Showing posts with label There is/There are. Show all posts
Showing posts with label There is/There are. Show all posts

Wednesday, 29 January 2025

ROSETTA STONE, OPPOSITE WORD IN THE SAME WORLD

Today, The Winsors and The Grandma have visited the British Museum and has been learning about one of the most exciting themes that mix Linguistics and History, the Rosetta Stone
 
It has been an interesting visit to know about Egyptian hieroglyphics, and to compare with modern ones: crosswords and wordsearch.
 
Before this visit, the family has been studying some grammar with To Be verb in present and There is / There are. They have been talking about Jan Petit's song origins and the importance of left-handers in our history in a tribute to our Núria Winsor.

More information: To Be (Present Simple)

More information: There is / There are

The Rosetta Stone is a granodiorite stele inscribed with three versions of a decree issued in Memphis, Egypt in 196 BC during the Ptolemaic dynasty on behalf of King Ptolemy V Epiphanes.

The top and middle texts are in Ancient Egyptian using hieroglyphic and Demotic scripts respectively, while the bottom is in Ancient Greek. The decree has only minor differences between the three versions, making the Rosetta Stone key to deciphering the Egyptian scripts.

The stone was carved during the Hellenistic period and is believed to have originally been displayed within a temple, possibly at nearby Sais. It was probably moved in late antiquity or during the Mameluk period, and was eventually used as building material in the construction of Fort Julien near the town of Rashid (Rosetta) in the Nile Delta.

It was discovered there in July 1799 by French officer Pierre-François Bouchard during the Napoleonic campaign in Egypt. It was the first Ancient Egyptian bilingual text recovered in modern times, and it aroused widespread public interest with its potential to decipher this previously untranslated hieroglyphic script.

Lithographic copies and plaster casts soon began circulating among European museums and scholars. When the British defeated the French they took the stone to London under the Capitulation of Alexandria in 1801. It has been on public display at the British Museum almost continuously since 1802 and is the most visited object there.

Study of the decree was already underway when the first complete translation of the Greek text was published in 1803. Jean-François Champollion announced the transliteration of the Egyptian scripts in Paris in 1822; it took longer still before scholars were able to read Ancient Egyptian inscriptions and literature confidently.

More information: The British Museum

Major advances in the decoding were recognition that the stone offered three versions of the same text (1799); that the demotic text used phonetic characters to spell foreign names (1802); that the hieroglyphic text did so as well, and had pervasive similarities to the demotic (1814); and that phonetic characters were also used to spell native Egyptian words (1822–1824).

Three other fragmentary copies of the same decree were discovered later, and several similar Egyptian bilingual or trilingual inscriptions are now known, including three slightly earlier Ptolemaic decrees: the Decree of Alexandria in 243 BC, the Decree of Canopus in 238 BC, and the Memphis decree of Ptolemy IV, c. 218 BC.

The Rosetta Stone is no longer unique, but it was the essential key to the modern understanding of ancient Egyptian literature and civilisation

The term Rosetta Stone is now used to refer to the essential clue to a new field of knowledge.

The Rosetta Stone is listed as a stone of black granodiorite, bearing three inscriptions... found at Rosetta in a contemporary catalogue of the artefacts discovered by the French expedition and surrendered to British troops in 1801.

At some period after its arrival in London, the inscriptions were coloured in white chalk to make them more legible, and the remaining surface was covered with a layer of carnauba wax designed to protect it from visitors' fingers.

This gave a dark colour to the stone that led to its mistaken identification as black basalt.These additions were removed when the stone was cleaned in 1999, revealing the original dark grey tint of the rock, the sparkle of its crystalline structure, and a pink vein running across the top left corner.

Comparisons with the Klemm collection of Egyptian rock samples showed a close resemblance to rock from a small granodiorite quarry at Gebel Tingar on the west bank of the Nile, west of Elephantine in the region of Aswan; the pink vein is typical of granodiorite from this region.

The Rosetta Stone is 1,123 millimetres high at its highest point, 757 mm wide, and 284 mm thick. It weighs approximately 760 kilograms. It bears three inscriptions: the top register in Ancient Egyptian hieroglyphs, the second in the Egyptian Demotic script, and the third in Ancient Greek. The front surface is polished and the inscriptions lightly incised on it; the sides of the stone are smoothed, but the back is only roughly worked, presumably because it would have not been visible when the stele was erected.

