Business for Engineering Midterm Slides PDF

Business For Engineering Supervisor: Sami Awad Oct. 2024 02-11-2024 Faculty of Engineering, Arab American University 1 Who is this course For Engineering students. for?...

Business For Engineering Supervisor: Sami Awad Oct. 2024 02-11-2024 Faculty of Engineering, Arab American University 1 Who is this course For Engineering students. for? Engineering means problem solving. Most engineering students work on a Senior Project as a requirement for graduation. Usually Senior projects are Excellent solutions that may be needed by many people. However students and teachers ignore the resulting project as a business product. Most of them end up on the shelves. 02-11-2024 In this course you may learn how to covert a solution into a business. 2 What topics should Introduction to Business Concepts. engineers know Business Terms about business? Models and Strategies (for business). Management concepts Financial Management. Project Management. Innovation and Entrepreneurship. Marketing. Leadership. 02-11-2024 Ethics. Laws 3 Business For What is this course for? Engineers: Why do you need it? Role of Engineers in Business. From Engineering projects. Businesses Employment, GDP, Economy 02-11-2024 4 Why do you need We are preparing you for the ability to start and own a Business. it? Conversion of: IDEAS  PROJECTS  BUSINESS Learn Leadership, Management, and taking first steps towards a great goal. Develop projects into businesses by understanding what to do and how to do it. 02-11-2024 5  Engineering plays a role in all sectors of the Economy: Role of Engineers in Business: 1. Real Estate 2. Automotive Industry 3. Technology(Electronics, programming, space) 4. Organizations(schools, university) 5. Appliances 6. Machines 7. Military 8. Medicine 02-11-2024 9. Agriculture 10. Food Industry 11. Power and Energy: Petrol, Gas, Sun, Wind 6 What is a Business : A transaction cycle that generates profit. Usually through offering a Business? product or a service. Key business functions.Management, Finance, Marketing, Sales, Accounting. Profitable: Project, Deal, Investment. Something that makes you money. (Positive return) But What is Money? Is profit measured by money only? 02-11-2024 Value: ($, NIS, JD, Gold, Silver, Commodities, Assets, Real Estate) 7 Business aspects: Management:  Planning.  Human resource management.  Small business management.  Large business management.  Leadership Finance ( Accounting, Sales) Marketing ( Getting new customers). Operations ( Process from Raw material to product). 02-11-2024 8 What to expect at Ability to understand what a business is the end of the course? Ability to plan a Business from and Idea Ability study the market and make informed decisions Steps to plan and start a business using the business canvas model 02-11-2024 9  Chapter 1 Understanding the U.S. Business System PowerPoint Presentation by Charlie Cook Copyright © 2005 Prentice Hall, Inc. All rights reserved.  “In business you get what you want by giving other people what they want.” — Alice Foote MacDougall Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–2  LEARNING OUTCOMES After reading this chapter, you should be able to: 1. Define the nature of U.S. business and identify its main goals and functions. 2. Describe the different types of global economic systems according to the means by which they control the factors of production through input and output markets. 3. Show how markets, demand, and supply affect resource distribution in the United States. 4. Identify the elements of private enterprise and explain the various degrees of competition in the U.S. economic system. 5. Explain the importance of the economic environment to business and identify the factors used to evaluate the performance of an economic system. Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–3  Key Topics Nature and goals of US business Global economic systems Supply and demand Private enterprise and competition Evaluating economic performance Status and outlook for the US economy Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–4  What Is Business? An organization that provides goods and services to earn profits Profits: The positive difference between revenues and expenses Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–5  Factors of Production Labor Capital Information Resources Physical Entrepreneurs Resources Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–6  How Are Factors of Production Allocated? Planned Economy:  An economic system in which the government owns and operates all sources of production Market Economy:  An economic system in which buyers and sellers interact based on freedom of choice Mixed Economy:  Combines both types above. Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–7  Circular Flow in a Market Economy Figure 1–1 Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–8  Capitalism: A Fundamentally Market-Based Economy Individuals Choose: Producers Choose: Where to work Who to hire What to buy What to produce How much to pay How much to charge Government supports private ownership and encourages entrepreneurship Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–9  Mixed Economies: Planned and Market The economies of most countries include both planned and market elements. Worldwide trend is toward more market elements. Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–10  Supply and Demand Drive the U.S. Economic System Supply:  The willingness and ability of producers to offer a good or service for sale Law of Supply:  Producers will supply (offer) more of a product for sale as its price rises and less as its price drops. Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–11  Supply and Demand Drive the U.S. Economic System (cont’d) Demand:  The willingness and ability of buyers to purchase a good or service Law of Demand:  Buyers will demand (purchase) more of a product as its price drops and less as its price increases. Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–12  Demand and Supply Schedules Quantity of Quantity of Price Pizzas Demanded Pizzas Supplied $2 2000 100 $4 1900 400 $6 1600 600 $8 1200 800 $10 1000 1000 $12 800 1200 $14 600 1300 $16 400 1600 $18 200 1800 $20 100 2000 Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–13  Demand $20 - and 18 -  Supply 16 - u rve Price of Pizzas d C 14 - n a m 12 - De 10 - 8- 6- 4- 2-  200 - 400 - 600 - 800 - 1000 - 1200 - 1600 - 1400 - 1800 - 2000 - Quantity of Pizzas Demanded Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–14  Demand and $20 -  Supply 18 - Price of Pizzas 16 - (cont’d) 14 - 12 - 10 - Supply Curve 8- 6- 4-  1400 - 1600 - 1800 - 2000 - 1000 - 1200 - 600 - 800 - 200 - 400 - 2- Quantity of Pizzas Supplied Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–15  Demand $20 - r ve and Cu 18 - nd a m Supply 16 - De Su ppl Price of Pizzas yC 14 - urv e 12 - 10 -  Equilibrium Price 8- 6- 4- 2- 200 - 400 - 600 - 800 - 1200 - 1800 - 1000 - 1400 - 1600 - 2000 - Quantity of Pizzas per Week Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–16  Demand and Supply Figure 1–2a Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–17  Demand and Supply (cont’d) Figure 1–2b Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–18  The U.S. Economy is a Private Enterprise System Four Key Elements: Individuals are free Private Property to pursue their own Rights interests without Freedom of Choice government restriction. Profits Competition Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–19  Competition Competition motivates businesses to produce their products better or cheaper Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–20  Understanding Economic Performance KEY CONCEPTS Business Cycle Aggregate Output Standard of Living Gross Domestic Product (GDP) Gross National Product (GNP) (only US nationals) Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–21  U.S. GDP and GDP per Capita Table 1–2 Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–22  GDP and GDP per Capita Figure 1–3 Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–23  Understanding Economic Performance KEY CONCEPTS  Productivity:  The amount a system produces compared to the resources needed to produce it Balance PRODUCTIVITY National of Trade is impacted by: Debt Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–24  Economic Stability: Balanced Growth of Money and Goods Two related factors threaten stability: INFLATION UNEMPLOYMENT Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–25  Hamburger Inflation Table 1–3 Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–26  Selected CPI Values Figure 1–4 Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–27  The CPI is a Tool to Measure Inflation 2000 1980 1930 House $250,000 $109,000 $25,696 Car $18,000 $7,871 $1,850 Hamburger & Fries $5.00 $2.19 $.51 Source: Westegg.com/inflation/infl.cgi Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–28 Copyright ©2003 Prentice Hall, Inc. 1 - 28  Recessions and Depressions Recession:  Aggregate output declines, unemployment increases Depression:  Severe and long- lasting recession Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–29  Managing the US Economy Stabilization Policy:  Government policy designed to smooth out fluctuations in the economy  Fiscal Policies  Monetary Policies Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–30  Looking to the Future Three Major Forces: The information revolution will continue to boost productivity. Technological breakthroughs will create new industries. Increasing globalization will create larger markets and tougher competition. Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–31  Projections and Implications for the U.S. Economy Opportunities… Steady economic growth Fewer inflationary surges and lower budget deficits Countries with free trade, innovation, and open financial systems will thrive Successful businesses will be those that quickly master new technology Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–32  Projections and Implications for the U.S. Economy Challenges… Growing US trade deficit Disturbing income inequality Steadily increasing consumer debt Limited health insurance Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–33  Chapter Review Describe the nature and goals of US business. Define the key global economic systems and describe how they control the factors of production. Show how demand and supply affect the distribution of resources in the US. Identify the elements of private enterprise and the various degrees of competition. Explain how to evaluate an economic system. Describe the key projections for the US economy. Copyright © 2005 Prentice Hall, Inc. All rights reserved. 1–34 Business for Engineering The role of Engineering in Business Sami A. Awad Arab American University 2022 Roles of Engineering in Business  Engineering means finding solutions to problems using science and technology.  Solutions can be in one of these forms:  Develop a new product  Enhance an existing product  Maintenance of operational products Sami A. Awad Arab American University 2022 Problems  What do we mean by a problem  It is a need to do something that was done differently before  It is a need to enhance or add more features to existing systems  It is also a need to fix an error or a bug or a miss function of an existing system  So basically problems comes from a need to do something  “Need is the mother of all inventions” Sami A. Awad Arab American University 2022 Science & Technology  Science is the study of structure and behavior of natural objects by observation and experimentation to establish constant mathematical models of behavior. It includes mathematics, physics, chemistry, biology.  Technology is the application scientific knowledge for practical use.  Technology can improve science by using tools to experiment and verify such as: Telescope, Microscope, Computers.  Examples of technologies: communication, electrical, energy, manufacturing, medical and transportation.  Science and technology are keys to developing nations. They improve the quality of life, create wealth, and generate economic growth. Sami A. Awad Arab American University 2022 Engineering  Creating solutions!  Effective management, project planning and problem solving.  Critical thinking  Attention to detail  Teamwork and communication  Strong mathematical background  However engineers lack “soft skills” Sami A. Awad Arab American University 2022 Invention vs innovation  Invention: the creation of a product or introduction of a process for the first time. Inventions can be registered with a Patent.  Innovation: improves on or makes a significant contribution (enhancement) to an existing product, process or service. The utilization of multiple inventions is also innovation. New ideas or new ways to solve a problem is in any form is innovation.  Both inventions and innovation lead to creating wealth. Sami A. Awad Arab American University 2022 Entrepreneurship  Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses. Sami A. Awad Arab American University 2022  Added Value How to make a business by adding value to an existing Product Sami A. Awad Business for Engineering AAUP Nov. 2024 Sources of Innovation 1- Need for new projects thus new business ideas ( the need comes from one of three things) Need to create a new product or solution Enhance an existing product Fixing an error or a bug or a misfunction Sometimes a project has extra or excess money.. In that case they need to create an idea or a need or a new project that can be finished with the extra amount. Meaning of Added value with examples Create a new product that makes a difference in the price. The value of the output minus the cost of the input is positive. (profit) Coffee… It existed for hundreds of years… Turn coffee into French Vanilla !!!