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Interview Economic Fraud
Interview: Economic Fraud
Introduction
In my interview, the topic will be based on Economic Fraud with a reflection on the Goldman. As a learner, I settled on this topic because it offers various instances that affect the current world situation. It has been realized that majority survive through ways that are not direct, and tend to make their huge income through marginalized people. Goldman Sachs is a renowned investor whose prime business is untouchable. It is alleged that Goldman held crucial information about mortgage investment that had direct impact on economic position of the stakeholders and shareholders. My interview therefore seeks to find out more information on such fraud occurred.
SiWei Fu is a major economic student in one of the American Institutes. I intend to interview him on the topic “economic fraud”. I met him in the institution and introduced myself to him. I later requested to interview him on the mentioned topic. Being an economic student, he stands a better chance to give detailed responses on various questions that I will ask. Below are a series of interview questions that I presented before SiWei Fu concerning my topic, economic fraud? Here’s how the interview went;
Interview
This interview will be based on both open ended and closed questionnaires. Responses will be based on the respondent’s interest and information given will rely on the ethical considerations of data collection and usage;
Me; what is economic fraud?
Fu; economic fraud is a broad perspective that aims to answer the question of what happens when economic well is violated against during a series of booms. This includes; lowering of prices of products by the producer during inflation. This constitute to unfair business environment thus economic fraud.
Me; how does economic fraud come about? Which are the most affected sectors in this case?
Fu; economic fraud cannot be forecasted, it is a conscious activity that one does during a given economic period, for example, inflation. The affected sectors are mainly; planning and monetary sectors. Services from these sectors are crippled to the core.
Me; briefly explain how Goldman Sachs took part in economic fraud
Fu; information is critical to any given investment. Goldman is alleged to have held critical information that belonged to firm at a time when it was most needed by the shareholders and stakeholders. This led to economic fraud.
Me; what is your opinion on the Goldman’s action that leads to economic fraud?
Fu; Goldman should have had the pleasure of sharing out the information with the general public as well as the shareholders at the time that it was required. Withholding of critical information led to the potential investors withdrawing their investment ventures.
Me; how long has Goldman Sachs been in the banking industry in America?
Fu; preferably 16 years of service.
Me; why their activities are considered fraudulent in the investment sector?
Fu; it scares potential investors away and affects the name of the company.
Me; tick where necessary
What is the current global economic fraud approximation?
1-10% 10-20%20-30% 30% and above
Do you agree that economic fraud is real?
YesNo
In conclusion, economic crisis has been identified as a key disaster that has derailed development in many countries and the entire world. These problems arise due to activities that are considered fraudulent by institutions that deal in direct operations of economic activities. Economic fraud therefore is considered a huge problem where most sectors lose their money. It is an activity that is brought about by unscrupulous investors who lack set goals for their deeds.
Work cited;
Sarna, David E. Y. History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff. Hoboken, N.J: Wiley, 2010. Internet resource.
Sjögren, Hans, and Göran Skogh. New Perspectives on Economic Crime. Cheltenham, UK: E. Elgar, 2004. Internet resource.
Smith, Greg. Why I Left Goldman Sachs: A Wall Street Story. , 2012. Print.
Stich, Rodney. America’s Housing and Financial Frauds: Massive Financial Frauds Played Upon an Uninformed or Gullible Public. Alamo: Silverpeak Publishers, 2008. Internet resource.
In here we see that legal matters are very important and it does not matter whether
Student’s name
Course
Instructor
Date
Introduction
In here we see that legal matters are very important and it does not matter whether it is a small issue or a big issue when it comes to law every small detail has to be looked into. Even though Dr. Richard was told that his kind of a person becomes farmers and electricians he never gave up in fat that motivated him to prove that teacher wrong and it is true because at the end he became a lawyer as well as his wife who is also a lawyer. The issue of law is wide and especially in the whole of America because focusing on issues which are basic to American society and comparing them to social injustices it is almost possible to conclusively say that class and race govern the laws and justice in America. The manner in which the high school teacher talked to Dr. Richard indicated that the teacher only saw that is what he could become and he says that he found that to be racism which he did not like at all.
Black lives matter movement
The issue of black lives mater has also been addressed and it has been a hot issue in USA especially of late days after the death of George Floyd due to the fact that he was black American and this having led to a lot of strikes and the strengthening of black lives matter movement it is also important to note that his death was a racism and a kind of social injustice to the people who are not of the same status as the others i.e. black versus whites.
