrial revolution bibliography……………………………………. P#53
9. Common questions and their answers………………………………... P#55

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Industrial Framework CPS 313 5 5 .

Industrial Framework CPS 313 6 [This Page is left blank intentionally] 6 .

because these are very important to understand state economic parameters. Industrial Framework CPS 313 7 PREFACE It is always required that you have to eat those things. I am also thankful to my father who is an MBA which guided me in finance. This booklet is purely based on observations and analysis. it is necessary for most of us that are involved in the field of engineering to have enough knowledge about basic industrial framework so we can understand and withstand all the problems that can occur during a specified task in your assisting job. Only a few topics are taken from a source book and notes with complete comprehension and analysis by author. I am grateful to senior coworkers of industry to assist me in understanding these basics and making me able to share this necessary and critical information with all fellows who desire to know such kind of information. accounting and marketing field which were not in my knowledge before the writing time. So. This curiosity make you feel scary when you want to go out for finding a settlement regime or workspace for you. you fear to eat because they are not bad in taste but they are unknown to you. containing un-plagiarized opinions written by author with the help of some assisting guideline providers. 7 .

how much quality it have. if you go out to buy a shampoo. Main objective of an industry is to gain profit and fulfil the consumer demand of a subjective product. workers. it is for hair fall. So. Most commonly a team unit is present for a department to handle its necessary tasks. balance and audit are present in this framework. All type of market distributions and consumption ratios vary with level of framework implanted. Mainly. processes. In defining expression. Industrial Framework CPS 313 8 Introduction to Industry An industry is commonly defined as economic activity concerned with the processing of raw materials and manufacture of goods in factories. Check. let’s begin with some basics of an Industrial system: Framework:- A Framework is combination of all work passages or units of an industry that are layered to give industry a reason to survive in the world of product competition. it is combination of different type of departments. you will not ask any other question and will pay any amount to purchase it. a slightly higher level of area is covered and departments are available for better and accurate control of production and processing workout. it can only cover a city market well. Pilot plant: In this framework. But production capacity is under 100 tons a day. And maybe the shopkeeper only say it is sunsilk or clear. both working and production including marketing capacity is limited. dandruff or strong hair. 8 . how much money we have to pay. Because it hire many worker and produce something that is an ultimate necessity of life. For example. But the persons associated with production may have enough profit that can be saved excluding expenses depending the daily time given to work. In such frameworks. you ask the shopkeeper. stronger its economy will be. balance and audit are nearly missing terms in this framework. the all departments are only one or two persons who are associated with production. Check. Running of money is always better than storage in fine space of bank lockup. Factory framework: It is a slightly higher level of framework that may or may not have all departments but commonly have one skilled person acting as a department. So. units and consumers. Such frameworks have optimum resources and can make acceptable amount of profits for excess expenses excluding daily routine. I will define these important type of frameworks here: Household framework: In this type of framework. Now. Industry is a type of country unit that is directly related with the economy of a country and thus more industries a country have. a person can take away anything. Why only a brand name is enough? It’s all about the number of processes through which that product had undergone and quality and price had been maintained in such a way that you can buy one time and will buy again. the number of workers plays an important role in deciding how much benefits the factory owner actually have because as a single department.

Fauji fertilizer etc. visitors. perfect level of control and departmental cooperation in production and processing is available. In general. It is much technical and complex design that need much experience to draw on AutoCAD for general approximations. how you would feel. your mind will click that it is an old and rugged place. standard customers and regulatory authorities. Such units covers a wide area in kilometers and mostly have standard levels of infrastructure and rules/regulations in both labor and process including standard equipment’s. when you will reach outside Lahore fort. outside the world of our imaginations that we made passing through detector machine. Not always and anytime. a guest sees when reach outside your house is the outlook and front design of your house and then he can stimulate his brain to develop a feel of automation which reminds the previous associations related with that overview. Therefore. everyone is allowed to come. For example. anyone can make his mindset ultra-cool when anyone reaches outside some big commercial marts like Nestle dairy processing unit. visitors are not allowed to capture anything in their iPhone 7 like attitude but Samsung like phones. All type of roads are 9 . it bit a frightening effect of a horror movie. Roads and background: Before starting. most of times. Industrial Framework CPS 313 9 Immersive Plant: In this framework. Structure of Industry: Maybe watching the buildings of an industry standing outside the housing is quite inspiring. it always makes us curious. Engro foods. Mostly they have 300 tons of production and have capacity to cover a country wide market. it is necessary to care the privacy of industry. how actually a difference is maintained between such colorful eye catching scenery.M in a dark rainy night. it’s for general privacy regulations of an industrial framework. Management teams are always present which are most experienced in the respective work field. it is all the mindset of internees and mostly female gender who pay less attention to anything else except the selfie caught with one of most beautiful doors of a building. outlook of an industry is really important to attract investors. So. It hires a huge amount of labor and add a lot in a country’s economy. Let us cover some basic structural elements and rules that are needed to make a framework building: Outlook and Instant View: The very first thing. The design of not even a one building is like a house architecture. you do not have to imagine the roads of Paris whose nickname is Lahore. There is no political intimacy present in general structure of an industrial framework. We should clear our mind that security check is not for terrorists always. Therefore. Security check: Just imagine if your house door get knocked at 12:00 A. they do not pay heed on publicity dramas. Only a small scale factories do not focuses on outlook view because they do not hire internees and in other words.

Not always applied for a pilot plant but an immersive plant always try to follow maximum perfection in standards so their product could be sell in a brand name package at higher cost. Most immersive plants are always equipped with a mess that had a hunger rising foods in acceptable price. processing firm and administration firm. Follow the yellow path and signal. or feedstock. partition. its good. safety section. most mess or food cafeteria maintains there budget separately with basic industrial account. Resumes are also processed through the administration offices. filtration. Buildings: There are many types of buildings that designed in such a way so that specified process can be carry out with no environmental disturbance and design should assist the passage of blow gases in certain operations if hazardous chemical reactions are taking place. Unit operations include a physical change or concoction change. Hostels have same environment as most students observe in university but it is a highly mature and too simple. A procedure may require numerous unit tasks to get the modified item from the beginning materials. Industrial Operations: Unit Operations: In chemical engineering and related fields. crystallization. purification. we have to pay before or after eating. Processing firms are outside the city following the general city and regional planning rules. 10 . isomerization. for example. we can realize that the type of process decides the type of building structure and trend is always followed with decoration and cultivations to make workers feel that they are working in a spaceship of star wars movie. Mainframe control system is used to change a single input into multiple outputs. And with no exception. Trees and small green regions is a world standard that is always followed. You can’t flow in any direction on road. So. the process building should be that much large so all the required equipment’s can reside inside it. it adds beauty to the chromic colored buildings. Administration offices are present inside city to manage the accounts. All processing variables and flow streams are controlled through this control room. In the analytical sense. Storage room have separate building from where transportation is carried out. For instance. a unit task is a fundamental advance in a procedure. It should be kept in mind that most plants have two separate firms. homogenization. debt. and different responses. Processing section must be water proofed so roofs are pillared or guarded. and bundling are every unit tasks which are associated with make the general procedure. A hostel is simple building always because humans live inside which are not hazardous like most chemical processes but they are emotionally hazardous living organisms. the wandering rules are always followed in multinational infrastructures. It’s obvious that you can’t control your business sitting outside the market. polymerization. revenue and sales. Therefore. in drain handling. dissipation. Industrial Framework CPS 313 10 constructed with equal standard of quality.

So. For example. all the walls. Stainless steel is used commonly in heat treated process but its grains are delocalized after certain level of thermal stressing. such scenario is mostly in the business management. Industrial Framework CPS 313 11 Mechanical Operations: It is type of operation which is purely related with the machines and equipment’s including piping’s and sensory devices. Generally. not always it happens. Workspace: It is a bit unique piece of delicious thing to learn. mechanical operations involve no chemical reaction or binding. A manager of a specific section is generally responsible for all types of happenings good or bad. In a nutshell. But in reality there is no variable in control application that can lessen that 11 . There always need to transport that productive material outside after making a marketing strategy based on zones. he sits in office. It is a high level responsibility. in processing section. In severe cases under corrosive reactions or components. and manage profit/loss debts and sales. Management Operations: These are type of relations that include supervisions and defragmentation which means rearranging scattered task pieces. a workspace is defined as space where a work can be carried out. This operation do not have any mechanical or chemical work station. But in reality a manager do not have to supervise anything. doors. how to deal with the competitive environment. production management is related with managing the amount of product produced from the process function and their quality and safe storage. Firstly. “Please! Control that thing”. you will feel suffocating and you say. evaporator etc. workspace of Photoshop panel is the interface full of tools in front of you. replacement of machine parts is necessary. So. courses etc. For example. a separate operation is implanted to ensure continuous running of product in market so more product can be added to the storage inventory without risks. all managers work together because process supervision is a critical task and million dollars depends on it. If you saw a equipment taking out steam so when you go near it. collects information from undertaken workers and signed as if he has done everything. It is not possible to implant a machine in the processing section which works continuously without undergoing aging effects. It is the most critical mechanical operation but it is commonly carried out after one year. maintenance and repairing is required. And also have a responsibility to fix any error or permit anyone to fix an error which is a specialist. divisions. Daily based mechanical operations include physical component modification units like separator. equipment’s and devices are not for routine working. Distribution sector knew where is maximum need of that product. it tells you that you can make a product in a processing equipment but you can’t produce its legs so that it runs into the market itself. Distribution Operations: When it came to understanding. its pure physiological work station.

And how better it is to jump from one track to other. no control over there. And time and resources management which is also a most important part of this game plan. we need to get 12 . In simple words. Generally. Their duty is to supervise and control and to take step in case of any breakdown. projects to management and administration. Strategic Design: Estimations and Predictions: Everything needs a plan. A strategy always needs a soul which should lead you towards a peace of mind and assurance. And how to translate I into professional and technical language that can inspire the jury. control and handling becomes précised and optimized. more will be reduced control over all tidbits of a process. According to general rules. they are called process engineer. “How to proceed”? While on the other hand. Because heat released in process is carried out by condenser. staring at liquid crystal displays. control is also not accurate because they do not have that much money to expend on it. predictions defines the probability of events that can come out as result of a specific direction taken. it helps us to think again and again and satisfy the team with which we are taking part in that particular project. Estimations defines the directional interpretation of resources and their usage. Then it is packed into a attractive packing and sent to marketing department so they can transport based on rules and strategy. if you are working in the processing sector and you are given a task to provide optimum controlling parameters for increasing the process efficiency. estimations and predictions both are necessary to judge a project’s well-being. Industrial Framework CPS 313 12 steam. we see most of workers sitting in a room. It is sent to storage section. you have to make a strategy that how to maintain the linkage between new variables and process counters. Therefore. In order to prevent audit errors. if same standard machinery is used for smaller capacity. So. After product is cleaned from unconverted or less converted raw input. It should be understood that even a highly decorated plant cannot always control every bit of chemical disruptions taking place in equipment’s. In a small scale processing. Accounting administration records the transported and sales ratios including profit/loss during distribution. So. A truck driver is not allowed to take that product anywhere upon his own will. not necessarily a master plan which means you can rule over the market. The storage officer or manager notes down the amount of product entering in storage room and leaving from there. Larger the capacity to handle input. However. error or suspicious observation. even the CEO and general managers are not allowed to mess with administration’s base account. sometimes a company have a single base account on which he can take a loan from a bank on a registered project. Production workers watches the product coming out from machine and writes yield ratio first and secondary calculations afterwards. For example. But a general plan is needed for even smaller tasks. But all such kind of plots need some kind of possibility map to comprehend whether they are going into right direction or they are going to a wrong direction instead. sometimes daily excluding quality and control judgments and credentials that are managed afterwards.