The Rosetta Stone is a fragment of a larger stele. No additional fragments were found in later searches of the Rosetta site. Owing to its damaged state, none of the three texts is complete. The top register, composed of Egyptian hieroglyphs, suffered the most damage. Only the last 14 lines of the hieroglyphic text can be seen; all of them are broken on the right side, and 12 of them on the left. Below it, the middle register of demotic text has survived best; it has 32 lines, of which the first 14 are slightly damaged on the right side. The bottom register of Greek text contains 54 lines, of which the first 27 survive in full; the rest are increasingly fragmentary due to a diagonal break at the bottom right of the stone.

The full length of the hieroglyphic text and the total size of the original stele, of which the Rosetta Stone is a fragment, can be estimated based on comparable stelae that have survived, including other copies of the same order.

The slightly earlier decree of Canopus, erected in 238 BC during the reign of Ptolemy III, is 2,190 millimetres high and 820 mm wide, and contains 36 lines of hieroglyphic text, 73 of demotic text, and 74 of Greek. The texts are of similar length. From such comparisons, it can be estimated that an additional 14 or 15 lines of hieroglyphic inscription are missing from the top register of the Rosetta Stone, amounting to another 300 millimetres.

In addition to the inscriptions, there would probably have been a scene depicting the king being presented to the gods, topped with a winged disc, as on the Canopus Stele. These parallels, and a hieroglyphic sign for stela on the stone itself, suggest that it originally had a rounded top.The height of the original stele is estimated to have been about 149 centimetres.

The stele was erected after the coronation of King Ptolemy V and was inscribed with a decree that established the divine cult of the new ruler. The decree was issued by a congress of priests who gathered at Memphis. The date is given as 4 Xandikos in the Macedonian calendar and 18 Mekhir in the Egyptian calendar, which corresponds to 27 March 196 BC. The year is stated as the ninth year of Ptolemy V's reign, equated with 197/196 BC, which is confirmed by naming four priests who officiated in that year: Aetos son of Aetos was priest of the divine cults of Alexander the Great and the five Ptolemies down to Ptolemy V himself; the other three priests named in turn in the inscription are those who led the worship of Berenice Euergetis (wife of Ptolemy III), Arsinoe Philadelphos (wife and sister of Ptolemy II), and Arsinoe Philopator, mother of Ptolemy V.

More information: The Guardian

However, a second date is also given in the Greek and hieroglyphic texts, corresponding to 27 November 197 BC, the official anniversary of Ptolemy's coronation. The demotic text conflicts with this, listing consecutive days in March for the decree and the anniversary. It is uncertain why this discrepancy exists, but it is clear that the decree was issued in 196 BC and that it was designed to re-establish the rule of the Ptolemaic kings over Egypt.

Napoleon's 1798 campaign in Egypt inspired a burst of Egyptomania in Europe, and especially France. A corps of 167 technical experts (savants), known as the Commission des Sciences et des Arts, accompanied the French expeditionary army to Egypt.

On 15 July 1799, French soldiers under the command of Colonel d'Hautpoul were strengthening the defences of Fort Julien, a couple of miles north-east of the Egyptian port city of Rosetta, modern-day Rashid. Lieutenant Pierre-François Bouchard spotted a slab with inscriptions on one side that the soldiers had uncovered. He and d'Hautpoul saw at once that it might be important and informed General Jacques-François Menou, who happened to be at Rosetta.

The find was announced to Napoleon's newly founded scientific association in Cairo, the Institut d'Égypte, in a report by Commission member Michel Ange Lancret noting that it contained three inscriptions, the first in hieroglyphs and the third in Greek, and rightly suggesting that the three inscriptions were versions of the same text.

Lancret's report, dated 19 July 1799, was read to a meeting of the Institute soon after 25 July. Bouchard, meanwhile, transported the stone to Cairo for examination by scholars. Napoleon himself inspected what had already begun to be called la Pierre de Rosette, the Rosetta Stone, shortly before his return to France in August 1799. 