That comes along with other types of injustices which have taken place in America and through black lives matter movement we see Dr. Richard addressing how his office can deal with the issue and we recognise how important and serious the issue is when he says that if an officer shoots and there are complaints he is given an administrative leave and at the same time his office is brought information by those investigating the shooting then his work is to present the information to a court of law.
Social justice
I personally believe that social justice is very difficult to achieve but appreciate every little effort being made to achieve the social justice. In America where there are every calibre of person it is easy to mess around with people but am grateful for black lives matter movement which has steered so many changes in favour of people of colour because it is always very important to know what to do and what not to do by the police and also by the general public since it is through our actions we get to conflict.
It is good to consider being on the safe side of the law but if that does not help so much and pressure is still being applied to a person then movements like black lives matter movement and anything else which can boost a person’s ability to attain justice then it is advisory to employ it. This is because sometimes justice is like freedom whereby it has to be fought for in the best manner a person knows. Social justice begins with small issues of the way a person talks to the extent of even being killed like in the case of George.
The main concern of every loyal citizen should be to foster peace and look for ways to live in harmony with each other. It is through these ways that we create a better nation for our own good and for the good of the future generations. Therefore everything a person does contribute to what future we are making.
Dialogue
Dialogue at times as well as acceptance of a mistake and the judge showing leniency to the offender often happens (26:13). This is always best and very important for the purpose of ending cases faster and getting to do other things. This is one of the most encouraged noble actions to do. However it is completely unacceptable that a person who has done no offense at all to accept that he/she has done an offense so that the case ends soon. This is because the main purpose of the court of law is to serve justice and if justice is being overtaken by other issues then it becomes unnecessary to have the court of law.
Conclusion
Therefore law has to be maintained and we have to always look for ways to attain justice in every aspect of our lives. Silence when an injustice is done is not necessary as it just encourages a person to keep on waiting for justice when it is at individual level where we have to fight for justice.
Reference
DA Joe Gonzales, 21st October 2020, DA Joe Gonzales talks to Dr. Richard Hartley on criminal justice policy in Texas, (Facebook video) retrieved on 1st November 2020 from https://mobile.facebook.com/policystudiescenter?_rdc=1&_rdr&refsrc=https%3A%2F%2Fm.facebook.com%2Fpolicystudiescenter#_=_ (USA)
7117IBA Business Intelligence
7117IBA Business Intelligence
Assessment 1 – Annotated Bibliography
Name and ID
Word Count = 2006 words
Introduction
From the case study in Assessment 1, one of the main pressing issues and opportunities emerging is how to use data and business intelligence tools to increase sale activities and help businesses to specifically increase accuracy and timeliness of its sales forecasts in target markets. According to Kiani and Standing (2018), business intelligence allows an enterprise to combine a number of business activities such as infrastructure, business analytics, data visualization, data mining and data tools with best practices to help push firms towards better decision making. The 21st century business environment demands businesses to have a comprehensive perspective of the organization in order to use all kinds of data to effect change, reduce inefficiencies, and adapt to the many market changes that may occur. For example, well-prepared organizations have only had to use business intelligence as a tool to adapt to the changes that the COVID-19 pandemic has placed on global businesses. Business intelligence have helped organizations in different sectors to make critical decisions relating to the need to make changes, reducing inefficiencies as one way of responding to the loss of business, and how to rapidly adapt to the changes in market demand and supply. Fan, Lau, & Zhao (2015) see business intelligence as an opportunity to transform data into business opportunities because it allows the creation of business strategies based on the data available and the processes available. The following article will be analyzed in a way to identify how businesses use business intelligence, how they collect meaningful data, and how these elements can all be converted into business opportunities and a competitive advantage for the organizations. The analysis will include the aim of the study, findings, and the recommendations made for the organization.
Annotated Bibliography
Loureiro, A. L., Miguéis, V. L., & da Silva, L. F. (2018). Exploring the use of deep neural
networks for sales forecasting in fashion retail. Decision Support Systems, 114, 81-93.