But it is common sense rule that you will need a lot of extra money to buy more feet square land area in a commercial sector. Industrial Framework CPS 313 13 knowledge about how the estimations and predictions are combined with the strategy to carry out a project in a successful way. It all the investor’s desire of location same as type that has to be fulfilled under certain grants and limitations. better is the standard and overview of a plant. more the area. Residence sector has comparatively low land area price. it ends up with the investor’s desire to choose the type of plant he want to implant and the industrial men estimates whether investor’s budget is satisfying the resources required for implantation of his desired plant or not. again after a lot of thinking. So. Architecture of buildings along with roads and regional construction is the most expensive part of structural design which is essential in all aspect of framework. most investors realize that they can’t do it alone so they signs a deed or contract with friend or known parties which are maybe in some kind of industrial business or are freshmen like them. it is good. One could might say. We can divide strategic improvisation in two sects: Implantation strategy: Decision of type of plant: It is the first and foremost discussion that takes place when an investor having a lot of money met with the industrial think tanks to decide whether we have to build a sugar plant or a sugar cane plant. All these are deficit management strategies. If yes. Decision of plant location: The next meeting is based on the plant location decision for the implantation. Now I have used the word investor party instead of investor because after above discussed implantation necessities. Internal and external 13 . In common cases. If no. then industrial men need to satisfy investor about his broken desire by telling him about the predictions of this step that the plant will have low production and quality in underspecified budget provided. the investor made his mind to buy land after cutting all implantation budget he have. According to general rules. Decision of plant area: The next important topic of discussion is how much area should be undertaken for chosen industrial implantation. But in common cases the final decision is always made on investor’s will. But again any estimated great opinion is of splendid worth. “Oh! We have to plant near Sheikhupura road because it has a worth of complete industrial sector and market expenses are lower as compared to other cities because market is near and environmental atmosphere is distant away from highly populated and social areas. Decision about construction and architecture: The next important meeting of investor party is with architecture and construction specialists. Land construction and remake costs are also separated because most commonly industries are planted in rural and muddy land part which is available in low cost. It always comes up with great level of experienced industrial workers including owners sitting there.

In standard rulebook. Because large capacity equipment’s are huge and need different cuts and troughs in internal building structure. passes the loan from a national bank with an account and on the other day. not necessary here. Most of the companies in Pakistan which not a branch of an international authorities. First equipment’s are placed in definite order combining all chemical and physical processes in series. parts of a machine like auto motives are imported and assembled under a brand name of Pakistan with a little sentence of half-truth. Industrial Framework CPS 313 14 decoration of buildings along with size and shape is not extremely important but depends on budget provided. the equipment mapping takes place during construction of process/production building. therefore. So. devices and electrical system is implanted without any complexities in the development process. all the equipment’s are controlled by automatic and software controlled system. the next important step is to initiate the process. Initiation planning: After completing the all construction and architectural necessities. This step strongly depends on the type of process that needs to take place. that the equipment’s. Batch 14 . in this section. However. most of the investors knew about the importance of decorated and attractive building because beauty is worth but hearth for most of heartbroken candidates. Now. we will get insight of estimations and predictions in operation workout. so that not even a single error lefts in physical and logical aspect that disturbs the operation afterwards. machinery etc. The processing section is first surveyed by expert engineers before running. In common cases. the next discussion is to import the equipment. devices. intensity of control in intensive state control required (means temperature and pressure etc. In modern era. Decision about equipment installation: Now after the all structural phenomenon took place over the land. it was done password secured commands but now application handles it more accurately and safely with low possibilities of outcome errors. It was common and is other topic of discussion. There are many types of operations that are discussed earlier in operations section. Decision about control system topology: After the implantation of machinery in correct processing order. “Made in Pakistan”. we will talk about strategy needs for operation during daily plant running and some important events. All variables are generic functions based on the conditional and bi- conditional statements.) and pipelines scaling. Operational Strategy: Above. we have discussed the strategy to build a plant. in ancient times. change the registered project ownership and pay some black money to bank managers to remove that loan undertaking. super/mainframe computer system is implanted to control reactions which depends on intensity and sensitivity of flow streams and control variables. Because Pakistan has no mechanical industry in it.

But not so much expensive for a million dollar industrial framework. it is necessary to attract the customers with publicity plans. a big industry cannot sell its product in a rural and under developed area because people cannot pay for it. some HR managers are hired that have a degree and experience in human resource management. judge and control a process without any hesitation. So. if a product has an excellent quality. HR managers have duty to fulfill the requirements of human workers. administration of an industrial framework always follow that golden rule. Because in case of small errors. media and television is easiest but expensive way in this regard. during daily work. It is sure that it is necessary for the survival of the product in the competitive market. a plants gets ready to take a flight. no strategy is required for daily routine work. Because all the devices and machines are system controlled and are set on the best possible input for a sharp delivery point achievement. so they have to set a merit or standard on which skilled and determined workers could be hired. So. Thereby. one should think about that why a commercial is displayed with female tonic to attract customers. So. So. we can derive a general logical statement from above text that more will the quality of the product. coming to the major topic which is product marketing and distribution strategy. it was skipped. Product marketing strategy: After coming to product marketing discussion from processing routine. Zones are also important. The quality is most important parameter in this regard. So we can imagine why most of the daily routine working is actively taking place in quality and assurance department. But production strategy is only the processing strategy will addition of handling and storage responsibility. But if someone have never listen about your product from anyone known in good words. “Prevention is better than cure”. So. millions of dollar are at stake. And they can handle all issues related human workers if they are well trained. Grade points assessment and little experience is must to excel anywhere in the field. Industrial Framework CPS 313 15 processes are only feasible for low level processing with lower amount of production and marketing propulsion. So. But it is used in two ways. Cost of product is an easy way to conquer market but with sacrificing a lot of profit. Processing routine strategy: This topic seems to have good worth but in reality. Therefore. And industry do not want to get any getting in loss irrespective of a major marketing crisis. your product is not going to be sell out. first of all. Nothing could be changed except the sudden errors caused by some external disturbance maybe environment related or some errors concerned with labor negligence. we all will think that there should be a discussion on production strategy. if a product has a fine quality but people don’t buy saying this unique piece of good 15 . after completing all these requirements. the plant administration always need someone who can understand. To start a chemical plant. lesser will be the competition faced by it in the market. for product marketing. only supervision is required so engineers are daily present in two shifts in the processing sector during a continuous operation. It will be sold out with a lightning speed. So they do not feel anything bad in hiring a lot of good engineers having good technical mind level.

a backup plan should be prepared as secondary steps in case of any undesired or unknown happening negating the processing efficiency and thus wasting a considerable amount of extra money. So. So. It is not bad in all cases but it only makes a worker an expressionless machine. Such type of assessment can be carried out in three ways: Direct Assessment: In direct assessment. So. system are the best updated if implanted following the standard rules and regulations. it adds accurate 16 . So. Second is to know the undesired causes that can make an error. However. Money is living and money is life. It is called the professionalism which lacks all emotional senses. Assessments: After understanding all the strategies defined above. So. one is it requires some extra time which should be managed from daily routine. It saves a lot of a time and prepare the mind to fight with undesired outcomes with better and approved technique and methodology. It is against ethics to place a female photo on a product but who cares when it comes against the extra profit. it is simpler to understand in other cases where the input is directly dependent on the output. So. the maximum relations between all possible inputs and outputs are made through the processing function which depends on type and quality of product needed at the outlet of machine. the world have no time for you. A backup plan also is not very easy to make because of two reasons. And thus the outcome is same for which our mindset is prepared. an industry can throw out any worker irrespective of his devotion and skills if it do not have any beneficial concern with him. So. Then. When you have money. however. Because the firm that have faced that issue in past have researched and resolved the issue by making an intensive level 360 degree research so even one point maybe looking unimportant might not be missed. consumers will better think to give that product a try. But industrial working and processing is not as simple as it looks when we go out for one day visit. the sensitive relations are noted down and the possible solutions are discussed and researched to prevent an undesired loss. it is best option to understand the systematic handling of a process at all possible variables and surrounding. the world follows you and when you have nothing. it is necessary to manipulate the out comings of a destined strategic plan. Indirect Assessment: In this type of assessment. Industrial Framework CPS 313 16 is bit expensive. the relations are not made but old breakdowns and errors that occurs in the past are under consideration. either you have to lower its relative price comparing with the product of same kind famous in market. It is easy to understand that even not a single device is cheap in the industrial framework. Sometimes it becomes difficult for command control to handle two or more variables simultaneously. Captivating packing attracts the consumers and they are forced to buy it if some beautiful lady is sleeping outside product covering. an extra strategy called the assessment plan is made to check the weak points of a process or application limitations. Colorful packing always remains in sheer focus in marketing division since the birth the industry.

it is a necessary policy to be added in all major firms in which some kind of chemical reactions are taking place. Industrial Framework CPS 313 17 level of advanced backup to working system and the systems can be modified to handle the issue and solve it automatically. management and marketing is a discussion of completely different theme and they should be presented separately. The duty of processing department is to carry out the required process. major department division in production sector of an industry is defined below. Operational Framework: We have discussed earlier that what are the basic operations and how they are carried out in an industrial framework. But we do not have discussed the major components or sectors that makes an operational sector. Sometimes. It is rare and used in some processing plants in which caution level of hazardous reactions take place. Processing department: It is another management department that is responsible for how raw materials came and managed and drawn into the process equipment. They only learn to watch what their seniors are doing and controlling on that display. Any industry can have less or more departments based on their necessities and process controlling parameters. We will discuss about it later in resource management section. But it is not that much simple. Remember supervision is most important work and not the controlling which is extremely critical and is automated on conditional functions or statements that system 17 . Prevention is better than cure and always it is. Again. chemical explosion. you can draw out your focus because you are human not a machine. research and development department also participate in such kind of assessment activity. After the Crosby Texas. We can google through some of most dangerous events happened in past. So. Manual Assessment: It is unauthorized type of assessment that is carried out on a permitted rules by quality and assurance department. It is the controlling parameters and conditions that are under complete and deep supervision. but it is a general overview. It is approved psychological sense of a normal human being. We will get insight of production sector only under this topic because administration. assessment becomes extremely important and thus more deep level of knowledge and backup is required because loss could be extreme and sometimes it can engulf the lives of labor and engineers working there. But freshly hired engineers are not given any critical responsibility in this department. Operational sector includes the departments and communities that are involved in making the conversion of raw material into desired product possible. And focus limit of an intelligent engineer is one hour because intelligent people cannot survive in thinking about only one thing too long. however daily routine tasking in this department is tough. Not so easy again it is not a movie or a game on which these engineers have to focus. Because a process engineers who are the major ingredients of this department have to stare at system displays continuously. Who want to throw his million dollars in the deep sea? Answer is nobody wants to. Sometimes. So. It looks really simple when you are sitting on a chair and watching how raw components are oscillating between different moving parts of equipment or non-moving parts.

For example. For this purpose. he have to check its quality by pasting it onto a wall and passing it through different levels of moisture. the system has input to enter 200kg acrylic resin and 100 kg binder at one cycle. So. Industrial Framework CPS 313 18 proceeds. interface is tabular due to data distribution and scale setting ease. Technical View on Production management: To understand the technical side. so you cannot change it without having enough knowledge but any researched and good advice is always listen in a good way by senior workers. No change only supervision is basic job and it is important. For example. it includes management section. However. production manager have to be alerted. Production department: It sounds like something same as the processing sector. reasonable production that you can handle yourself. And manage it so that it can be stored in a safe way. If it has a standard quality then it will behave as a 18 . if a paint industry have to assess the quality of emulsion. storage. temperature and pressure values. seasoning. In analytical view. you have one machine. Some big firms hire some production engineer but they do not have anything to do with engineering in reality. a reasonable amount of production managers are hired that do the task to sustain the productivity. imagine you have started a business. not for what is coming out and how to handle and manage that out coming material. The major aim is to fulfil both sale and job orders. For more information. It is easiest job to do in processing department if compared with other fields of work. transportation necessities estimation and that’s all. the test conducted for judging the quality of a specific product depends on its application. they use scale cloud software. selling zones. the successive necessity is ensure and judge whether the product that came out meets the standard or not. cost. But processing sector is only responsible for carrying out process or chemical reaction in best efficient way. The responsibility is moderate and is more important if the environmental conditions can disturb the product quality. knowledge and experts that can check the product quality in best way that can be used. But it can be used as a blank spreadsheet on which required calculations are drawn by a unit coordinates bars. The quality tests are completely different for all industries depends on chemical and physical nature of product and its behavior in different conditions. But as the business starts to grow. orders. It is good to know that the production department do not have engineering section. It is an essential responsibility and require devices. Quality and assurance department: After the production department manages the product. So. It is the duty of production department to handle the product. They are always responsible for managing the product coming out from the end point of working equipment. it is powerful technology have six work options to control productivity. you cannot handle the product yourself and you will start getting a lot of complaints and a downgrading productivity curve on presentation screen. search the scale cloud software on internet for better comprehension of it. in such environment.