After the surrender, a dispute arose over the fate of the French archaeological and scientific discoveries in Egypt, including the artefacts, biological specimens, notes, plans, and drawings collected by the members of the commission. Menou refused to hand them over, claiming that they belonged to the institute. British General John Hely-Hutchinson refused to end the siege until Menou gave in.

Scholars Edward Daniel Clarke and William Richard Hamilton, newly arrived from England, agreed to examine the collections in Alexandria and claimed to have found many artefacts that the French had not revealed. In a letter home, Clarke said that we found much more in their possession than was represented or imagined.

Hutchinson claimed that all materials were property of the British Crown, but French scholar Étienne Geoffroy Saint-Hilaire told Clarke and Hamilton that the French would rather burn all their discoveries than turn them over, referring ominously to the destruction of the Library of Alexandria. Clarke and Hamilton pleaded the French scholars' case to Hutchinson, who finally agreed that items such as natural history specimens would be considered the scholars' private property.

Menou quickly claimed the stone, too, as his private property. Hutchinson was equally aware of the stone's unique value and rejected Menou's claim. Eventually an agreement was reached, and the transfer of the objects was incorporated into the Capitulation of Alexandria signed by representatives of the British, French, and Ottoman forces.

It is not clear exactly how the stone was transferred into British hands, as contemporary accounts differ. Colonel Tomkyns Hilgrove Turner, who was to escort it to England, claimed later that he had personally seized it from Menou and carried it away on a gun-carriage.

In a much more detailed account, Edward Daniel Clarke stated that a French officer and member of the Institute had taken him, his student John Cripps, and Hamilton secretly into the back streets behind Menou's residence and revealed the stone hidden under protective carpets among Menou's baggage. According to Clarke, their informant feared that the stone might be stolen if French soldiers saw it. Hutchinson was informed at once and the stone was taken away -possibly by Turner and his gun-carriage.

The stone has been exhibited almost continuously in the British Museum since June 1802.

More information: Smart History

Prior to the discovery of the Rosetta Stone and its eventual decipherment, the ancient Egyptian language and script had not been understood since shortly before the fall of the Roman Empire.

The usage of the hieroglyphic script had become increasingly specialised even in the later Pharaonic period; by the 4th century AD, few Egyptians were capable of reading them.

Monumental use of hieroglyphs ceased as temple priesthoods died out and Egypt was converted to Christianity; the last known inscription is dated to 24 August 394, found at Philae and known as the Graffito of Esmet-Akhom. The last demotic text, also from Philae, was written in 452.

The Greek text on the Rosetta Stone provided the starting point. Ancient Greek was widely known to scholars, but they were not familiar with details of its use in the Hellenistic period as a government language in Ptolemaic Egypt; large-scale discoveries of Greek papyri were a long way in the future.

At the time of the stone's discovery, Swedish diplomat and scholar Johan David Åkerblad was working on a little-known script of which some examples had recently been found in Egypt, which came to be known as demotic. He called it cursive Coptic because he was convinced that it was used to record some form of the Coptic language, the direct descendant of Ancient Egyptian, although it had few similarities with the later Coptic script.

More information: The Coptic Alphabet

In 1811, prompted by discussions with a Chinese student about Chinese script, Silvestre de Sacy considered a suggestion made by Georg Zoëga in 1797 that the foreign names in Egyptian hieroglyphic inscriptions might be written phonetically; he also recalled that as early as 1761, Jean-Jacques Barthélemy had suggested that the characters enclosed in cartouches in hieroglyphic inscriptions were proper names. Thus, when Thomas Young, foreign secretary of the Royal Society of London, wrote to him about the stone in 1814, Silvestre de Sacy suggested in reply that in attempting to read the hieroglyphic text, Young might look for cartouches that ought to contain Greek names and try to identify phonetic characters in them.

Calls for the Rosetta Stone to be returned to Egypt were made in July 2003 by Zahi Hawass, then Secretary-General of Egypt's Supreme Council of Antiquities. These calls, expressed in the Egyptian and international media, asked that the stele be repatriated to Egypt, commenting that it was the icon of our Egyptian identity.