In this article, the authors explore the highly competitive fashion retail sector. Their focus is on how business in this industry are continuously developing strategies focused on staying ahead of the competition through gaining a competitive advantage. One of the critical aspects explored in the research is the role of artificial neural networks and the role this plays in helping business perform more accurate and timely sales forecasts. The aim of the study is to analyse the use of deep learning strategy and business intelligence to forecast sales within the fashion retail industry, helping to predict sales of new products in the future. The authors use real datasets to create practical scenarios for a fashion company. The article identifies the main variables for organizations in the fashion retail industry as including family, colour, fashion, segments, store types, price, expectation levels, and size. These variables inform the decision making process of the customer, therefore holding a lot of value for companies in order to predict sales for future products. The findings reveal that data analytics and business intelligence play a vital role in ensuring that organizations in the fashion retail sector gain competitive advantage. The study concludes that business intelligence models are valid tools that can be applied in predicting sales and further help managerial decisions in creating market strategies and ordering within the fashion sector. The study proves that sales forecasting is an issue in the fashion retail industry that can be solved using innovative and effective means such as use of business intelligence to tailor make solutions for specific organizations.
Stefanovic, N. (2015). Collaborative predictive business intelligence model for spare parts
inventory replenishment. Computer Science and Information Systems, 12(3), 911-930.
The article begins by acknowledging the complexities of the current business environment. There is a great challenge to supply chains in every industry when making different decisions relating to supply and demand. Optimal inventory decision making is critical for the success of supply chains and their management (Stefanovic, 2015). Despite the knowledge on the need for accurate and timely decision making in the supply chain, the article notes that businesses and supply chains are still relying on the use of traditional inventory management techniques. These techniques are inadequate when it comes to forecasting sales and predicting market behaviour in order to inform the decision making process. The paper, therefore, aims to show how data mining techniques can improve the supply chain management. By describing the business intelligence model, the article reveals that up-to-date and accurate information is availed for businesses, thus, aiding with better inventory management policies and decisions. The variables identified in the research include costs, prices, sales amounts, inventory level, market changes, and promotional activities. The study finds that supply chains generate a lot of data that may be challenging to integrate, analyse, and process. However, the complexity of using these big data can be made simpler by using business intelligence models to narrow down usage as per the business objectives. Business intelligence models positively influence the decision making process by converting the data into opportunities to create efficiencies in the supply chain and inventory management processes.
Fan, S., Lau, R. Y., & Zhao, J. L. (2015). Demystifying big data analytics for business
intelligence through the lens of marketing mix. Big Data Research, 2(1), 28-32.
One of the greatest disruptive technologies that has reshaped how businesses use data and business intelligence is big data analytics. Business intelligence, specifically, relies on business data analytics to acquire insights that inform the decision making process. Recent revolutions in the technology world, such as social media and e-commerce, enable consumers to generate a lot of data and a t a faster rate than before. As a disruptive technology, big data and its use have given some organizations a competitive advantage, in their marketing decisions as well as in the prediction of sales. It helps to accurately forecast consumer behaviour based on data generated and gathered on their culture, patterns, and tastes and preferences. The current study uses recent literature to investigate the big data analytics landscape through a marketing mix lens. Data sources are then identified, methods and applications analysed, and different marketing perspectives explored. The main variables discussed include people, promotion, place, price, and product, which make the basis for marketing intelligence. The article also proceeds to discuss a number of challenges that big data analytics places on marketing strategies and how business intelligence may solve the problems in the future. The article finds that it is important for businesses to select data sources that are suitable and appropriate to their particular goals because the data available for an organization continues to increase. Marketing intelligence must be informed by business intelligence conclusions that are attained through the matching of critical business processes to the goals and objectives of a business.
Vukšić, V. B., Bach, M. P., & Popovič, A. (2013). Supporting performance management
with business process management and business intelligence: A case analysis of integration and orchestration. International journal of information management, 33(4), 613-619.