then modification have to take place or disturbing factors must be deleted from process or handling operation. It is awkward then you start testing an emulsion by placing it in water. After a lot of struggle due to some analysis bugs in TPM and TQM. six sigma and lean was separate quality assurance methodologies but afterwards both were united to take a form called as lean sigma technology. application surface is wall. for example. After a test is succeeded and result is positive. Before 2000. Lean ideology boosts up the optimized flow of product quality from the customer point of view. the statistical process control strategy was used as an ideal technique to reduce variability in the quality control. For information. then 95% quality is estimated. the focus was only on product or output but input was not taken under focus which was a wrong perception. So environment have to be maintained or process have to be optimized. six sigma technique was presented by Hammer. it will be definitely tasty. Six sigma can be applied to an process. If process is behaving as three sigma distribution then 99% quality is 19 . But if again the test results are negative. in traditional view. the product is sent to the packing sector. for manufacturing applications (Operational six sigma). quality circles and just in time methodology was also introduced by Ishikawa and Crosby. However as the development is made in this field. not only you have to throw out that tested material that you have to do in both cases but important is to modify that process that is producing wrong quality product or maybe some ignored parameters are causing that error or that sample becomes defected when it is brought due to some undesired test additions. Also. Six Sigma’s Technical view: Normal distribution histogram have a target y line where all readings should coincide. If product is behaving as two sigma. You have to check another sample again to ensure error because modifying a programmed process is very tough job. In the mid of 18th century. Sigma in mathematics defines the standard deviation or possibility of variation from idealized output set. The journey of quality assurance begins with the idea of inspection which defines that deep inspection is enough for excellent quality assurance. Sometimes. Six Sigma is a systematic approach to process improvement. Zero defects that assures maximum quality limit achieved by a process and business process re- engineering which means to re-modify the process or major process variables. If a product in behaving as one sigma. total quality management and total process management terminologies which means to take control of all incoming sets of quality levels. for design applications we use design for six sigma. However. Industrial Framework CPS 313 19 standard in application. it should be kept strongly in mind. processing environment is poisonous for product quality. And if the result is negative. The statistical balance oscillates between an upper specification limit and lower specification limits. We cannot eliminate errors but can minimize it. then 68% quality is estimated. however a difference is available. Because if you add good ingredient’s in a recipe. for administrative and service applications (Transactional six sigma) is used. Technical view on quality assurance: Let’s defines how quality and assurance department do this quality assurance service. it involves the use of statistical tools and techniques to analyze and improve process.

whether it is related to life or investment. higher will be product quality. and third is the budget safety. This is power of six sigma. But they are doing it for you. And maybe working in any sector. there exists a probability of 1. Note: Many readers will find it difficult to understand the concept of sigma because they do not knew the base of standard deviation. we got a small boring sessions of safety training by some certified safety inspectors. then overall process yield using same statistical calculations will be 99. we can see red lines near huge noisy machines that are working on input. It is even important when you might ignore its importance. water is not dangerous but the water stream coming from a 1000 horse power motor is quite dangerous. Please read standard deviation topic in a good statistics book and watch a comprehensive video on YouTube. this test do not defines quality but it defines prediction of accuracy in quality test results. Distribution means lowering the sigma value. The probability of overall success will be 0. So overall process yield will be 50.5 sigma shift. then we analyze critical input variables that produces a specified impact on output. not reality. For instance. It needs some graphical and visual things for explanation here. Therefore. second is labour safety. more will be quality of product. one is environmental safety. More the sigma distributions. Three sigma scaling also means 2700 defectives per million. Then we control the optimized variable to sustain that optimized input variable state. we get can any physical damage. every type of industry is equipped with the all safety plans and backups. 20 . And we knew that in a chemical process industry. Also. Examples will help better to understand this concept. The probability of success at each step will be 93%. for example if a process have 10 steps and each step has a three sigma quality level which defines 93% yield. smaller will be variation or deviation. Safety Department: It is a known fact that safety is everything. Also.08% which means 499200 defects per million. then we identify Key y’s (outputs) which is called measurement. But it defines probability. so smaller the value of sigma. Industrial Framework CPS 313 20 estimated. then we optimize x variable (input) to get a maximum possible output with particular sigma phase. Remember. Defect Rates: Let’s understand it using defect rate. Safety is defined in many forms.50. it is what can be come out from the process machine. if a six sigma distribution is present over a period on a wide range of test samples. DMAIC Improvement Process: First we defines a opportunity or variable say x. we have to face many toxic counters.99% means 34 defects per million. As. It is not a complete overview that safety is only necessary under the chemical exposure. because this scaling reduces the predicted variation and improves the quality assurance. otherwise I would have done it with ease. if you go too near them. If same process is behaving as six sigma.93^10 which is 0.

And it is known truth that a computer cannot operate itself and have any sense or capability of input comprehension. there are equal chances that both of the groups can be wrong or both of the groups can be true. inner process environment and outer process environment. So. an industry cannot hire a software engineer for process control but a chemical engineer who know a lot of meaning of process control variables and their adjustments can be hired by industry if they need him with more trust. First type is concerned with the safety measures that should be implemented regarding the health of process equipment and field workers. According to mathematical induction rules. 21 . A computer needs at least one operator for its specified operations. either the process is handled in more or less a closed path or usage of less health hazardous components should be promoted. For accurate multitasking. a car driver can drive a truck but a truck driver cannot drive an aero plane. We should be extremely thankful to our mechatronics engineers who have only made a quadcopter by assembling only chipsets and wires since half century and till now everyone is copy pasting this project in different number of fan blades count. We have no robots indeed. many chemical engineers lose their interest in their field. so exposure of reacting components to process environment is reduced and consequently. Collaboration: Is computer control advancement is replacing any job opportunity? The question is not very complicated as it is made by computer science degree holders and software engineers. Industrial Framework CPS 313 21 All these three branches of safety focus are purely inter related. it can add some little amount to resource budget but health is wealth. due to this toxic misconceptions. In many workspaces of an industrial framework. So. Therefore. But we are always lag behind in one simple common sense thing. It is the human who have programmed the computer logics into its own language and compiled all the logics. it is known truth that some extra expenditure on safety gives a good reward and too minor loss that accountants calculates to be occur on monthly process budget. It might have been a simplest question if we have Japanese robot technology which have many programmed senses. Environment safety is related with two major type of environments. Not it is pretty much straight as we store in our hypothalamus memory. more operators are required. keep in mind that if hundreds of people say one thing true and one say it wrong. inputs and outputs into an application which is able to meet a work standard but not even a field worker. Because a healthy worker can produce a healthy product. But good news is that the answer of this question is simply “no” in Pakistan. A software engineer knew how to make an application but he needs a map for it. field workers health do not undergo any negative effects because workers are pillars of industry and its responsibility of industrial administration to take every essential step in ensuring good health and complete peace of mind of field workers. So. and so he is incomplete without the knowledge of the field for which he is designing that application. However.

communications and meetings. your complete focus should the goal you have to achieve in the project not any other private dealing and interpersonal contentions like I am little sad today we will work tomorrow. These qualities are proven mark of success in every field in every era. I need to throw some light on how collaboration in industry is different from the university collaboration. So. Not disgracing anyone but adding one important message to your information bank. small or big that depends only on perception type. But if the scientist and great inventors had never thought about perfection. So. So. we have to develop a sense of connection as experienced by a process interface command while working in the processing department. on my question about fresher entrance resume building methodology in summer. No one can get all the knowledge this planet earth have and no one as a result is perfect. Involving in any teamwork in an industry. entrepreneurs and motivational speakers talk about. Just imagine if you are engaged in any project. said by almost all industrialists. 22 . It is not my sentence like previous one. Talent. We might have been living in the ancient tech world in true words. I have explained first and humans are related with their attitudes and behavior and this relation makes a collaboration linkage and develops a team. First of all. But workers are the true essence. they have to behave like they are unite ignoring all emotional headaches. No space for such things. Industrial Framework CPS 313 22 Need of Collaboration: It was necessary to give insight to every reader that machines are not the essence of every industrial work field. It is the viewpoint of almost all the industrialist that the completely failed worker is the one who do not listen anyone and think that he knew everything. parents. after discussing all the process frames. The industrial collaboration is purely a professional side of all the aspects of team tasking. skill and good conduct behavior is not the bookish things most of teachers. collaboration is incomplete if a student have broken images about the work field of real world. no project is small because your team has to pay your precious learning time on it. not knowing even one word about what industry is and why they need you there. complete summary of all these advices are that it is better to improve team working skills than to show off an taking selfies sitting on a worker chair. it was also the common answer of many human resource managers. However. it is the answer of one of most technical industrialist I ever met. It means that subtract the emotional and relationship attachments from the whole team work plan rule book. they can even fight in hand to hand combat after the project is completed or they are not in any project meeting or tasking. And the second most failed persons in industrial work stations are those who wants maximum money in minimum time. In a nutshell. It is complex to understand by most readers that why these advices are included in the collaboration discussion. you have to complete your work today. our mindset is responsible for all our doings. team building skills is the definition of collaboration. we have to forget all relations like you have two persons in the project who have as single girlfriend but during the project. it is the skills you got from that experience which actually do the magic. Now. Answer is that the collaboration is related with humans. it is not the resume that inspires any hirer and not it is the experience that do so. So.

It is all about the management of all resources available mainly the cost effectiveness of the product and budget optimization of production department. According to an industrialist. The boy was belonged to a poor family. not the communication skill. these are teaching something you in form of some extracurricular projects. Business Administration: It is the topic which is not that much vast as thought by most of us. But choice of accurate plans of application in different type of work domains is the discussion of business. It needs years to get a degree in business administration but in reality it needs only a comprehensive experience to understand the base realities. same age. because no one tells him or try to tell him that he is only a security guard. he visited a 23 . it can be understood from above discussion that how an industrial community and communication is different from university community. the society ticket on which many of university students brag is only a soulless piece of memory. and you can communicate with a worker in such a way that he thinks you are a manager and if you are a worker. His father was a clerk in the central bank of America. But the difference of living and interaction attitudes is like sky and earth difference. Even an illiterate knew how to communicate. But advance form of communication skills that an industry needs is quite different from our totally wrong perception. It is exposure. However. the noise of communication skills is not that much clear as it sounds good to hear. It should be important to mention here. Now. Think around a little on it and you will get the most of the answers but how? The answer again is if you keep talking daily with the people having same mind level. we will start with a little story written by me that will give you a strong impression of business administration. Industrial Framework CPS 313 23 Community: A community is defined as a system formed by interaction of surrounding non-living things and the living things residing there. The boy was very intelligent but he left study because his family was big and resources were limited. Therefore. you have a truly inspiring set of communication skills. his field members etc. It will be difficult to understand quickly the business sector. Administration department is not the king of all the industrial rounds. As. But it plays the major part in running the plant with adequate amount of ground resources and trade resources. The community of an industrial framework is same as the community of some colorful societies of different universities. The best answer from an industrialist was if you are a manager. and you communicate with a fellow worker in such a way that he thinks you are a worker. they think you are the industry. A boy with a blue shirt: Once a boy whose name was jimmy lives in the town of Los Angles. same personalities and same problems. same mentality. Then. Even the security guard feels confident standing outside the main gate of industry. he communicates daily with his family members. The behavior and environment of all type of meeting is quite peaceful without any commandment errors that can mostly occur due to bad conduct issues of senior workers with the junior staff. One day. Only in very rare cases. The real communication skills means that you can talk with everyone in the way. a person with a higher job rank never treats his undertaken workers as slaves.