He repeated the proposal two years later in Paris, listing the stone as one of several key items belonging to Egypt's cultural heritage, a list which also included: the iconic bust of Nefertiti in the Egyptian Museum of Berlin; a statue of the Great Pyramid architect Hemiunu in the Roemer-und-Pelizaeus-Museum in Hildesheim, Germany; the Dendera Temple Zodiac in the Louvre in Paris; and the bust of Ankhhaf in the Museum of Fine Arts in Boston.

More information: Egypt Independent


For many, the icon of the British Museum 
is the Rosetta Stone,
that administrative by-product of the Greek 
imperial adventure in Africa.

Neil MacGregor

Monday, 12 February 2024

THERE ARE SOME AMAZING PLACES TO VISIT IN LONDON

Today, The Fosters & The Grandma have visited Trafalgar Square,
the public square in the City of Westminster, Central London, that was established in the early 19th century around the area formerly known as Charing Cross. 

Before this visit, the family has been talking about Santa Eulàlia, the patron of Barcelona, and they have studied some English Grammar with There is/There are and Prepositions of Place.
 
More information: There is/There are
 
More information: Prepositions of Place
 

The Square's name commemorates the Battle of Trafalgar, the British naval victory in the Napoleonic Wars over France and Spain that took place on 21 October 1805 off the coast of Cape Trafalgar. The site around Trafalgar Square had been a significant landmark since the 1200s. For centuries, distances measured from Charing Cross have served as location markers. The site of the present square formerly contained the elaborately designed, enclosed courtyard, King's Mews. After George IV moved the mews to Buckingham Palace, the area was redeveloped by John Nash, but progress was slow after his death, and the square did not open until 1844.

The 52 m Nelson's Column at its centre is guarded by four lion statues. A number of commemorative statues and sculptures occupy the square, but the Fourth Plinth, left empty since 1840, has been host to contemporary art since 1999. Prominent buildings facing the square include the National Gallery, St Martin-in-the-Fields, Canada House, and South Africa House.

The square has been used for community gatherings and political demonstrations, including Bloody Sunday in 1887, the culmination of the first Aldermaston March, anti-war protests, and campaigns against climate change. 

A Christmas tree has been donated to the square by Norway since 1947 and is erected for twelve days before and after Christmas Day. The square is a centre of annual celebrations on New Year's Eve. It was well known for its feral pigeons until their removal in the early 21st century.

The square is named after the Battle of Trafalgar, a British naval victory in the Napoleonic Wars with France and Spain that took place on 21 October 1805 off the coast of Cape Trafalgar, southwest Spain, although it was not named as such until 1835.

The name Trafalgar is a Spanish word of Arabic origin, derived from either Taraf al-Ghar (طرف الغار cape of the cave/laurel) or Taraf al-Gharb (طرف الغرب extremity of the west).

Trafalgar Square is owned by the King in Right of the Crown and managed by the Greater London Authority, while Westminster City Council owns the roads around the square, including the pedestrianised area of the North Terrace.

The square contains a large central area with roadways on three sides and a terrace to the north, in front of the National Gallery. The roads around the square form part of the A4, a major road running west of the City of London. Originally having roadways on all four sides, traffic travelled in both directions around the square until a one-way clockwise gyratory system was introduced on 26 April 1926. Works completed in 2003 reduced the width of the roads and closed the northern side to traffic.

Nelson's Column is in the centre of the square, flanked by fountains designed by Sir Edwin Lutyens between 1937 and 1939 (replacements for two of Peterhead granite, now in Canada) and guarded by four monumental bronze lions sculpted by Sir Edwin Landseer. At the top of the column is a statue of Horatio Nelson, who commanded the British Navy at the Battle of Trafalgar.

Surrounding the square are the National Gallery on the north side and St Martin-in-the-Fields Church to the east. Also on the east is South Africa House, and facing it across the square is Canada House. To the south west is The Mall, which leads towards Buckingham Palace via Admiralty Arch, while Whitehall is to the south and the Strand to the east. Charing Cross Road passes between the National Gallery and the church.

Building work on the south side of the square in the late 1950s revealed deposits from the last interglacial period. Among the findings were the remains of cave lions, rhinoceroses, straight-tusked elephants and hippopotami.