One of the most effective ways to conduct meaningful research is to review cases in order to see the application of theory and empirical elements. In this article, the authors found that to stay competitive, organizations are using different methodologies that enable the measuring, monitoring, and analysis of their performance against other organizations. Performance management structures are implemented as dynamic and balanced solutions to provide support to the processes of making decisions, through gathering, elaboration, and analysis of information relevant to an organization. The integration of business intelligence and business process management to performance management is expected to spearhead the next generation of top performing organizations. The aim of the current research is to understand the extent of the service industry’s use of business intelligence and business process management to predict performance and to manage progress. The research study also aims to identify the differences between implementation of business intelligence in performance management within different industries, telecommunication and banking, against late and early adopters of the said technological advancements. The article found that the service industry in Croatia rarely utilizes the potential of technological advancements such as business intelligence and business processes management in their performance management. Instead, the study found that the service industry still relies heavily on traditional forms of performance management. The use of performance-related data is still seen as a waste of resources to firms that have performed very well in the past. However, the authors warn of the disruptive nature of business intelligence and the need for every firm in the service industry to use it as a way of gaining competitive advantage. The study only investigated multinational firms, yet, literature shows that even smaller organizations have not fully learnt to integrate data analytics and other forms of business intelligence into their performance management, to predict patterns and create policies that would favour the organization in the long run.
Jin, D. H., & Kim, H. J. (2018). Integrated understanding of big data, big data analysis,
and business intelligence: a case study of logistics. Sustainability, 10(10), 3778.
The authors begin by noting that efficient decision making is one of the best ways for organizations to create an advantage in their industries. To attain this, using business intelligence becomes a vital tool to drive organizations towards superior market positions and to have sustainable growth. The information and technology sector makes rapid changes and developments, organizations have now found ways to collect and analyze big data to improve their bottom lines. A problem occurs, however, in the definition of business intelligence and how organizations can effectively se them to improve their position, whether in sales or marketing. That said, the authors found that the main problem is how small companies can use big data and business intelligence to acquire the same levels of business advantage compared to bigger firms and corporations. The purpose of the study was to review literature on business intelligence and big data and its analysis to sow their convergence towards being an integrated decision making system. The article also explores how enterprises use business intelligence and big data in a case study of the logistics and sorting processes to create an advantage. The study finds that the value of business intelligence depends on the type of data collected and how it is used. Despite the data used for the study being derived only for a small information range, it is enough to make a conclusion regarding the importance of data analytics, big data, and business intelligence to organizations. These elements have made it easier for businesses to make decisions regarding their sales, marketing, inventory management, supply chain management, promotion strategies, and logistics.
Discussion
The articles reveal the importance of business intelligence to the modern business setup. According to Loureiro, Miguéis, & da Silva (2018), data analytics and business intelligence play a vital role in ensuring that organizations gain competitive advantage. Collectively, articles by Vukšić, Bach, & Popovič (2013) and Stefanovic (2015) find that business intelligence models are valid tools that can be applied in predicting sales and further help managerial decisions in creating market strategies and other firm processes within a given sector. The articles concur in defining big data and its use as a disruptive technology that provides organizations with competitive advantage, in their marketing decisions as well as in the prediction of sales. Similarly, Fan et al. (2015) interpret business intelligence to be an opportunity to transform data into business opportunities because it allows the creation of business strategies based on the data available and the processes available. With these affirmations identified, it is important that every organization work towards creating an environment that uses business intelligence to gain an edge over their competition through understanding their customers better.
Recommendation
It is recommended that ABC Retail Company uses big data and business intelligence approaches to improve its sales prediction, accuracy of information, and timeliness of information intended towards making future decisions. At present, the organization only uses a fraction of the business intelligence model and would improve its position by integrating business intelligence to its sales prediction and improving strategies that would affect its market.
Reference List
Fan, S., Lau, R. Y., & Zhao, J. L. (2015). Demystifying big data analytics for business
intelligence through the lens of marketing mix. Big Data Research, 2(1), 28-32.
Jin, D. H., & Kim, H. J. (2018). Integrated understanding of big data, big data analysis, and
business intelligence: a case study of logistics. Sustainability, 10(10), 3778.
Kiani Mavi, R., & Standing, C. (2018). Cause and effect analysis of business intelligence (BI)
benefits with fuzzy DEMATEL. Knowledge Management Research & Practice, 16(2), 245-257.
Loureiro, A. L., Miguéis, V. L., & da Silva, L. F. (2018). Exploring the use of deep neural
networks for sales forecasting in fashion retail. Decision Support Systems, 114, 81-93.
Stefanovic, N. (2015). Collaborative predictive business intelligence model for spare parts
inventory replenishment. Computer Science and Information Systems, 12(3), 911-930.
Vukšić, V. B., Bach, M. P., & Popovič, A. (2013). Supporting performance management with
business process management and business intelligence: A case analysis of integration and orchestration. International journal of information management, 33(4), 613-619.