Jimmy was a determined boy. Jimmy was confused that how he could initiate his sale because he did not have a very diverse and colorful display to attract customers. However if you start to earn 10 rupee daily from investing 5 rupee and increases your investment 1 rupee per day. however. He thought that he should follow the door selling. And ask him to sell it. it will be impossible to 24 . jimmy asked him to display many clothes of his factory on his homemade garage shop and he will sell them on commission. His father and shopkeeper still remembered that blue shirt which makes a boy to accept a challenge and complete it with passion and determination. The story has been told to clear the mindset of most of the students that we need a big amount of money for business startup. you cannot do. continuous progress is a wonderful strategy to work with. Is story missing some business strategy overview needed for main topic? Answer is yes now. This dependence makes a necessity chain that links many people of single domain into an industrial framework of multiple domains but a single output focus that is the product. His father smiled and said nothing. Everything takes time but hasty are always the most failed people of the life. But this strategy is not so quick to work. He sell that five pieces within 1 hour. So. more the profit he can accommodate. Because he understood that more beautiful the decoration of selling zone. But he was short in budget. Jimmy became happy and agreed the contract. The shopkeeper asked that how he get enough money because he was poor. The next thing he needed was the garment material that he could sell. A subject incorporated for the judgment policy is the availability of the resources. And from the money. the wish of all young people of Pakistan because it is quick. Industrial Business administration: Encourage yourself to encounter the world of challenges and you will never lose because everyone is dependent on someone both in dealings and business. he started to observe the different businesses present there. And those who think everything in a negative frame of reference. This mindset is missing one most important thing that big amount is not necessary for startup but it is necessary for proper setup. Industrial Framework CPS 313 24 garments shop. He sell these within 5 hours. The factory worker was impressed and gave him 10 pieces. He came to the result that he need resources and money to buy a place and furnish it. you will never do and will waste all the precious time of your power age (18y-30y) in thinking that your luck is bad or others makes a business setup by using black way of earning. And devote himself to make an analysis that how a business is actually get started. But its devastating effects are long lasting and will always pay its debt at the end of one’s business career. It continues and after a one year. He meet a garment factory worker and told him his problem. He then visited that shop and bought that blue shirt. he was inspired to see the hustle and bustle in that shop and he likes a blue shirt but it was too expensive to buy. If you think. so he cleaned it and decorated it using all of his pocket money. He got a desire to plant his own garment factory and when he told his father about his desire. After it. It is not very difficult to understand that if you do not have the raw material and labor. The worker agreed and give him 100 pieces. jimmy was the owner of a beautiful brand “coloro”. He got an idea to use his old garage. He gave him 5 pieces of T-shirts. He smiled and stepped back from there. It will make you earning from 10 rupee to 20 and so on. he will give him 2% commission. Black way of earning is.

profit/loss ratios. the industry can definitely produce something. Without business administrations. that business administration of an industrial firm have the responsibility to manage all type of resources. So. industry has to contract with the famous resource providers of interest because a large quantity of raw material is required for large production plan and large profit stances. we can imagine that a larger and more famous firm will have more eye catching salary packages indeed. profit ratios are made higher so that all type of investments make a smooth return. And it is frontal command of every industrial firm. because they knew how to manage a specific worker for a specific field. first industry have to hire some human resource managers. The major sections of work assembly of business administration are: Business Finance: Think of any business. Finance is what that lies in the roots if every business whether it is multinational organization or small retail shop besides your home. Therefore.A Deter: “All those activities which have to do with the provision and management of funds for the satisfactory conduct of business.” According to George Terry: “Finance consist of providing and utilizing the money. production losses and operational cost backups. first priority of an industrial project manager after the complete construction design implementation is to manage the raw material and labor. credits and funds of any kind which are employed in the operation of an enterprise (entry level firm). For labor. capital.” 25 . and revenues which will be discussed later. the production unit will take to payback the capital plant cost. And the management of salary packages for each specified level of worker is decided on the basis of possible profit ratios excluding government taxes. For raw material. but its operation will cease gradually because no one will be present to supervise and handle what is required and how to meet that requirement. we came to the endpoint. After the management of these all the basic elemental resources. all the costs are charted down and net profit ratios are predicted. rights. The business administration team of industry which is hired by industrial project manager at first of all make an estimation strategy to understand how much time. policies. So. It lies at the base of every decision making process. From all above discussion. administration’s policy marks a checkpoint profit that must be achieved per year so that running of plant including all the expenditures is possible without any contentions. For this purpose. Industrial Framework CPS 313 25 make a product of desire and spread it into a point market. It is common sense thing that it will take tens of years to assure complete return. Finance is the basic determinant of most business decisions. First thing that comes to mind is the finance and capital. ponder over the basic requirements to start it. So. According to the C. But administration of industrial firm knew the truth that it is better to get one billion rupees income than to store hundred trillion rupees.

These expenditures are incurred on defense. Investment finance does not restrict to national or geographical limits. A small concern might be wholly based on business finance raised from their own sources or through friends and relatives as they require small amount of business finance. Majority partnership of the finance is raised by selling securities and ordinary shares. a US resident can invest in Pakistan as well. housing etc. A company on the other hand requires huge amount of business finance and might collect it from their own sources and / or from borrowing. 2. Non-institutional sources includes friends. Public Finance: It is purely government activity. It can be raised through both institutional and non-institutional sources. Business finance is the most common element in sole proprietorship concerns. trade groups are always in need of huge amount of finance as compared to partnership or sole. are examples of taxes that are imposed to finance government requirements. Freight duties. multinational projects. To finance all these projects government collects revenue through taxes on public. relatives etc. and their basic aim is the same i. The requirement of the amount of business finance may change depending on size of organization. to raise finance for the needs of the government income tax. judiciary. Similarly. maintaining law and order. These taxes in turn are of various types and kinds. sales tax etc. Industrial Framework CPS 313 26 According to Kris and Dagger: “Business finance is the flow of capital and credit that makes business possible” Constituents of Finance: The three basic constituents of finance are explained below: 1. Investment Finance: Corporate companies. partnerships and companies running all around the economy. property tax.e. investment companies. It also allows a vast majority of people to share the monetary profits of the company over its whole life. running various social advices department including health care. It can be raised from owner’s own funds and from borrowed funds. A business man in Pakistan can invest in any USA based company through Wall Street Stock exchange. Business finance is perhaps the most widely used component of finance. specialized credit institutions. Loans are also taken from banks or other financial institutions to meet the occasional shortage of capital. 26 . 3. The growth of multinational organizations in the last decade owes a great to this investment finance. In case of budget deficit borrowing is made from both the internal and external sources. The stock exchange system will be explained afterwards. You know that the government has to incur huge expenditure. Institutional resources includes banks. purchase of weapon. Not only the selling of shares help in accumulating extraordinarily huge finance. Business Finance: Business finance means the capital fund required for meeting the organization’s financial requirements.

means a finance which is invested in a fixed asset (infrastructure necessities). The current needs may include payment of taxes. • For capital intensive business larger fixed and working capital is required while in case of labor intensive business lesser fixed and working capital is needed. The need for short term finance arises because sales revenues and purchase payments are not perfectly 27 . • The greater the involvement of business risk. Industrial Framework CPS 313 27 Types of Business Finance: 1. Factors affecting fixed and working capital requirements: • Greater fixed and working capital will be required for large scale business. in simple terms. circulating/working capital is the finance that is invested in current assets of the business. • If the organization sells on cash then less working capital will be needed while credit sales require more capital. but important terms will be explained: 1. but subparts will not be explained due to the concern that reader might not have a deep terminal knowledge. the larger will be the working capital required to cope up with such risks. Short term finance: It is needed to fulfil the current needs of business. These assets once purchased remain in the use of business for a longer period of time. repairs of plant etc. • The trading concerns normally require lesser capital in comparison with manufacturing concerns as the operating cycle of manufacturing concerns is lengthy as compared to a trading concern. Examples include finance for raw material purchase. For example. • Larger fixed capital will be required to purchase fixed assets on cash while less capital will be required if organization avails the facility of leasing (Payment divisions). plant. Sources of business finance: The three types will be explained below. Fixed Capital: Fixed capital. machinery. Circulating/Working Capital: In simple words. salaries or wages. the fixed capital is needed for the purchase of building. when a company starts a business. • Larger fixed and working capital is compulsory in a business which requires automation. advertising expense. • If the organization is involved in multiple strategic business activities then it will require more fixed and working capital. 2. payment to creditor etc. vehicles etc. Such finance is needed to fulfil every day running requirements of business. Fixed capital is a long term finance and this is one of the essential requirements of the business. repair expenses.

) Trade Credit: It is the usual practice of a businessman to buy raw material. store and spares on credit. Such finances are basically required for the balancing. Such transactions result in increasing accounts payable of the business which are paid after a certain time period. Following are the sources of medium term finance: • Commercial Banks (They provides reasonable amount of loans) • Hire Purchase (It means buying on installments with some interest) • Debentures and TFCs (Debenture is acknowledgment of loan from company. short term finance is needed to match these disequilibrium. 2. Sometimes sales can be low as compared to purchases. modernization and replacement of machinery and plant. Goods are sold on cash and payment is made after 30. These are also needed for re-engineering of the organization. Further sales may be on credit while purchases are on cash. They are basically desired to meet structural changes in business or fir heavy 28 . debentures are replaced by TFCs. This allows freedom to businessmen in meeting financial difficulties. “Term finance certificates”) • Insurance companies ( Such firm have a large pool of finance due to their attractive policy and can fund a good finance package depending on agreement) 3. 60 or 90 days. firms etc. It can be of any duration depends on agreement and the debenture holder enjoys return at fixed rate of interest while under Islamic rules. Sources of short term finance are • Bank Overdraft (Under which client can raw certain sum of money over and above his original account balance) • Bill discounting (It provides cash to the holder if the bill which can be used to finance immediate needs) • Advances from customers (These are received for the confirmation of orders and can be used as a source of finance operations) • Installment Purchase (Deferred payments are used as a source of financing small expenses which are to be paid immediately) • Bill of Lading (It is a legal document that guarantees a loan taken from banks and that loan can be used as finance) • Financial Institutions (Cooperation of society. Industrial Framework CPS 313 28 same at all the time. They aid the management in completing medium term capital projects within planned time. So. Medium Term finance: This finance is required to meet the medium term (1-5 years) requirements of the business. Long Term Finance: Long term finances are those that are required on permanent basis or for more than five years tenure.

But Islamic banking system strongly prohibit this interest known as Riba. Under leasing there are two parties. leasing is a hire purchase agreement in its soul. external sources are more favorable to use because a finance loan taken from a bank have no income tax and audit wandering on it. available definitions are bit complex to understand. new equipment can be acquired without any heavy outflow of cash. an equity is related with the owner or main investor of firm itself. Leasing: Without using complex sentences. Most of banks take at least 6% interest on it. The finance provided by owner of business project itself is called equity finance in which external sources of finance are not present. but rather a sale of the usufruct (the right to use the object) for a specified period of time. Legally. This is also called ploughing back of profits) • Leasing ( With the help of leasing. income audits will be triggered by equity finance holder. a lease contract is not a sale of the object. These are also needed to initiate a new business plan or for a long term development projects. Liability is also a term used to define such type of financing but it defines extent of dependence of a business firm on external sources of finance. So. Following are its sources: • Equity shares (Share investments and public generation of capital base of finance but it is amount which can be paid back only when company is being wounded up) • Retained Earnings (These are reserves which are generated from the excess profits. they can be used to finance the business project. It is hard level to achieve because high amount of taxes. Debt Finance: In this type. details will be in separate topic) • Financial institutions • Debentures Major essential terminologies in business finance are following: Equity Finance: For a science student. So. These debts have to be paid using installment system or corner profit agreements etc. In times of need. one is owner or lessor of the asset and other is the lessee or the party that takes the assets on lease. The lessee takes the asset for use for a specified period of time and makes rental payments. debts or loans are taken from a local or central bank. Industrial Framework CPS 313 29 modernization expenses. by translating in simpler sentences. 29 .

And have to report the feasibility of each specified transaction for a specified purpose. if a party hires an asset from a lessor or owner and if the lessee pays the complete amount of purchase on installments at any specified time. It is little benefit bonus but rare because owner used to know this game play very well. if you take a car from a company at lease in 7 lac rupees. losses.000 rupees to car owner. So. Until then he have to pay some debt amount.2 lac. And this management is related with collecting the account data. Whether it is the account of chief executive officer or it is the account of a general manager. expenditures. It depends on the change in asset amount over period. Operational Leasing: In this type of leasing. the accounting is defined as the account management. It is pure hire purchase agreement. Types of leasing contracts: Close end leasing contract: In simple language. But it is simply the management of accounts. You have to only pay the contract amount. Excluding 30 . Accounting in business is double fold responsibility. But if car price increases to 7. many other definitions are available in books. A company may have many bank accounts in which money from a firm is deposited.8 lac. Contract amount also have to be paid. It is like buying a house on rent whose debts never ends until you leave that house. Industrial Framework CPS 313 30 Types of Leasing: Finance Leasing: In this type of leasing.000. if a party hires an asset from a lessor or owner. Accounting: Accounting is a simple term which to relate in all analogies to an account. the transactions related with monthly resource budget. arranging it in a database and summarizing the transactions of money through for any specified need or purpose. An account is a secured space accommodated for official money storage and money can be added and drawn from it according to banking policies and rules made by central bank or individual banking systems. The lessee can never become owner of that asset if his installment reaches the purchase amount. Because an accountant have to manage all ingoing and outgoing transactions. activities need a special attention because the survival of an industry depends upon that budget and small fluctuations and corruption spots can cause a considerable damage to productivity and market health of an industry. he will become owner of that asset. the price becomes 6. the lessee have to pay commission on productivity of that machine on monthly installments. Open end leasing contract: It is independent of change in asset amount over period. owner have to pay you 20. You have to pay 20. And at the return agreement date.