The site has been significant since the 13th century. During Edward I's reign it hosted the King's Mews, running north from the T-junction in the south, Charing Cross, where the Strand from the City meets Whitehall coming north from Westminster. From the reign of Richard II to that of Henry VII, the mews was at the western end of the Strand. The name Royal Mews comes from the practice of keeping hawks here for moulting; mew is an old word for this. After a fire in 1534, the mews were rebuilt as stables, and remained here until George IV moved them to Buckingham Palace.

More information: London x London

I've often thought a blind man could find his way
through London simply by gauging
the changes in innuendo:
mild through Trafalgar Square,
less veiled towards the river.

Louis Bayard

Thursday, 23 February 2023

LADY GAGA & THE METROPOLITAN MUSEUM OF ART

Today is a sunny day in New York. The Grangers and The Grandma have continued their formation in English. They have studied There is/There are and the Plural of Nouns, before accepting an invitation to assist to the MET and participite as guests in a cerimony conducted by Lady Gaga to promote her new single. 

More info: There is/are

More info: Plural of Nouns

Stefani Joanne Angelina Germanotta (born March 28, 1986), known professionally as Lady Gaga, is an American singer, songwriter, and actress.

She is known for her image reinventions and musical versatility. Gaga began performing as a teenager, singing at open mic nights and acting in school plays. She studied at Collaborative Arts Project 21, through the New York University Tisch School of the Arts, before dropping out to pursue a career in music.

After Def Jam Recordings canceled her contract, she worked as a songwriter for Sony/ATV Music Publishing, where she signed a joint deal with Interscope Records and KonLive Distribution, in 2007.  

Gaga had her breakthrough the following year with her debut studio album, The Fame, and its chart-topping singles Just Dance and Poker Face. The album was later reissued to include the extended play The Fame Monster (2009), which yielded the successful singles Bad Romance, Telephone, and Alejandro.

Gaga's five succeeding studio albums all debuted atop the US Billboard 200. Her second full-length album, Born This Way (2011), explored electronic rock and techno-pop and sold more than one million copies in its first week. The title track became the fastest-selling song on the iTunes Store, with over one million downloads in less than a week. Following her EDM-influenced third album, Artpop (2013), and its lead single Applause, Gaga released the jazz album Cheek to Cheek (2014) with Tony Bennett, and the soft rock album Joanne (2016). She ventured into acting, winning awards for her leading roles in the miniseries American Horror Story: Hotel (2015-2016) and the musical film A Star Is Born (2018).

More information: Instagram-Lady Gaga

Her contributions to the latter's soundtrack, which spawned the chart-topping single Shallow, made her the first woman to win an Academy Award, BAFTA Award, Golden Globe Award, and Grammy Award in one year. 

Gaga returned to dance-pop with her sixth studio album, Chromatica (2020), which yielded the number-one single Rain on Me. She followed this with her second collaborative album with Bennett, Love for Sale, and a starring role in the biopic House of Gucci, both in 2021.

Having sold an estimated 170 million records, Gaga is one of the world's best-selling music artists and the only female artist to achieve four singles that each sold at least 10 million copies globally. Her accolades include 13 Grammy Awards, two Golden Globe Awards, 18 MTV Video Music Awards, awards from the Songwriters Hall of Fame and the Council of Fashion Designers of America, and recognition as Billboard's Artist of the Year (2010) and Woman of the Year (2015). She has also been included in several Forbes' power rankings and ranked fourth on VH1's Greatest Women in Music (2012).

Time magazine named her one of the 100 most influential people in the world in 2010 and 2019 and placed her on their All-Time 100 Fashion Icons list. Her philanthropy and activism focus on mental health awareness and LGBT rights; she has her own non-profit organization, the Born This Way Foundation, which supports the wellness of young people. 

Gaga's business ventures include Haus Labs, a vegan cosmetics brand launched in 2019.

