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Industries that Rule the Australian Economy

Question:

Write a business research proposal about the impact of the top twenty commercial ventures of Australia on the growth and development of the economy of the country.
 

The author writes a business research proposal that reviews twenty top commercial ventures in Australia. The author tries to throw light on the fact how these commercial brands in Australia influence the country’s economy throughout the year. The author tries to highlight the reasons why and how the economy of Australia depends on these ventures for their betterment. The author says that different business ventures affect the economy of Australia in different ways. The business proposal reveals that some of the businesses in Australia have prominent and distinct number of lines of production. This would enhance and improve the economy in different ways (Magner 2012).

Some of the industries that rule the economy of Australia include the following: basic metal industries, coke and refined petroleum products, chemical products, motor vehicles industries, pharmaceutical and medicine products, textile industries, electrical equipments, tobacco products among a few others (Rosewarne 2016). In this research proposal, the author wants to investigate whether there is any relation between the number of manufacturing units of these brands and the total value that the brand adds to the economy. The author also tries to figure out if there is any contrast between total output and total input of the assets in the economy of Australia (Burns 2014). The following chart describes the number of units of the top 20 commercial ventures of Australia. The chart shows that the industry for food products has the highest number of manufacturing units in Australia. 

In this business proposal the author writes a literature review on the impact of the top commercial ventures of Australia on the economy of that country. Researchers and economists have conducted extensive studies to understand the role of the leading brands in Australia in the betterment of the economy. Such studies have exposed the fact that people can expect more production from the manufacturing units that receives more contribution from all spheres of the economy (Anon 2016). Studies have also revealed that these firms generate more Productive Capital. Moreover, the government of the country rely and depend more on the industries of Australia that have a large number of production units spread across the country. The government as well as entrepreneurs believe that the industries with greater number of production units would benefit the economy more than the other industries (Chancellor and Abbott 2015).

Since the past few decades, researchers have observed that in Australia the industry for food items has the most number of manufacturing plants. The industry for non metallic minerals stands in the second position in this regard. There are some other industries in Australia that do not have a very large number of production plants across the country. Some of these industries include the electronic and optical industry, transport hardware industry, refreshment industry and petroleum and coke industry. Studies have revealed that these industries contribute less in the net value added to the economy as compared to the other industries (Ling et al. 2016).

Literature Review on the Impact of Top Commercial Ventures on the Economy of Australia

Australia is a country that has a distinctive nature in terms of its huge share of start-up industries and businesses. Studies in the past have disclosed that by world standard, the start-up business activities in Australia are quiet appealing. The industries in Australia are always on the lookout for new and innovative opportunities to enhance the condition of the economy of the country (O'Leary 2013). This is the main factor in forming the profit making mindset of the industrialists in Australia. Apart from generating profit and adding value to the economy of the country, the industries in Australia also generate employment opportunities for a large number of people of the country (Bell and Hindmoor 2014). Hence one can observe that it is necessary to study the impact of the top commercial ventures in Australia on the economy of the country.

Based on the above discussion, the researcher would like to throw light on some of the aspects of the popular commercial ventures of Australia. The researcher wishes to find the answers to some of the research questions that are described here:

  1. Among the top twenty commercial ventures in Australia which are the ones that had to most impact on the economy of the country in the year 2013?
  2. What is the relationship between the net value added to the economy and the number of manufacturing units of an industry?
  3. What are the attributes of the business of the industries?
  4. Is there any critical contrast between the overall input and the overall output of the assets in the economy (Eccleston and Hortle 2016)?

The researcher conducts a research process to assess the data collected and find answers to the questions framed above.

The researcher would perform a quantitative data analysis of the data collected from the relevant sources. First the researcher identifies and describes the quantitative variables under study. Then the researcher plots the findings of the research on the graph to investigate which among the variables described above are noteworthy or crucial in support of our proposed research (Montgomery et al. 2015). The author describes the variables under study as follows:

X1 = the number of manufacturing units of different industry

X2 = Productive Capital

X3 = Capital invested

X4 = Overall input

X5 = Overall output

X6 = Total value added to the economy

By conducting the research, the observer wants to throw light on the overall output generated by the factories of the industries and the total value added in the economy. Hence, the values of the variables X4 and X5 denote the dependent variables of the study. The other four variables, whose values help the researcher to deduce the values of the dependent variables, are the independent or explanatory variables of the study (Draper and Smith 2014). Here, in the study, the researcher measured the values of the variables X1 in units; X2 , X3 and X6 in Dollars.X4 and  Xare the assets or the costs (Marston and McDonald 2013). The researcher allows a 5% degree of tolerance of errors in his experiment as these errors may constitute some unavoidable factors.

The Gantt chart describes the durations of performing the literature review of the topic, the duration of the data collection and data analysis. The chart also gives the time of the final report submission.

Task

Start date

Duration

End date

Literature Review

13th  June

15.00

28th  June

Data Collection

29th June

60.00

29th Aug

Data Analysis

30th Aug

55.00

25th Oct

Final Report Submission

26th Oct

30.00

26th Nov

The bar diagram describes the milestones for completing the important phases of the research.