(high profit value) Wood… original cost is known worldwide. If you create products using wood it adds value. Milk… you can sell fresh milk (5NIS) Yogurt (10NIS) Labaneh (20NIS) Butter (30NIS) Meaning of Added value Think about your shirt…. What was it at the beginning.. Cotton… Where did it come from? Farmers (added value: from seeds to cotton)…or export( bought from the farmer at a price and sold to another country double the price) Fabric industry( added value from cotton to fabrics( different styles quality and cost) We buy the fabric and create added value? How? Make shirts or pants. What do you need to create shirts or pants? Factory (tailoring) or individuals. (Making one shirt by a tailor in Jenin may cost 500 NIS). On the other hand creating the same shirt in a factory may cost 50 NIS. Meaning of Added value If you buy a product in small quantities it always more expensive. (Retail or bulk) is cheaper. Then added value to the product creates positive output. To make it profitable you need Market analysis. Branding is Added value How did Apple add value to the phone? New designs New looks Privacy User experience Integration to all apps and devices All of this resulted in a powerful and desired brand. Apple became a prestige. (Branding!... The brand itself became added value) Branding comes after customer recognition. Branding is Added value The same applies to cars! Mercedes Tesla… Tesla …. Tesla… Branding has something to do with Elon Musk. BYD Now lets just discuss? What can we do to add value to a product! Branding is Added value Printing on a cup, phone covers, Mirrors. Input (cup, printer, or painting) ( printed cup) Oil, Bees wax into hand, face creams. Skin care products Cars… Car wash, sun shields, cameras, Robes printing, T shirt printing, for celebrations and occasions. Home made products cross stitching and so on…  Market Analysis Market Analysis is critical for business success Sami A. Awad Business for Engineering AAUP Nov. 2024 What is Market Analysis? Market Analysis is the process of studying the dynamics of the market to understand its size, structure, trends, competition, and customer needs. In the previous lectures about Added Value it was clearly stated that to make a business success rate higher you need to Analyze the Market for your business idea and for customers and competitors. The analysis will give you insight to make informed decisions and prepare for change. Importance of Market Analysis Help Identify Target customers! And what are their needs and preferences. Identify competitors. Really understand their strength and weakness. Set a clear business goal.. Realistic business plan. Very valuable information about pricing. What is the current price? What is the expected price? Is it high? Is it low? Key components of Market Analysis Market size!! The number of total potential customers. Amount prediction for the sale to a percentage of the customer base. History and Growth… Look behind and look forward Target Market: who is the preferable customer. The customer is the target. Market segment: is the customer male, female, old, young, rich, poor, student, doctor, car owner…. Identify major competitors: who are they? How long have they been in the market? How much money customers spend on their products? Calculate the percentage of customer that would prefer your product. What are the strengths of the competitors? The weaknesses? Key components of Market Analysis Market trends… Pattern.. People are getting more and more I nterested. Example: Dubai Chocolate (food services), ChatGPT (AI), cloud services (Technology), Cross stitching, Hattah (cultural), Tesla (cars), Morning coffee (students). SWOT: Strength, Weakness, Opportunity, Threat (Analysis) Market analysis is a continuous process even after the business is launched. You need to notice customer behavior. Why they decrease? If they decrease? What happened is competition or lack of quality? Did a new competitor come to the market? Do they have an added value? Methods for Market research Primary research: traditional (Survey, Interview, Talk to people who know, Talk to customers) primitive data that can guide you. Formal research: Existing reports, Industry publication, Department bureau of statistics, Universities publications. Tools for Market analysis: ChatGPT, Google Analysis Your Assignment Please bring to class a printed document that has a business idea that you think will have an Added value. Include a brief market analysis about your business idea regarding customers, competitors and some potential decisions based on that.  