And also he have to record the monthly finance dealings including the capital costs. the most basic rule is that an industrial firm must have a separate administrative account from where transactions of business dealings and resource purchase including labor wages have to be managed. Now. A voucher must have the signature of the managing director or finance manager. it becomes a police case. Before starting. For example. general managers. The major procedure of money transaction done by an accountant is usually in the form of a voucher. Then certain calculations of liability or assets must be included in record. Most of times. in case of any default. Marketing sector: Human Resource Marketing: Lying down on the bed and thinking about your unemployment is one of the biggest nightmares of human life. chief accountants do not play any side game with finance and industry does not have to face any negative budget impact or bad reputation charges during the FBR or audit department’s inspection or some kind of complaint of a firm worker. And in worst scenarios. An account have nothing to play with it. strategic estimations and predictions are the tasks of finance manager. it has to be remembered that predictions and estimations have nothing to do with the accountant’s job. Industrial Framework CPS 313 31 Pakistan where no one follows the rules. institutions or banks. an account management strategy initiate with development of check and balance system that is interconnected with the administration’s eye so every approved transaction whether ingoing or outgoing proceeds through all the executive members of administration and satisfactory purchase or investment of that money might take place. you will be unknown to best wishes or best chances to get settled. He have duty to record what is being done with resources or how much amount of money is to be passed for a reality purpose. Then a check is issued having certain amount of worth which has to be devote in some business dealing or resource management purpose. You have to present yourself into different covers in front of different firms providing different work options to you. So. However. sales taxes and commercial taxes etc. It is simple to understand. assistant managers. So. Greed can prevail at any time. income taxes. Account management is a sensitive responsibility because a cat have to ignore the fish that is always in its hand. it would be simple to understand if you are unknown to an employer. the accountant have to become guilty if even he is a victim of any type of conspiracy. no such interference is present between what we may have and what we have? An accountant can work with a excel spreadsheet to store values of data for all transactions and sale/purchase. we start discussion about how an accountant do his job. he have to pay the debt by losing his job. The work of an accountant becomes a bit more complex when finance is being managed from some kind of external sources. if production unit have estimated loss of several thousand rupee due to process efficiency. Some strategies are available and some are made due to advancement in this field but in Pakistan. you have to go out and adjust yourself into the environment of struggle. there are thousands of firms that 31 . Again. but remember if one firm do not have any human worker necessity. But most business firms try to prevent any police cases owing to the risk of bad reputation threats. chief executive officers. operational costs. He also have duty to calculate profit/loss ratio coming from the sales market.

company name. it all follows on its own self-benefits. There will be competition of a product in a market whenever there are large number of same products type is present in market zones. and devote yourself in searching chances and options instead of sitting in your home and discouraging your junior students by telling them that there are no jobs. The cutting technique. it will purely follow merit base policy. processing is quite of different nature and your all the investing amount will be burnt down to ashes if even a slight mistake will happen due to unavailability of accurate and polished knowledge and skill level. A product firstly needs a transportation support which is accompanied by a hundred of truck drivers and trucks based on capacity of production unit. So. no one will buy anything but only in crucial necessity. you need a worker for your workspace immediately because workspace is feeling a workload tension. If someone is referring his nephew. Also. In darker side. Just imagine if all the products in the market are present in a white color packet with product name. You will be confused now and many questions would be clicking in mind that Why it is or May be it is wrong? Reason is simple that industry have no blood relations. If an industrial firm has a processing unit vacancy. processing unit address and trademark logo. it may be possible that someone’s nephew is ready to avail that chance before even you enter in that gloomy interview room. we should remember that milk product marketing do not have to compete with the mineral water marketing because both are products of different daily routine application and of purely different nature. If there are administration and other unit vacancies are available. But in administration field. nourish and optimize your skills. And we can also imagine a carpenter could not be hired as barber due to reference in processing unit because both can cut. I have used a sentence somewhere above in strategy topic that a product has no legs so it will run away in the market itself. Many of us have listen this proverb. orders and work methodology which is quite easier than working as process engineer or safety manager or quality and assurance manager or researcher and developer. In final words. Because it is the colorful and press printed packing and covers that attract customers and thus creates a competition in a market because if Olpers is present then Milkpak is also a choice to buy. daughter etc. Then anyone who have a degree in that specified work station will be hired by you. resources. son. many will leave study like an option and will run after CSS exam greed which is like a prize bond only. For example. Product Marketing: After understanding the human resource marketing in realistic and simple language behind complex professional language of authors. The decision of selection will be based on the advantage of that step or at least minimum or no advantage but no disadvantage policy is confirmed. 32 . “He has low grade points and experience but he is adjusted” But we do not want to understand the underground realities. only managers. directors and assistant managers play the full and final role. Neither it is first come and first get policy nor it is give money and take job policy. Industrial Framework CPS 313 32 would need you but you are away from their eyes so anyone who is near to employer at that time of need would be hired by them. And other junior staff members only follow the rules. and application material is different. the next step is to understand the product marketing.

So. And one important thing is the difference between quality and nutritional facts. water paints and weather resistant paints and in reality they need same processing but a different components combination ratios and sometimes addition of some additives and some kind of change in controlling parameters like temperature. On the other hand. market segmentation strategy is more immersed in the processing unit. for selling detergent at service stations. I need to replace the sulphonic acid (black oil) with soda ash contents because service station worker have an extremely sensitive hand due to a long lasting water usage on daily bases. market segments are different from market zones because they deal with working sectors of life. Because they are not everywhere and usage is minimal. how much germ free it is if food product is under discussion. As a result. the zone. However. for defining. We are slight diverted from our main topic but it was important to mention that facts there. the non-feasible market zone for this product will be the village areas where almost every house have a buffalo and they only drink pure and natural milk that is why they are far more healthy and strong than us. Nutritional facts defines the inner ingredients of a product and quality defines how efficient and safe it is for application. I have a detergent powder product and I am making a relation between all the market segments and product type or quality. 33 . It is important to understand that every nutritional fact written on the back side of food product packet is not always true. resources to check it but food authorities cannot check its nutritional properties accurately. It attracts consumers towards a product and thus can also provide an application quality test at true level of application. So. industry takes a slight advantage and consumers suffers on heath aspect of its life. pressure. Olpers etc. Like 5-10 kg per week application. I will need a high caustic ratio for industrial segment selling because they use it in large mixers and molders cleaning purpose. That weapon is known as advertisement and promotion. The next important thing is market segments. there are many types of product but if we do not have a lot of resources or we cannot manage too much types of product at a time. a product have excellent quality without having excellent nutritional facts and a product can have excellent nutritional facts without having excellent quality. But I have to make a low caustic and high sulphonic acid (black oil) ratio product for household uses. For example. Therefore. Similarly. the feasible market zone for this product will be rustic and artificial living style of city areas. It will be easy to understand from an example that if an industry have a product like a synthetic milk like tarang. It needs a bit explanation so we will discuss it afterward. most of the times. a weapon is used for this purpose is a bit costly but it can boost up the sale up to many times of incident market coverage. A market zone is a division of feasible and non-feasible selling zones. Although. mixing time and mixing revolutions etc. we might imagine the three different types of products from a paint industry like emulsions. Market zones is the most important thing that be understood when reading the marketing sector strategies. a market zone is somehow different from a market segment. So. behind the scenes marketing strategies based on lies. Processing unit may have time. a word is used called segmentations which replaces a larger cluster. We need to subtract the lowest selling market segment here which is definitely service stations here. Industrial Framework CPS 313 33 A competitive market strength needs a strategy to sell the product with a required balance in overall profit ratio.

then relatives will add negative impact on the consumer family and they will leave the product consumption after a limited time. If you have a product that is only made by you and 34 . Let’s understand it by using a simple example only. commonly called the cuckold strategy. Environment of a market subgroups i. a seller is always confused that how a consumer will buy his product in that type of market. Marketing in behavioral analysis needs a one additional strategy to remember which is not given much importance by marketing and sales managers. So. it is better to dress like that shopkeeper to convince him by boosting his self-respect. more the quality and convincing factors we have to use in product marketing. If a person wants to sell his product to a doctor or an engineer. he do not need to be suited booted. however. So. it is a bone of contention and many questions arises and keep on arising without getting appropriate answer. if we convinces a family about a product but relatives are not convinced.e. More the rate of literacy is. We can divide consumer behavior in many type of responses which is more accurate to study and comprehend. studies and researches have completed understood the human phycology. someone who had a positive opinion changes his mind towards a negative opinion about our product. if a person wants to sell his product to a lower middle class shopkeeper. is largely depends on the literacy ratio of that area. But one thing is always common whether it is related with underdeveloped area. mohalla etc. However. Instead of diving in the complex words used in definition of this strategy. It is also done by promotional activities. sometimes of same quality. So. it is not liked by most marketing degree holders. The customer behavior is extremely complex to understand because a customers can derive hundreds of attitudes towards a product based on hundreds of psychological behaviors available on all living standards. rich community and poor community area. the next step is the advisory or convincing strategy to be used to turn that negative attitude into a positive attitude. fully developed. a promotional activity is only essential for the competitive marketing. The two response divisions are positive and negative responses. It is also called emotional grip. there is always a rush and hustle bustle of same kind of products. we have to convince a subgroup in order to build strong productive response there. Promotional Activities: Conditional factors: In a market. That common thing is reaction or response under product application. Now. It is very common so it has been remained as an issue since 19th century. So. Therefore. he need to be suited booted for a standard patch up and self- respect gain for marketing assistant himself. if you are not true. So. we need to discuss environmental factors also. And a complete course is made known as “promotional activities needed in the competitive marketing”. it’s a deceiving wrong way of selling. But it will be discussed more deeply later in promotional activity discussion. Sometimes. Media and promotional activities do this job like a charm. There are many reasons of change in attitudes maybe. After understanding whether consumer is behaving positively or negatively towards a product. housing socities. That is appearance based strategy. Industrial Framework CPS 313 34 The second last vast topic of discussion which is mostly studied in the form of a 3-credit hour course or in form of books by BS marketing students is consumer behavior judgment.

they can’t buy it due to limitation of resources of such residents and they go for low quality and low cost product even if they do not like it. But in most cases. then there is no need to target any product. the quality seller do not have any promotional expenditures. Domestic advertisement is not so much costly because they are not 35 . predator may also lagging but thanks to presence of lies that can do any magic and can create anything which is not most of time real. you have to counter others mischief in a better way. it is like an instrument which can be good or bad depends on its usage. On the other hand. otherwise all of struggles will cease to desperation only. So. it is not going to sell in under-developed and poor communities at any costs whether you start to sell that product free at initial. everyone will buy it even it is good or bad. if someone is spreading bad or violent information through media. There are two ways in which media marketing is done. if there are many kinds of same products available in market. They will not buy it afterwards because even if they started to like it. Then. rivalry leads to the publication of such advertisements in which some of wrong points or lags of opposition product is gripped and advantages over that target product is defined in terms of others lags. these are some conditions in which promotional methodologies are useless. Such advertisement is completely effective if either no product of same kind and application is present or no advertisement of same kind is present on media. Industrial Framework CPS 313 35 it has some kind of application needs. but in a strong competitive market. domestic advertisement and commercial advertisement. Also the quality matters a lot. Therefore. In competitive marketing. Lies are common in marketing business or lie is the soul of marketing strategy in Pakistan. many small factories using poor standard of process and raw components and without colorful packing have a good monthly sale and income because everyone can buy such product without having a high monthly expense budget. then he is propagating the negative perspective of media. however. And it should be kept in mind that only those firms that have a strong competition in market in market are opted or compelled to such kind of strategy to win the upper hand in the market And also advertisement can be spread based on two regimes. it is due to self-respect of your workers and firm. However. if quality is far better in reality. first is advertisement that defines the quality of product and application advantages of product but do not use relative effectiveness clash points. one more important thing should be remembered that even if you have a high quality product but definitely it will be expensive. marketing team takes the help of media to fight against other product of different industrial firm. The second kind of advertisement is bit kind of undesired one in most cases. If someone spreads good information through media. But we are attracted towards such advertisements because beautiful females are present in that advertisement that captivates a male consumer sensually and he is mentally attracted to the product due to sideways gender propulsion trauma. then he is propagating the positive perspective of media. but quality difference is present. But another point of view is. Jazz and Ufone have a lot of such kind of advertisements due to competitive rivalry. Then. Type of strategies: Media War: “Media is dangerous” This quote is commonly used by most of the politicians and unfaithful people. Like recently on TV. But media is not itself good or bad.