More information: Twitter-Lady Gaga

The Metropolitan Museum of Art of New York, colloquially the Met, is the largest art museum in the United States. With 7.06 million visitors in 2016, it was the second most visited art museum in the world, and the fifth most visited museum of any kind. Its permanent collection contains over two million works, divided among seventeen curatorial departments. The main building, on the eastern edge of Central Park along Manhattan's Museum Mile, is by area one of the world's largest art galleries. A much smaller second location, The Cloisters at Fort Tryon Park in Upper Manhattan, contains an extensive collection of art, architecture, and artifacts from Medieval Europe. 

On March 18, 2016, the museum opened the Met Breuer museum at Madison Avenue in the Upper East Side; it extends the museum's modern and contemporary art program.

The permanent collection consists of works of art from classical antiquity and ancient Egypt, paintings and sculptures from nearly all the European masters, and an extensive collection of American and modern art. 

The Met maintains extensive holdings of African, Asian, Oceanian, Byzantine, and Islamic art. The museum is home to encyclopedic collections of musical instruments, costumes and accessories, as well as antique weapons and armor from around the world. Several notable interiors, ranging from first-century Rome through modern American design, are installed in its galleries.

The Metropolitan Museum of Art was founded in 1870 for the purposes of opening a museum to bring art and art education to the American people. It opened on February 20, 1872, and was originally located at 681 Fifth Avenue.
 
 
 
 
A great day in New York would be to wake up, 
get a cup of coffee and head up to Central Park for a nice walk. 
Then I'd go down to the East Village and stroll around. 
After that, maybe I'd go check out 
a museum or catch an indie film at the Angelika. 

Emmanuelle Chriqui

Friday, 10 July 2020

BRANDING, HOW TO BUILD YOUR OWN MARK TO SUCCESS

Branding
Today, The Grandma has been revising an old writing posted last March, 13 on her blog.

It was a post about branding, and The Grandma wants to remember it because she considers it could be very important for The Watsons.

The Watsons and The Grandma have been studying some English Grammar. They have done There is-There are activities.

More information: There is-There are

In marketing, brand management begins with an analysis on how a brand is currently perceived in the market, proceeds to planning how the brand should be perceived if it is to achieve its objectives and continues with ensuring that the brand is perceived as planned and secures its objectives.

Developing a good relationship with target markets is essential for brand management. Tangible elements of brand management include the product itself; its look, price, and packaging. The intangible elements are the experiences that the target markets share with the brand, and also the relationships they have with the brand. A brand manager would oversee all aspects of the consumer's brand association as well as relationships with members of the supply chain.

It is defined as the process of creating a relationship or a connection between a company's product and emotional perception of the customer for the purpose of generating segregation among competition and building loyalty among customers.

Brand management is a function of marketing that uses special techniques in order to increase the perceived value of a product.

Brand management is the process of identifying the core value of a particular brand and reflecting the core value among the targeted customers. In modern terms, a brand could be corporate, product, service, or person.

The earliest origins of branding can be traced to pre-historic times. The practice may have first begun with the branding of farm animals in the Middle East in the Neolithic period.

Stone Age and Bronze Age cave paintings depict images of branded cattle. Egyptian funerary artwork also depicts branded animals. Over time, the practice was extended to marking personal property such as pottery or tools, and eventually some type of brand or insignia was attached to goods intended for trade.

Around 4,000 years ago, producers began by attaching simple stone seals to products which, over time, were transformed into clay seals bearing impressed images, often associated with the producer's personal identity thus giving the product a personality.

A number of archaeological research studies have found extensive evidence of branding, packaging and labelling in antiquity. Archaeologists have identified some 1,000 different Roman potters' marks of the early Roman Empire, suggesting that branding was a relatively widespread practice.

More information: 99 Designs


Your brand is your name, basically.
A lot of people don't know that they need to build their brand;
your brand is what keeps you moving.
Meek Mill

Wednesday, 20 November 2019

INVENTORY MANAGEMENT & PROCUREMENT (III)

The Grandma is manufacturing inventory
Today, The Grandma is still in Sant Boi learning lots of things about Logistics. Inventory is an important stage in the Logistics process and she has wanted to know more information about it. She has found an interesting article written in Investopedia that explains what an inventory is perfectly.

An inventory is a group of items to store, keep and move and because of this, The Grandma has considered that it was very important to explain some aspects of English grammar to have more vocabulary, especially, Countable & Uncountable; Plurals of Nouns; Some/Any & No; and There is/There are constructions.