Money 101: Financial Basics for Engineers Financial Literacy Sami Awad - Arab American University – Jenin - Palestine Dec. 2024 Sami Awad (AAUP) Dec. 2024 1  Introduction  Why financial literacy matters for engineers  How financial skills complement technical skills  Overview of today's session  Money matters for Engineers  Personal finances  Time value of money  Cost benefit analysis  Opportunity cost  Career and Financial planning Sami Awad (AAUP) Dec. 2024 2 Money matters for Engineers  Understanding money and finance is crucial for engineers for several reasons:  Informed Decision-Making: Engineers often make decisions that have significant financial implications.  Evaluate costs, benefits, and risks for projects.  Project Management: Effective project management requires budgeting, resource allocation, and financial planning.  Stay within budget and meet deadlines. Sami Awad (AAUP) Dec. 2024 3 Money matters for Engineers  Economic Viability: Engineers need to ensure that their designs and solutions are not only technically sound but also economically viable. Understanding the financial impact of Engineering solutions on the whole business.  Entrepreneurship: Engineers with business knowledge are more likely to start their own business.  In essence, blending technical expertise with financial knowledge enables engineers to contribute more significantly to their organizations and enhances their career prospects. Sami Awad (AAUP) Dec. 2024 4 Personal Finance Basics  1. Budgeting  - Income, expenses: This involves creating a plan for how you will spend your money.  2. Saving and Investing: Setting aside money for future needs or emergencies  - Emergency fund  - Compound interest  -Rule of 72: Number of years for an investment to double.  3. Debt Management  - Good vs. bad debt  - Managing student loans and other personal debt. Sami Awad (AAUP) Dec. 2024 5 Money Basic Rules  1. You must earn money first.  2. Pay off your debt. Do not think about investing before paying off debt.  3. The rule of 80/20: After paying your debt live on 80% of your income and save 20%.  4. Do not put all your invested money in one basket. Diversify.  5. Let time work for you. Grow your money by time.  6. Assets pay you money: Your health is Asset number one. Liabilities cost you money. Balance is key.  8. Help others. Sami Awad (AAUP) Dec. 2024 6  Time Value of Money (TVM)  The Time Value of Money (TVM) is a fundamental financial concept that states money available now is worth more than the same amount in the future due to its potential earning capacity. It can be worth more with compounded interest or worth less due to inflation.  Present Value (PV): The current value of a sum of money.  Future Value (FV): The value of a sum of money at a specific point in the future.  Interest Rate (i): The rate at which money grows over time.  Number of Periods (n): The number of compounding periods per year.  Time (t): The total time the money is invested or borrowed.  TVM Formula: The basic formula to calculate the future value of money is:  FV=PV(1+ni​)^n⋅t  where:  ( FV ) = Future Value ( PV ) = Present Value  ( i ) = Interest Rate ( n ) = Number of Compounding Periods per Year  ( tAwad Sami ) =(AAUP) Number of Dec. 2024 Years 7  Example: $10,000 today vs. $10,000 in five years Cost-Benefit Analysis  A Cost-Benefit Analysis (CBA) is a systematic approach to evaluating the financial and non-financial impacts of a decision or project. If the outcome does not outweigh the cost then the decision must not be taken.  Key for engineering projects  Net Present Value (NPV) and Internal Rate of Return (IRR)  Example: Evaluating project investment vs. return Sami Awad (AAUP) Dec. 2024 8 Opportunity Cost  Opportunity cost represents the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another. It’s a crucial concept in economics and decision-making because it highlights the trade-offs involved in any choice.  