And also in city. for a complete city coverage. In short. In this kind of promotion. But google ad sense is accurate for use if needed without any cons. Door to Door selling: It is old and ineffective in this modern era if compared to media advertisement. You have sawn this sentence on many posters and advertisements mostly in fast food restaurants. a lot of marketing teams should hired and a good time limit and resources must have given to each team depending upon area given to it. In this modern era of 21th century. And selling rate become very good. most people do not want to permit any stranger to come in their home. not all famous websites use advertisement tool to get money. But female brain becomes dim in shopping sector if a shoe is available anywhere in 500 rupee. electricity bills. residents do not allow anyone to visit their homes. in northern and tribal areas. for completion of this promotion workout. they do not allow their business to get in a loss. government taxes and small saving for personal usage etc. So. Fear is not really necessary because such products are for their health not for anything else. However only some kind of products like female privacy use products was best sold in this promotion strategy because most were shy at that time to buy such products outside. So. adobe Photoshop is used worldwide. they will buy. But it is based on lies in famous garment brands. Commercial marketing advertisement are expensive and a high rated television channel is given the task to display it at a high cost of several million rupees. Discount offers: Sale! Sale! Sale! Buy one and get one free. So. most females get enough confident to buy such products from shopkeeper without fear. But if somewhere same kind and color of shoe is present 600 rupee with 50% discount like Bata. Industrial Framework CPS 313 36 displayed on a high rated television channels and may be used for any kind of personal or private use in product marketing. 36 . But most famous website do not use this tool because it can cause a slight damage in the website’s reputation and health or sometimes SEO search engine. a temporary hired marketing team is given a task to complete a specified product marketing in a specific area. this strategy is useless nowadays. But also in discounts. Also. But on the other hand. therefore this software has a high price but pirated versions are also available for use. a minimum threshold cost value is estimated which gives a reasonable profit enough to pay workers. But in reality that product have same cost value in the entire market of same kind. The most powerful platform is Facebook which takes some amount in dollars and permits you to display you product advertisement in any edited version. only middle class or poor websites use it because it gives a good return. discount offers can be deceiving in most cases of a running business firm. So. It is best kind of promotional strategy which is extremely effective nowadays. this creature will not buy it. a new sparrow in the market have to use discount offer activity in a true sense and nature. cluster or zone. prices are returned to their set goal value. such new comers urge people to try their product and when enough money is thrown in promotional market. Service etc. In this way. But in today’s era. websites are also used for commercial marketing. For this purpose. where price tag 2200 rupee only is cut and 1600 rupee downward is written with 20% discount. It was more costly than even it was effective.

37 . Or any promotional cards are played in events like a song by Falak or poetry by Anwar Masood. product gifting. Auditors design audit procedures to detect all kind of risks that they identified and ensuring that the require audit evidence are obtained sufficiently and appropriately. let’s move towards the audit procedures that describes how audit is done? Audit procedures: Audit procedures are the processes that auditors perform to obtain audit evidences which enable them to make conclusion on the audit objective set and express their opinion. For explanation. However. and risks. professional life or household life. This is to make sure that all concern or risks are address in the procedures. audit partners need to approved on audit plan and audit procedures before audit team could perform their testing. Industrial Framework CPS 313 37 Public events sponsorship: Public events are the biggest kind of entertainment in a society whether it is student life. Audit of an account is defined as an account credits/balance inspection. But the industrial firm have to pay huge amounts on sponsorship but it gives a nice return in terms of increase in market selling and profit ratios. Normally. It is dangerous for those who are defaulters or are involved in any kind of corruption. However. audit scope. then daily a viewer have to hear that product trademark name or logo. powered by or cosponsored by an industrial product trademark name or logo. in some public events arranged by an industrial firm or university. posters. And it adds a live strong impression of a product on the minds of spectators and they can also spread good points of your product if they find. Like many of the festivals are still celebrated in present time in some urban areas of Pakistan. The sponsorship takes a lot of advantage by investing in such kind of events where there is chance of participation of big amount of audience. because everyone’s mind is busy in celebrations activities there. it is also a promotional strategy and is very powerful because if millions of people are watching that drama daily. Auditors normally prepare audit procedures at the planning stages once they identified audit objective. Audit: Sounds like something terrible. These two are the same thing. presentations and speeches are given to public. The similarity or certifications present in paper proceedings are the base of an audit. Sometime we call audit procedures as audit programs. We have also sawn a sentence on some TV shows and movies. but it is not that much bad as we think it is. If any kind of dissimilarity is found in the records and actual credit chart. promotion of product is effective because many have present state of mind there as there is not that much celebration tasks in which one gets busy. Public events are proved to be efficient and cheap as no money have to be invest except event arrangement. audit approach. But promotion there is not that much effective. Audit in its literal meaning is a cross check of all transactions of money. For this purpose. sometimes a complete event is managed by an industrial firm to promote its product instead of participating as guests in an event of other firms of any kind.

Five types of Procedures: Analytical Review: Analytical review is not the procedure that use to obtain audit evidence. but it is the procedure that used to assess the unusual transactions or event as the principle or basic to perform another procedures. The main reason is that the depreciation expenses are calculated systematically and occur regularly. Those five audit procedures include: Analytical review. inquiry. Typically. This is because internal control over financial reporting is different from one client to another and the control might be change from time to time. information from inquiry sometime hard to be used as audit evidence. observation. Sometime auditors inquire management about the business process and the ways how financial transactions are recording as well as the major control on business transactions. For example. Audit inquiry is sometime use by auditor to obtain audit evident and sometime is used to obtain an understanding for some nature of business or accounting transactions in order to gain enough knowledge to design and perform testing. Inquiry is also one of the most importance audit procedures and it could be used in different stage. inspection. Inquiry: Auditors inquire accountant and related management to gather information and obtain an explanation on the matter that found by auditors. For example. and recalculation. Auditor might need to update audit procedures from time to time event thought current financial statements had been audited by its firm or team. we can use analytical procedure to assess the reasonableness of depreciation that records in the financial statements. 38 . Analytical procedure could be used for the types of transactions or event that occur regularly or have connection with others transaction or event. there are five audit procedures that normally use by auditors to obtain audit evidence. The audit evidence that you found as the result of your testing after inquiry in strongly to be used as audit evidence rather than information from inquiry itself. then auditor will use others procedures that applicable to obtain evidence. and period to period. However. when auditor found there is unusual transactions or event as the result of using analytical review. Industrial Framework CPS 313 38 Audit procedures might be different from client to client. auditor might inquire management at the planning stage and auditor could also inquire management to confirm the consignment liabilities at the end of the audit work. For example.

auditor join client stock take at the year end and observe whether the way that they counts are in the correct procedures or not. However. but it confirm whether clients counting procedure is correct or not is one thing. Auditor might examine whether the invoice issued by client is really based on the goods that receive. Inspection: Inspection is refer to verification or vouching documents. auditor examine the sales invoices that records in financial reports. And the goods that received is actually the one the company make an order. auditor might perform one week or two weeks observe in the restaurant and then make their own estimate whether or not the revenue is reasonable. Recalculation is the procedure that use to confirm the accuracy of transaction that involve calculation. Sometime auditor using observation is not only for observing in counting fixed assets or inventories. audit is not confirmed whether client counts their inventories correct or not. but they also jointly perform counting inventories. physical confirmation. Auditor might also inspecting the supporting documents recording the inventories movement during the year. Another thing is auditor try to confirm whether the counting is really exist. In this procedure. auditor might re-perform depreciation calculation and assess if there any different between auditor calculation and its client’s calculation. Auditor might also examine the payments voucher against the authority that approve on the payments vouchers. This is including the documents related to purchasing raw material. This kind audit procedure is mainly to confirm process that client told. Auditor might also perform the recalculation on monthly salaries expenses that prepare by payroll and finance department to ensure that the net salaries that paid to employee is correct. the revenue seem not completely records. For example. For example. or sometime use to obtain audit evidence in order to make their own projection which will be used for comparison with client figure. For example. sometime auditor is not only observed how the client count. In this case. Industrial Framework CPS 313 39 Observation: Observation is one of audit procedures that auditors use to obtain an understanding and gather audit evidence mainly to the real process or the ways how clients done some specific business process. This is one of the most importance and it can be 60% of audit work involve with the inspection of documents. 39 . For example. Here is how. Recalculation: Recalculation is the type of audit procedure that normally done by re-performing the works that done by client in the purpose of assessing if there any different between audit’s work and client’s work. auditor perform the reasonableness testing of revenue recording in the restaurant and based on the accounting record fact check with their understanding. but also using to test the reasonableness of revenue. in practice.

This will also help them to redesign audit procedures when the existing procedures are not practical. For example. This test is to confirm whether those transactions are really occurred or not. The following are the list of financial assertion that auditors normally test: Transactions and events: (in P&L) • Occurrence • Completeness • Accuracy • Cutoff • Classification Account balances (BS items) • Existence • Rights and obligations • Completeness • Valuation and allocation Presentation and disclosure • Occurrence • Rights and obligations • Completeness • Classification and • Understand-ability • Accuracy and valuation 40 . Understand about financial statements assertion could help auditor to not only tailor actionable and effective audit procedures but also help to perform their testing more efficiently. auditor may test the occurrence of sales revenues that records in the income statement for the period. Industrial Framework CPS 313 40 Financial Assertion and Audit Procedures: Audit procedures above normally designed to confirm the financial assertion of transactions or event in the financial statements. Auditor might also test whether the sales revenues that recording are completely records or not by testing the completeness.

Risk assessment contribute significantly to auditors to design the right audit procedures. bonds. Therefore. The worth of the company going public and the number of shares issued will determine the opening price of the IPO stock. auditor will identified that risks that they think might happen to financial statements. risks that associate. Note: Audit procedures has data taken from a document provided by an audit manager and most of explanation is written during interviews of audit teams and audit managers. and other classes of securities take place. Industrial Framework CPS 313 41 How to design audit procedure? Audit procedure normally design by auditors based on the characteristic of target transactions or event. and the secondary market. Also known as the equity market. the stock market is one of the most vital components of a free- market economy. This trade is either through formal exchanges or over-the-counter (OTC) marketplaces. The primary market is where new issues are first sold through initial public offerings (IPOs). Stock Market: The stock market refers to the collection of markets and exchanges where the issuing and trading of equities or stocks of publicly held companies. • Assertion that auditor want to confirm • Procedure to test those assertion • Reason to perform the procedure After performing risks assessment. where participants 41 . auditor might things the inventories that reporting in the financial statement might not exist. the primary market. and the approach that auditor respond to those risks. When designing audit procedure. Please read this to improve your professional skills and knowledge without negative focus. existence is the assertion that auditor want to test. All subsequent trading happens in the secondary market. Not responsible for any kind of plagiarism and disperency. In this case. auditor must make sure that all of those procedure contain and address three importance things. Right audit procedures is not only help auditor to perform their work more effectively but also contribute to auditor in minimizing audit risks (detection risk). inventories observation is the procedure that should be included in the inventories’ audit procedure. quantity of inventories to be observed need to be stated clearly to make sure that auditor in charge for this cycle could understand. Technical Point of view: The stock market consists of two main sections. It provides companies with access to capital in exchange for giving investors a slice of ownership. The way how to perform. Institutional investors typically purchase most of these shares from investment banks. For example.

Industrial Framework CPS 313 42 include both institutional and individual investors." Shortly after the stock market crash of 1929. not as physical certificates. founded in 1971. The SEC is a federal agency. companies in bankruptcy are typically listed on the pink sheets. so finding credible information on them can be difficult. firms tend to be listed on the NASDAQ. London. orderly. founded in 1792 and located on Wall Street. the mission of the SEC states it is "to protect investors. Such exchanges exist in major cities all over the world. Listed securities are those stocks traded on exchanges. but the NYSE has a market capitalization that is larger than Tokyo. Pink sheet security often will not meet the requirements to list on an exchange and tend to have a low float. stocks are listed and traded. the birth of the Securities and Exchange Commission (SEC) set a goal to restore investor faith in the financial sector. as are penny stocks. These securities need to meet reporting regulations of the SEC as well as the requirements of the exchanges where they trade. most powerful stock exchange in the world. the execution of most transactions is by electronic means. OTC securities do not need to comply with SEC reporting requirements. stock markets. A company uses the money raised from its IPO to grow. the two most prominent stock exchanges in the United States are the New York Stock Exchange (NYSE). it does not receive funds from the buying and selling of its shares. Explicitly. and facilitate capital formation.S. maintain fair. Over-the-counter securities are exchanged directly between parties. The Securities and Exchange Commission (SEC) is the regulatory body charged with overseeing the U. but today it lists all types of stocks. This lack of data makes investing in pink sheet securities similar to investing in private companies. Stocks of larger companies are usually traded through exchanges. usually via a dealer network. which colloquially is often the synonym for the NYSE. 42 . Stock Trading Over-the-counter (OTC) and listed securities are the two primary types of securities transacted on stock markets. Regarding market capitalization. On exchanges. However. and the NASDAQ. and the NASDAQ combined. including London and Tokyo. but once its stock starts trading. The NYSE is still the largest and. such as closely held companies or thinly-traded stocks. The NASDAQ originally featured over-the-counter (OTC) securities. Even the stocks themselves are mostly held in an electronic format. and efficient markets. in general technology. Also. which are loosely defined as stocks that trade below $5 a share. arguably. Today. The NASDAQ has more companies listed. Exchanges are entities that bring together buyers and sellers in an organized manner. which is independent of the political party in power. Stocks may be listed on either exchange if they meet the listing criteria of the exchange. These securities do not list on any stock market exchange but will show on the pink sheets.