More information: Plural of Nouns & There is/There Are


Inventory management refers to the process of ordering, storing, and using a company's inventory. These include the management of raw materials, components, and finished products, as well as warehousing and processing such items.

For companies with complex supply chains and manufacturing processes, balancing the risks of inventory gluts and shortages is especially difficult. To achieve these balances, firms have developed two major methods for inventory management:
just-in-time and materials requirement planning: just-in-time (JIT) and materials requirement planning (MRP).

How Inventory Management Works
 
 
A company's inventory is one of its most valuable assets. In retail, manufacturing, food service, and other inventory-intensive sectors, a company's inputs and finished products are the core of its business. A shortage of inventory when and where it's needed can be extremely detrimental.

At the same time, inventory can be thought of as a liability (if not in an accounting sense). A large inventory carries the risk of spoilage, theft, damage, or shifts in demand. Inventory must be insured, and if it is not sold in time it may have to be disposed of at clearance prices -or simply destroyed. 

Jessica, Just in Time (JIT)
For these reasons, inventory management is important for businesses of  any size.

Knowing when to restock certain items, what amounts to purchase or produce, what price to pay -as well as when to sell and at what price -can easily become complex decisions. Small businesses will often keep track of stock manually and determine the reorder points and quantities using Excel formulas.

Larger businesses will use specialized enterprise resource planning (ERP) software. The largest corporations use highly customized software as a service (SaaS) applications.

Appropriate inventory management strategies vary depending on the industry. An oil depot is able to store large amounts of inventory for extended periods of time, allowing it to wait for demand to pick up. While storing oil is expensive and risky -a fire in the UK in 2005 led to millions of pounds in damage and fines -there is no risk that the inventory will spoil or go out of style. For businesses dealing in perishable goods or products for which demand is extremely time-sensitive -2019 calendars or fast-fashion items, for example -sitting on inventory is not an option, and misjudging the timing or quantities of orders can be costly.

More information: Trade Gecko

Inventory Accounting

Inventory represents a current asset since a company typically intends to sell its finished goods within a short amount of time, typically a year

Inventory has to be physically counted or measured before it can be put on a balance sheet. Companies typically maintain sophisticated inventory management systems capable of tracking real-time inventory levels. Inventory is accounted for using one of three methods: first-in-first-out (FIFO) costing; last-in-first-out (LIFO) costing; or weighted-average costing.

An inventory account typically consists of four separate categories:

-Raw materials

-Work in process

-Finished goods

-Merchandise

Raw materials represent various materials a company purchases for its production process. These materials must undergo significant work before a company can transform them into a finished good ready for sale.

Works-in-process represent raw materials in the process of being transformed into a finished product.

Finished goods are completed products readily available for sale to a company's customers.

Merchandise represents finished goods a company buys from a supplier for future resale.

Depending on the type of business or product being analyzed, a company will use various inventory management methods. Some of these management methods include just-in-time (JIT) manufacturing, materials requirement planning (MRP), economic order quantity (EOQ), and days sales of inventory (DSI).

More information: Big Commerce

Just-in-Time Management

Just-in-time (JIT) manufacturing originated in Japan in the 1960s and 1970s; Toyota Motor Corp. (TM) contributed the most to its development. The method allows companies to save significant amounts of money and reduce waste by keeping only the inventory they need to produce and sell products. This approach reduces storage and insurance costs, as well as the cost of liquidating or discarding excess inventory.

JIT inventory management can be risky. If demand unexpectedly spikes, the manufacturer may not be able to source the inventory it needs to meet that demand, damaging its reputation with customers and driving business toward competitors. Even the smallest delays can be problematic; if a key input does not arrive just in time, a bottleneck can result.

Materials Requirement Planning


The materials requirement planning (MRP) inventory management method is sales-forecast dependent, meaning that manufacturers must have accurate sales records to enable accurate planning of inventory needs and to communicate those needs with materials suppliers in a timely manner. For example, a ski manufacturer using an MRP inventory system might ensure that materials such as plastic, fiberglass, wood, and aluminum are in stock based on forecasted orders. Inability to accurately forecast sales and plan inventory acquisitions results in a manufacturer's inability to fulfill orders.