Understanding trade-offs in financial decisions  Example: Investing in stocks vs. funding a personal project Sami Awad (AAUP) Dec. 2024 9 Career and Financial Planning  1. Salary Negotiation  - Evaluating job offers  - Negotiation tips  2. Retirement Planning  - Importance of starting early  - Overview of retirement accounts (401k, IRA) Sami Awad (AAUP) Dec. 2024 10 Key Takeaways  Budget and track your expenses  Start investing early to leverage compound interest  Understand the financial impact of career choices Sami Awad (AAUP) Dec. 2024 11 Questions & Answers  Feel free to ask any questions!  Discuss financial topics relevant to your career. Sami Awad (AAUP) Dec. 2024 12  Incubators Sami Awad - Arab American University – Jenin - Palestine Dec. 2024 Sami Awad (AAUP) Dec. 2024 1 Incubators  Organizations that help startups to launch and navigate through the processes of establishing a business and connect to sources of finance.  Incubators help create jobs, commercialize new technologies, and strengthen the economy.  University Incubators: Hassib Sabbagh Center (AAUP), Nijad Zeini Bir Zeit, Said Khori Alquds Univ, Fuad Kawash Polytechnic Palestine  Government incubators: PICTI Palestine ICT Incubator, Higher council for Innovation and Excellence  Private incubators: Bashar Almasri, spark (Mohannad Hijawi) Sami Awad (AAUP) Dec. 2024 2 Incubators services  MINIMIZE the risk of failure due to misinformation, or lack of resources.  Office space: supported by Internet, phone, address, equipment, electricity  Networking: Relations with organizations that can help you in your path of launching a startup.  Training: In business, IT, soft skills, leadership, finance.  Help you with your business plan (business canvas)  Legal support services.  Access to funding. (Venture Capital)  Presenting a business Pitch, Elevator Pitch Sami Awad (AAUP) Dec. 2024 3 Incubators services  Most businesses FAIL at the beginning  Failure rate of startups: 50% in the first year.  In three year 90% of all startups fail.  Pre-Incubations: The business has not started yet. It is just an idea. (Idea validation)  Incubation: Initial business startup. The idea is good. Let’s GO. Product, customers. Production, Marketing, sales, Finance unit.  Post-Incubation: you are already a business (company). The market has been validated. The capital has been secured. At this point you move out of the incubators. Sami Awad (AAUP) Dec. 2024 4 What do incubators gain?  Invest funds in new companies. The incubator pays for its operations from funds that come from external sources (USAID, GIZ, Mercy Corps, PIF).  Community and social impact. When you create new companies you are an active player in the country’s economy  Networking and influence  The incubator usually becomes a partner in the business. Contracts are signed with the company that gives the incubators a percentage of the company shares. Sami Awad (AAUP) Dec. 2024 5 Partners for Potential Funding International The U.S.-Middle East Partnership Initiative (MEPI) Spark ignites ambition – Netherlands International Youth Foundation (IYF) Mercy Corps Local Palestine Investment Fund (PIF) The Palestine Information and Communications Technology Incubator (PICTI) Birzeit University Leaders Organization Chamber of Commerce - Hebron Sami Awad (AAUP) Dec. 2024 6 What are some reasons for failure for incubated business?  Employment of the team members. They drop the idea. They won’t have time to work on it.  Lack of business knowledge for technical teams.  ROI?  When does the project pay for all the money that was invested. Sami Awad (AAUP) Dec. 2024 7 Key Takeaways  It is a good idea for an Engineering student or a team of students that have a business idea to consult with a local incubator. Sami Awad (AAUP) Dec. 2024 8 Questions & Answers  Feel free to ask any questions!  Discuss financial topics relevant to your career. Sami Awad (AAUP) Dec. 2024 9  Human Resource Management Lecture for Engineering students Sami Awad Dec 2024 Sami Awad (AAUP) Dec. 2024 1 Human Resource management  Human resource -> employee  What is Human resource management?  Human resource management (HRM) is the practice of recruiting, hiring, training, compensating, managing, and retaining employees  Recruiting:  Hiring:  Training:  Compensation: Many benefits including salary.  (child care benefits, promotions, vacations, Insurance, Retirement plan, discount on certain items, shares) Sami Awad (AAUP) Dec. 2024 2 Importance of HRM  The complete package for salary and benefits is the responsibility of the HRM manager or Department.  