Some indexes may overlap in the stocks they represent. Each has a unique role. or hold. sell. stock market.S. hedge funds.S. for clients. • Investment bankers represent companies in various capacities. These managers get recommendations from analysts and make the buy or sell decisions for the portfolio. including stockbrokers. • Portfolio managers are professionals who invest portfolios.S.S. • Stock analysts perform research and rate the securities as buy. also known as registered representatives in the U. but many of the roles are intertwined and depend on each other to make the market run effectively. such as the Russell 2000. and Standard and Poor’s 500 (S&P 500). The S&P 500 is comprised of the 500 largest capitalization stocks traded in the U. portfolio managers and investment bankers. they are the most accepted representatives of the overall American economy. but there are many more. However. examples of indexes include the Dow Jones Industrial Average.. Industrial Framework CPS 313 43 Who Works in the Stock Market? There are many different players associated with the stock market. Price-weighted means the value has a basis on the price of the included stocks. there are many other indexes which represent mid. The Stock Market Performance Indicators If you want to know how the stock market is performing. traders. are the licensed professionals who buy and sell securities on behalf of investors. and the daily Dow shows how their stocks perform on a given day. with each made up of a different pool of stocks. Indexes are used to measure changes in the overall stock market. NASDAQ Composite Index. The Dow is made up of the 30 largest companies in the U. and pension plans use portfolio managers to make decisions and set the investment strategies for the money they hold. you can consult an index of stocks for that whole market or that segment of the market. 43 .. The Dow average is a price-weighted average.S. This research gets disseminated to clients and interested parties who decide whether to buy or sell the stock. As such. such as private companies that want to go public via an IPO or companies that are involved in pending mergers and acquisitions. In the United States. There are many different indexes. These two indexes are the most followed measurements of the U. The Dow Jones Industrial Average (DJIA) is perhaps the best-known of the indexes.and small-sized U. • Stockbrokers. or collections of securities. companies. Russell 2000. The brokers act as intermediaries between the stock exchanges and the investors by buying and selling stocks on the investors' behalf. stock analysts. Mutual fund companies.

.S. the reality is that many institutional clients get news and analysis before the public does and can act on information more quickly. So. Otherwise he will consume most of his time in advising himself that he should feel good to work good. not in technical aspects but in physiological aspects. vast amounts of capital to invest. And some parts of it includes the responsibility to train a freshly hired worker so that his mindset indulges into the environment of the industry. the indexes that measure the value of stocks are widely followed. training a newly hired worker is also a prior responsibility of a human resource manager. Furthermore. discounts on commissions. Advantages of large institutional investors include the timely access to privileged information. 44 . exist to "level the playing field" for investors. making money through dividends. and even share prices based on the large dollar amount they invest. the stock market has become an integral and influential part of decision-making for everyone from the average family to the wealthiest executive. This is known as a capital gain. As a financial barometer. transaction fees. laws and governing bodies. It should be remembered that a worker will be productive if he is satisfied with the work environment. the downside is that investors can lose money as well if the share price falls or if the investor must sell the shares at a loss. It lets investors participate in the financial achievements of the companies. Dividends are cuts of the company's profits as they may payouts. Industrial Framework CPS 313 44 In the U. there are undeniable advantages that institutional investors and professional money managers have over the individual investor. political influence. While the Internet has been somewhat of an equalizing factor. such as the SEC. Technical overview of human resource management takes up all the sides of behavior management. And he can better manage himself in that environment. One of the whole points of open exchange is to provide transparency and opportunity for all investors. Of course. Resource Management: It is obvious that we have discussed many important aspects of management in earlier discussions. But some important aspects of management that need some explanations for better understanding will be discussed here. and more significant experience. Why is the Stock Market Important? The stock market allows companies to raise money by offering stock shares and corporate bonds. It also includes the management of all the facilities per policy of every specified industrial firm given to each worker. However. These aspects are following: HR Management:- It can be understood simply from the title and discussion made before that human resource management deals with managing the working staff. full-time research departments. their needs etc. Investors also make a profit by selling appreciated stocks.

human resources managers help to protect a workplace from lawsuits and penalties. These tasks may be shared with recruiters and managers. Industrial Framework CPS 313 45 HR administrators are essential to the achievement of organizations in each industry. and on boarding. and organizing employee files are very important in keeping employees content and making sure that a company is compliant with laws. HR administrators must take a look at representatives as people and work to make an occupation both charming and helpful for profitability. Representatives are an organization's most costly and important resource. scheduling employees. Additionally. but HR managers must still be proactive in handling these tasks. and HR managers. Let’s understand the HR job in some HR’s opinion from sourced content below. Human resources managers can assist with strategic labor organization by creating succession plans. responsibilities may be distributed across different lins depending on the priorities of the employer. interviewing. employers. The accompanying are a couple of undertakings that HR consistently handle in an association. human resources managers can create and implement training programs and plans that perpetuate a safe environment and a pleasant company culture. notwithstanding. By focusing on employee contentment and safety. Human resources software has been instrumental in reducing the amount of time spent on these types of tasks. hiring. Human resources managers must mind all applicable laws in the industry in which they operate to help keep the workplace safe. Ensure a Safe and Pleasant Workplace: A safe and pleasant work environment can prevent many complications from developing in a workplace. human resources managers create a desirable atmosphere while minimizing turnover and productivity problems. while also protecting workers from bodily harm and emotional strain. HR supervisors are in charge of expanding the esteem acquired from workers. however the particular errands doled out to HR directors may shift marginally from organization to organization. By managing risks to employees. processing time off requests. To do the most ideal activity. What does an HR do in daily routine? Hiring New Employees: Hiring is essential to keep a company functioning and working for a growing future. but should be a joint effort between managers. Organize Labor Strategically Organizing labor should never be left entirely to a human resources manager or department. developing goal 45 . Human resources managers are often involved in searching for new employees. Handling Administrative works: Administrative works such as running payroll.

as in the price-to-sales ratio. all companies can benefit from having at least one human resources manager. human resources managers should also be proactive about managing these issues. While job duties may vary and change with technology and other progress. will only count sales as revenue if the payment has been received. this activity leads to a receipt. It is possible to have receipts without revenue . depending on the accounting method a business employs. Revenue is also known as sales. Industrial Framework CPS 313 46 tracking programs for employees. on the other hand. an alternative to the price-to-earnings ratio that uses revenue in the denominator. If conflicts develop. Relate to Employees Human resources managers act as a strong force in managing employer-employee relations. But it is simply an income related to an organization and firm. it’s also important for human resources managers to speak with employees one-on-one periodically and take steps to make sure that employees feel comfortable and content with the job. Cash accounting. managing a company’s people will continue to remain a vital function. but not revenue. When cash is paid to a company. For example. It is therefore necessary to check the cash flow statement to assess how efficiently a company collects the money it is owed. “Revenue is the amount of money that a company actually receives during a specific period. And it is of substantial nature. as long as the goods or services have been delivered to the customer. and setting up empowering training programs that allow employees to grow at their own pace. And so. Authored by: Dave Rietsema (Certified HR) Revenue Management:- Most of the readers will think that revenue is something a complex systematic analogy. revenue management is the management of organization’s income.for example. In definitions context. if the customer paid in advance for a service that has not been rendered or goods that have not been delivered. It is the top line or gross income figure from which costs are subtracted to determine the net income”. While handling administrative tasks and developing programs are important functions. There are different ways of calculating revenue. Accrual accounting will include sales made on credit as revenue. Technical View on Revenue:- (An Investopedia Easy to go guidance) Revenue is the amount of money that is brought into a company by its business activities. including discounts and deductions for returned merchandise. this is known as a "receipt" to distinguish it from revenue. state revenue means the tax that is demanded to organize the development projects and establishing the economy of a country. No matter the size of a company or the industry in which it operates. 46 .

revenue refers to the income generated by a property. When the operating expenses incurred in running the property is subtracted from property income. and non-operating revenue which is derived from other secondary sources. As these non-operating revenue sources are often not predictable or recurring. as a result of cost-cutting. questioned whether overreliance on technology is hindering the industry’s ability to raise rates. Industrial Framework CPS 313 47 Revenue is known as the top line because it is displayed first on a company's income statement. on-site laundry costs. revenue is the money received from taxation. For example. Investors will often consider a company's revenue and net income separately to determine the health of a business. managing director and CEO of asset management firm CHM Warnick. A company's revenue may be subdivided according to the divisions that generate it. the two figures that receive the most attention are typically revenue and earnings per share ("earnings" being equivalent to net income). Its components include donations from individuals. also referred to as the bottom line. and membership fees. grants from government entities. foundations and companies. 47 . when it comes to revenue management technology. fees. fines. investments. the policy shouldn’t be “set it and forget it. For example.” Hotel owners understand the importance of balancing technology with human involvements. fundraising activities. In a recent blog in Hotels magazine. In order to increase profit. which could be a separate source of revenue. etc. proceeds from the sale of an asset. such a situation does not bode well for a company's long-term growth. a recreational vehicles department might have a financing division. securities sales. parking fees. mineral rights and resource rights. experience and sometimes gut instinct. The profit of a company is calculated simply as revenues minus expenses. In short. as well as any sales that are made. and hence. or money awarded through litigation would be considered non-operating revenue. When public companies report their quarterly earnings. revenue is often referred to as gross receipts. The Importance of the Human Element in Revenue Management Written by Famous Ed Watkins. inter- governmental grants or transfers. actioners need to be careful not to use it as a crutch or as a way to avoid making decisions that require judgment. Chad Crandell. Subsequent price movement in stocks generally correlates to whether a company beat or missed analysts' revenue and earnings per share expectations. earnings per share for its shareholders. Deutto news Services While technology is a wonderful and sometimes magical tool in the application of revenue management. Expenses are then deducted from revenue in order to obtain net income or profit. a company can increase its revenues and/or reduce expenses. they can be referred to as one-time events or gains. In terms of real estate investments. In the case of government. Revenue can also be divided into operating revenue or sales from a company's core business. It is possible for net income to grow while revenue remains stagnant. For non-profits. the resulting value is net operating income. a windfall from investments. such as rent. even during the current environment of high occupancies.