More information: Cleartax

Economic Order Quantity

The economic order quantity (EOQ) model is used in inventory management by calculating the number of units a company should add to its inventory with each batch order to reduce the total costs of its inventory while assuming constant consumer demand. The costs of inventory in the model include holding and setup costs.

The EOQ model seeks to ensure that the right amount of inventory is ordered per batch so a company does not have to make orders too frequently and there is not an excess of inventory sitting on hand. It assumes that there is a trade-off between inventory holding costs and inventory setup costs, and total inventory costs are minimized when both setup costs and holding costs are minimized.

Inventory in the warehouse
Days Sales of Inventory

Days sales of inventory (DSI) is a financial ratio that indicates the average time in days that a company takes to turn its inventory, including goods that are a work in progress, into sales.

DSI is also known as the average age of inventory, days inventory outstanding (DIO), days in inventory (DII), days sales in inventory or days inventory and is interpreted in multiple ways. Indicating the liquidity of the inventory, the figure represents how many days a company’s current stock of inventory will last. Generally, a lower DSI is preferred as it indicates a shorter duration to clear off the inventory, though the average DSI varies from one industry to another.

Qualitative Analysis of Inventory


There are other methods used to analyze a company's inventory. If a company frequently switches its method of inventory accounting without reasonable justification, it is likely its management is trying to paint a brighter picture of its business than what is true. The SEC requires public companies to disclose LIFO reserve that can make inventories under LIFO costing comparable to FIFO costing.

Frequent inventory write-offs can indicate a company's issues with selling its finished goods or inventory obsolescence. This can also raise red flags with a company's ability to stay competitive and manufacture products that appeal to consumers going forward.

Understanding Just-in-Time (JIT) Inventory Systems

A just-in-time inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules.
 
More information:  JIT

Why You Should Use Days Sales Of Inventory–DSI

The days sales of inventory (DSI) gives investors an idea of how long it takes a company to turn its inventory into sales.
 
More information: DSI
 
What Works-in-Progress Really Mean
The term work-in-progress (WIP) is a production and supply-chain management term describing partially finished goods awaiting completion. WIP refers to the raw materials, labor, and overhead costs incurred for products that are at various stages of the production process.
 
More information: WIP
 
Pull-Through Production

Pull-through production is a manufacturing strategy that releases an order when a company receives the order for that item.
 
More information: PTP

Perpetual Inventory Definition

Perpetual inventory is a method of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
 
More information: PID

Inventory
Inventory is the term for merchandise or raw materials that a company has on hand.

More information: Inventory

After reading about inventory, The Grandma has remembered Antoni Gaudí, the genius of Architecture whose works are universally known.

Gaudí had his warehouse of proofs in Sant Boi where he experimented with elements, materials and Mathematics. Without Sant Boi and Santa Coloma de Cervelló is impossible to understand this great artist and enormous person.

More information: Antoni Gaudí I, II, III, IV, V & VI

More information: Antoni Gaudí I & II (Catalan Version)

More information: Antoni Gaudí (Spanish Version)


Less emphasis on inventories, I think, may tend to dampen
business cycles, because business cycles are typically
in the grasp of inventory cycles and heavy industry cycles.

Paul A. Volcker

Wednesday, 8 February 2017

SOME FAR WEST STORIES: DIAMONDS AND RUST

Far West Outlaws
Today, The Bonds have worked There is/There are, There was/There were, There will be and countable and uncountable with Some and Any.

They have also practised some important acronyms for Telephoning English and have created a Quiz.

More information: Some & Any

The Grandma has remembered some past moments and has talked about some Far West legends like Jesse James and some singers who evocate them like Joan Baez or Bob Dylan.


After that, the family has received the visit of M, who has arrived with an incredible present for everybody, a new book to prepare B1 Exam and they've practised a long listening to train themselves.

The family left San Francisco and they're travelling now across U.S.Highway 163 to Utah-Arizona border where tomorrow they're going to visit the Navajo Nation.


During the 'ballad' years for me, the politics was latent; 
I was just falling in love with the ballads and my boyfriend. 
And there was the beauty of the songs. 
Joan Baez