Compensation packages are added value for companies during and after recruitment  Compensation as shares makes the employee a partner and a share owner.  It improves the loyalty of employees  It give the company a competitive edge over other companies.  Recruitment includes negotiations on compensation packages. Sami Awad (AAUP) Dec. 2024 3 Functions of HRM  Job descriptions: detailed tasks and skills to fill the open position.  Recruitment by advertising the opening.  Company web page (jobs)  Newspapers  Social Media (Facebook, Mobile apps, TV, Radio, events, exhibitions, LinkedIn, email, Word of mouth, Training for hiring)  Interviewing and selection:  Select potential candidate CVs  Call for interviews  Interviewing process  Negotiation is extremely important at this stage. It might not be possible later. (We need this employee, he is a good candidate, acceptable, Not acceptable) Sami Awad (AAUP) Dec. 2024 4 Functions of HRM  Training:  Pre job training  Career Development traing  Maintain Employee records  Maintain Work days and vacations  Monitor progress  Evaluation (periodic) annual, semester by semester  Promotions  Retirement plan  It is important to use automation (HRM software) Sami Awad (AAUP) Dec. 2024 5 Functions of HRM  Conflict resolution: between employees or managers or employees and managers.  Decisions to hire or fire. The paper work (process)  Keep good employee relationship  Track employee needs to maintain excellent relationship  Rewards system  Turnover of employees must be minimized  It needs accurate calculations and planning.  Leadership matters in daily business. Rules make the environment more stable and fair. Sami Awad (AAUP) Dec. 2024 6 Key Takeaways  HRM management involves many aspects on human and relations and finances. Fairness is key. Towards a stable employment environment. Sami Awad (AAUP) Dec. 2024 7 Questions & Answers  Feel free to ask any questions!  Discuss financial topics relevant to your career. Sami Awad (AAUP) Dec. 2024 8  Payment Systems Lecture for Engineering students Sami Awad Dec 2024 Sami Awad (AAUP) Dec. 2024 1 Payment systems as a discussion  Local, International  Cash  Cheques, checks (deferred fund)  Credit card (Visa, Mastercard) International  Bank card, Debit card (connected to bank accounts)  Online banking (Reflect)  Palpay (Electronic payment) is an imitation of PayPal.  Apple Pay  Google Pay  Items (Barter) ‫مقايضه‬  Crypto currencies, Wallet Sami Awad (AAUP) Dec. 2024 2 Payment mechanisms Payment systems are a mechanism to transfer funds between parties locally and internationally. - It enables electronic commerce (e- commerce). - It allows citizens to interact and transfer funds. - It allows governments to transfer funds. - It could be physical: Cash, COD(Cash On Delivery), Gold, Barter. - It could be electronic (clearing house): Common organization that connects the parties and transfer the funds. Sami Awad (AAUP) Dec. 2024 3 Payment Parties  Payer (the person or party who makes the payment)  Payee ( the person who receives the payment  Third party ( Intermediary: clearing between payments ): usually it is banks that are connected through central banks.  The central bank is the hub. Central banks are connected in a clearing house. At the end of the day all banks settle payments and transactions.  Our central bank is the (Palestine Monitory Authority)  At the end of the day all central banks for all countries settle payments.  Countries use USA treasuries to transfer funds physically. Sami Awad (AAUP) Dec. 2024 4 Payment Parties  Payment systems enable international trade.  Trade balance between importing and exporting countries.  Some countries have a positive balance (exporters) Growth  Some others have negative balance (Importers) shrink  If there is a gap between import and export it is called Trade Deficit. (economic decline) Shrink  It is negative for the country GDP. Sami Awad (AAUP) Dec. 2024 5 Payment Regulations  Payment systems are governed by very strict and secure rules.  SWIFT (American clearing) Every transaction is monitored. Red flags are triggered when there is something suspicious.  Cryptocurrencies Sami Awad (AAUP) Dec. 2024 6 Security issues in payment systems  Authentication mechanisms Sami Awad (AAUP) Dec. 2024 7 Key Takeaways  HRM management involves many aspects on human and relations and finances. Fairness is key. Towards a stable employment environment. Sami Awad (AAUP) Dec. 2024 8 Questions & Answers  Feel free to ask any questions!  Discuss financial topics relevant to your career. Sami Awad (AAUP) Dec. 2024 9