The right RM system performs a number of important functions to assist strategists in creating the right rates for the right rooms on the right dates. GMs and revenue managers need to be prudent in how they manage their rate-setting and distribution systems. as practiced by NH Hotels and other companies. In fact. experience and day-to-day know-how to waste those resources on what amounts to clerical work. revenue management is an art as much as a science so the human element must constantly work in harmony with technology. undermining their confidence to push rates by requiring an override of system recommendations?” Of course. spending the majority of efforts on revenue managing certain and specific dates—need periods and high-demand dates—rather than spending time yielding every day. Open Pricing is a unique and flexible way to set rates that allows hoteliers to price all room types. is “managing by exception. you manage only the important things and then spend time focusing on understanding the booking patterns for key dates. depending on occupancy.” that is. In addition. not in conflict. the right technology can make it easy to manage by significantly reducing the time spent doing manual calculations and data entry. While Open Pricing might sound complicated. Seasoned revenue managers have too much education. room-type rates in an RM system can help set pricing independently so it’s possible to charge more for king rooms during a convention and more for doubles during family-heavy weekends. Left to do its job. hoteliers’ distrust of technology in general and revenue management specifically could account in part for the general lack of rate growth throughout the industry. channels and dates independently of each other 365 days a year and never say “no” to a customer. Industrial Framework CPS 313 48 He wrote: “Are automated brand revenue management systems taking the decision making power out of the hand of the experts. Integration is crucial: The right revenue management system seamlessly interfaced with the CRS and PMS can automate these tasks and push approved rates in real time. A good rule of thumb. Also. the concepts of Open Pricing and pricing rules are best implemented through a robust revenue management system. a state-of-the-art revenue management system can assist not hinder a hotel’s ability to raise rates. Pricing rules identify specific actions before a rate is recommended. Revenue management technology can help managers zero in on strategy as opposed to day-to-day execution. One example would be setting a rule on a discounted rate to take from 0% to 10% off BAR rates. 48 . the reverse is also true: Revenue strategists shouldn’t spend too much of their precious time performing mindless tasks better handled by an automated system. At the same time. The ultimate goal is instead of managing everything manually.

the quality precautions are also very essential in determining the productivity of process plant in a desired area or location. 49 . Person B wants to build a food processing plant near the city because he thinks that transportation and marketing will become easy. price and revenues are managed so that budget matches with the desired profit mark value subtracting all the side by expenditures. It is obvious that an industry always sees the availability of raw material before investing its money on a destined business product. a person A wants to build a steel plant near the coast area of a city near sea. deriving the relations between the availability of resource and quality of resource. management of raw material is extremely important and necessary for the well-being of an industry. Industrial Framework CPS 313 49 Raw material Management: Raw material is the most important part of an industrial processing. For example. Many readers will be confused that these checks are not important in many contexts because raw material is provided by some dealers. Therefore. For example. vegetables. resource quality at the target location matters lot. quality of processed food will be lower as compared to original because fresh food is more hygienic and nutrition rich. a lot of operational cost will be added in the budget of an industry. So. artificially processed edibles like salts etc. Resource quality at target location: Besides the availability precautions. so price of salt in this location will be extremely small and extremely economical. If the desired location have poor quality of raw material. But he will be prohibited by experienced industrial strategists because raw material which include fruits. feasibility and cost should always remain in strong consideration with respect to resource availability at desired location. And also refined salt will have a slightly higher cost as compared to the unrefined salt. It is a common sense that if an industry have no raw material. Price of resource at target location: Price always depends upon the quality of material to be bought. food plant near a village field or nature rich sources of desired processed food is more feasible. table salt which is refined form of sodium chloride has huge reservoirs in khwera. For example. These things will be transported from a village field to city aside plant. So. no product can be formed as no processing could be done. will have a low quality at that location. Therefore. regardless of any location that is desired. So. Person A is satisfied by location’s environment. Because steel can be imported through seaport and can be brought to the processing area with lowest possible cost at that sight”. Availability is also very important in determining the price of raw material for destined processing. But it is necessary to define the optimum strategies to cut extra unwanted cost clatters. But more than location’s environment. Environment and moisture contact can cause a considerable increase in preservation cost. So following are basic strategies on which a raw material is managed: Resource Availability at Target Location: The most important thing done prior to building a big structure and importing required equipment is the inspection of resource availability in target location. he want to do this because of ease of resource availability of resources on that location. So.

So. However. he should have consulted with respective raw material providers and residents of the location so that any kind of problems do not stand up as soon as the processing work is started. research and development centers are present in only elite class of industries which have a lot off shares floating on the screens of a stock exchange. Monopoly is an important term which was not described in 50 . it is common that he have got it always. first option is better in almost all cases as it is not easy to shift plant at any location. Therefore. pre planning should be done whether it is accompanied by finding a cheaper resource provider or adjusting the location. It will make a lot of investment on pre-processing or more cost in purchasing the raw material from a source provider at his desired amount because that shape. it would have been impossible to establish a working research and development center. So. Research and Development: It should be called as a separate industry. and experienced researchers are required in this department which usually ruins the profitability itself. advanced tools. The person who will make a better product. But Allah Almighty have given a natural thrust of knowledge seeking in every human. A lot of resources. These are included mostly in type of firms which are monopoly. no advanced equipment/tool is available for the purpose but they are made only for the self-esteem and business family honor of an industrial firm. Industrial Framework CPS 313 50 Nature of resource at target location: Nature is also an important aspect to remember because if you are thirsty and you want to drink a glass of water. if nobody have ever to find new improvements in the world of processing. Whether he uses his mental abilities or not. productivity and revenue will decay and industry will be closed. chemical and physical behavior of desired raw material is limited at the desired location. However. he can’t afford it is other perspective of discussion. form. working is a word which needs a little attention. When a human being have struggled for a thing with the sheer focus. when a person wants to build a plant at his desired location. it should be known that it is most budget consuming department of an industry. then no research load should be beard by industrial administration. Many industrial firms have an artificial research and development centers where no experienced researchers. Because research is the most crucial for the survival of industry in this tough competition era. And you are given a glass full of ice as you are sitting in an ice cap. But then your eyes will be opened and you will be thankful to Allah Almighty that it was only a dream. So. Yes. a human can modify anything if he develops a deep and intensive sense of using that thing. Besides the courageous and motivational truths involved in research and development. Then. Without stock exchange and external finance sources. you will become panic. if an industrial firm keep on selling a product years on years without any improvements. will cover the entire sales market. the product will become dreary and rugged as compared to ever changing world of advancements. It is known truth that consumer like quality more than cost affordability A poor person also likes to buy quality consumer products. Standard rules and policies for industrial implantation must also be followed for better health and rank of an industrial firm. So. In a conditional paraphrase.

51 . this booklet is made very simple so that a layman or freshly graduated engineer can understand with even having high technical knowledge or sense. Industrial Framework CPS 313 51 marketing topic of this booklet before. one team have to inspect the preservation aspect and one team have to inspect the environmental influence on the product under several atmospheric conditions. So. On the other hand. an industrial firm has a dairy product let say. and in case of any wrong change. That is why. And only one industrial firm is making that product or that kind of product with a unique design. whole operation will have to shut down for a considerable amount of weeks and it can cause an extraordinary damage to an industrial productivity. a monopoly takes an advantage of this market occupation in most cases and do not invest in research and development quite often because its product is already unique and does not demands a modification for true market boost. if there is a limited count of accessories required for complete inspection. The last important work after drawing important conclusions from experiments. It is done because modifying a process needs a full and final changes in controlling variables. only one team uses the available tools to research on certain possible aspects and draw results. It is responsibility of a researcher to propose some good improvement and modifications in process. Final Words from Author: Now I will hope that the reader can negotiate on any industrial aspect with any person without any fear and errors. A research and development center have many teams which are permitted to inspect a specified aspect of the product under observation. which are later confirmed by further experimentation in the presence of some elite class research committee or other same level of researchers of same process. For example. then for a précised work if industry has reasonable amount of resources. each team have to inspect the nutrition aspect. Monopoly means an industrial firm which has no competition rival in the whole market. hypothesis and conclusions for experimentation.

Third. the level of trust among industrial capitalists and government has declined over the years. industrialists anticipate that government officials would not intimidate and encroach upon their rights. On the other hand. The government normally expects that industrialists should report. the industrialists started to seek ‘land rents’ and diverted their attention from their core business of establishing and expanding the industry. The industrialists prefer to set up factories in the suburban areas of a city and they normally expect cheap land prices since they intend to do long term investment. Industrial Framework CPS 313 52 Condition of Industrial Sector of Pakistan: A country’s industrial sector is crucial for its enhanced economic performance as it increases the per capita income and is pivotal for the economic development of a country. Similarly. The unplanned expansion of cities without taking into account proper zoning regulation added salt to injury. the government has adopted delaying tactics to meet the pending commitments in order to meet the fiscal deficit.8%. Industrial sector expands 6. As a consequence. the banking sector acts as a spine in the growth of industrial sector since it provides fixed capital. Unfortunately. the availability of cheap land is an important factor of production for industrial growth and development. Both sides have to take steps to nurture. desired working capital and bridge and export financing as per the requirements of industrial capitalists. The land booms of 2002-2006 and 2011-2016 have increased their prices manifold in metropolitan cities of Pakistan. document and discharge their tax liabilities in a judicious manner and formalize the industry. Owing to a lack of trust. the industrial sector has been either stagnating or declining in Pakistan. Pakistan’s hospitality industry gains momentum Reasons for decline First. beats target Speculation and remittances have played a significant role in jacking up land prices.50% which has become too low considering the level of economic development of Pakistan. Second. These skyrocketed land prices have increased the opportunity cost for setting up a factory. The share of industrial sector was around 25% in the GDP in early 2000 and has declined to around 20. There are certain factors associated with this decline. They also expect that pending commitments and refunds would be dealt with in a timely manner. the level of trust plays a significant role among industrial capitalists and government to run the wheel of industry. promote and flourish this relationship. Hence. industrialists became fearful and adopted an informal path and started to appease the government officials. therefore per capita income is not growing at the desired rate. 52 .

Since the advent of global financial crises. 53 . Finally. Most rich people invest their money in stock exchange which is a total gambling but positive in financing sense. That is why our import ratio is much larger than that of export ratio. Pakistan have everything given by nature where it is mineral resources or agricultural resources. The governments stopped borrowing from the State Bank of Pakistan and aided the banking sector by borrowing from them. ratio matches and many can get settled in a work field. Author’s View: Industrial sector of Pakistan needs some real investments. Pakistanis prefer to store money in banks. sit back in homes and disheart others are garbage of society. It takes time to achieve something. Industrial Framework CPS 313 53 However. But still many opportunities for work is available in industrial side because engineering institutes are much small in number as compared to any country which is developed. 2016. However. the focus has been mainly on short term financing such as credit cards. who do not even try to find a job. August 22nd. start is always difficult. All these factors have contributed to a decline in industrial sector in our country. The writer is an Assistant Professor of Economics at LUMS Published in The Express Tribune. personal loans and auto loans. So. Only a few multinational industries are contributing to the industrial sector economic growth. the industrial growth also depends on higher agriculture productivity since higher agriculture productivity increases the real wage of workers. Skills matter a lot. But if you are determined. then you will get a good position one day. However. banks have become more risk averse and started to invest in government securities. A wrong perception of us is that Pakistan is a poor country. instead of investing it in some kind of industry. The agricultural productivity is low in Pakistan due to various factors which are also stunting the growth of industry.

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But work is simple because you have to do same task every day or same type of tasks every day. Same if a person improve his side by skills instead of internship which are related to field work then it is bonus for him also. 6>. 4>.0 is required to get into the chance list. 5>. However. Industrial Framework CPS 313 56 Common Questions and Their Answers: (Sourced from experienced industrial workers during interviews) 1>. So. it can inspire the hiring manager but you have to perform well during interview and tests conducted. 2>. it has been useless and wasting student’s future if they are paying a considerable time to it. Is field work a tough domain? Ans: Perhaps. Is recommendation is necessary for internship? Ans: Yes. But at first you have make mind to adjust and learn without thinking you have a degree. if a skilled person have recommendation. because they are only involved in kind of game club. 7>. So. in most cases. Are university societies are important to improve communication skills? Ans: No. it is always welcomed. Is GPA matters in getting a good position at work field? Ans: GPA matters in two aspects. Can a person with low GPA get a good position at work field? Ans: Minimum 3. many students would think it is tough so they even avoid apply in field work jobs. because applicants are too much. And hiring managers do not want waste time in struggling on finding skilled ones because internships are too short and temporary and most people do not learn anything in one or two month except very small projects which are for publicity purpose. 3>. then internship is useless. Everyone knew how to talk but it is important to learn how to talk in industrial domain with industrial people. But luck or test performance also sometimes do this trick if the applicant is talented in respective field. it is very rare case especially in chemical firms that anyone gets job with only recommendation without having good academic record and experience. If the person done nothing except passing time. Is anyone gets a job without a good recommendation? Ans: Every industrial firm wants to have a most skilled staff. But unpaid internships are available for everyone having respective field knowledge and study in most cases. Is internship is extremely important? Ans: Yes but one is essential. it will help you in entering in the shortlist and will increase chances of getting selected. 56 . doing fun and entertainment activities and no work field knowledge is being learnt. But most hiring managers always questions what you have done in that session. Extra are always given importance. Second.

Four to five years hard work and there is no future security. so it is better to invest that precious time in boosting your skills in your work field. 9>. Are motivational speakers tell the write strategies? Ans: No. and even all the passing candidates do not got job. Studying CSS during engineering study is good or bad? Ans: It is extremely bad trend because CSS is a prize bond or lottery ticket. 57 . Industrial Framework CPS 313 57 8>. they guide in wrong direction most of time and diverts students from their work field. why he is even studying. If a student is not interested in study. Note: These all answers are original given are many industrialist but I have arranged them separately eliminating unimportant words.