The first step to conduct the research is to collect data from relevant sources to perform the analysis. The analysis of the data would give the answers to the research questions (Cameron and Trivedi 2013). The researcher may collect primary data or secondary data. The researcher may collect primary data by interrogating the workers and the managers of the factories from different industry. The researcher conducts the interviews of the managers of the factories with the help of questionnaires. The questionnaires contains questions about some important aspects related to the study namely the total number of workers in the factory, the total profit earned and the total output generated by the factory, among a few others (Zhu 2014). The researcher may collect secondary data from other reliable sources such as from the websites of the government or from the websites containing data regarding the industries. The researcher may also collect relevant data from the books, journals or articles (Thy et al. 2015). After collecting the data the researcher performs data analysis to arrive at the desired conclusions.

Research Questions

After conducting the interview of the mangers of the factories or by collecting data from external sources, researcher first checks the validity of the data. Out of the total number of responses that the researcher receives, near about 70%-75% of the data would be useful to the researcher (Treiman 2014). The researcher then transfers the data to the Ms. Excel and performs the data analysis. The researcher calculates some of the measures of descriptive statistics like the mean, median or the quartiles of the data. The researcher performs hypothesis testing and fins the value of the statistic that he is testing. The researcher also reports the p-value of the test. The next step that the researcher performs is to represent the data graphically. This would reflect the contributions of each industry to the economy of Australia. The researcher may use other statistical tools and software namely SPSS, STATA, R to analyse the data (Seber et al. 2012).

By conducting the research, the researcher expects the following outcomes that are described below:

  1. The top three industries in terms of the number of production units are the textile industries, the food product industry and the industry for the non metallic minerals (Joshi et al. 2013).
  2. The industry of refined petroleum and coke products contribute the maximum amount of value that is added to the economy. The beverage and tobacco industries add the lowest value to the industry. Textiles and food products industry add medium amount of value to the industry (Savage et al. 2013). 

Conclusion

From the above discussions, one can easily conclude that the profit earned by an industry does not depend on the number of production units of the industry. Thus one can see that the net value added to the economy also does not depend on the number of manufacturing units of the industry. One can also conclude from the research that the average value of the output and input almost remains same in the year 2013 (Cheeseman et al. 2014). This shows that there has not been any remarkable profit in the business of the industries. 

References: 

Bell, S. and Hindmoor, A., 2014. The structural power of business and the power of ideas: The strange case of the Australian mining tax. New Political Economy, 19(3), pp.470-486.

Burns, J., 2014. The human cost of the shifting economy: Holden’s closure and Elizabeth’s future. Australian and New Zealand Journal of Psychiatry, p.0004867414526790.

Cameron, A.C. and Trivedi, P.K., 2013. Regression analysis of count data(Vol. 53). Cambridge university press.

Chancellor, W. and Abbott, M., 2015. The Australian construction industry: is the shadow economy distorting productivity?. Construction Management and Economics, 33(3), pp.176-186.

Cheeseman, S., Sumsion, J. and Press, F., 2014. Infants of the knowledge economy: the ambition of the Australian Government’s Early Years Learning Framework. Pedagogy, Culture & Society, 22(3), pp.405-424.

Draper, N.R. and Smith, H., 2014. Applied regression analysis. John Wiley & Sons.

Eccleston, R. and Hortle, R., 2016. The Australian mining tax debate: political legacies and comparative perspectives. Australian Journal of Political Science, 51(1), pp.102-109.

Joshi, M., Cahill, D., Sidhu, J. and Kansal, M., 2013. Intellectual capital and financial performance: an evaluation of the Australian financial sector.Journal of intellectual capital, 14(2), pp.264-285.

Ling, R., Kelly, B., Considine, R., Tynan, R., Searles, A. and Doran, C.M., 2016. The Economic Impact of Psychological Distress in the Australian Coal Mining Industry. Journal of Occupational and Environmental Medicine, 58(5), pp.e171-e176.

Magner, B., 2012. Behind the bookscan bestseller lists: Technology and cultural anxieties in early twenty-first-century Australia. Script & Print, 36(4), p.243.

Marston, G. and McDonald, C., 2013. The Australian welfare state: who benefits now?. Palgrave Macmillan.

Montgomery, D.C., Peck, E.A. and Vining, G.G., 2015. Introduction to linear regression analysis. John Wiley & Sons.

O'Leary, Z., 2013. The essential guide to doing your research project. Sage.

Rosewarne, S., 2016. The transnationalisation of the Indian coal economy and the Australian political economy: The fusion of regimes of accumulation?. Energy Policy.

Savage, G.C., Sellar, S. and Gorur, R., 2013. Equity and marketisation: Emerging policies and practices in Australian education. Discourse: Studies in the Cultural Politics of Education, 34(2), pp.161-169.

Seber, G.A. and Lee, A.J., 2012. Linear regression analysis (Vol. 936). John Wiley & Sons.

Thy, M.J.T.B.O., Asano, M. and Finlayson, M., 2015. Combining Qualitative and Quantitative Data Collection and Analysis Methods in Understanding Multiple Sclerosis Fatigue Management. International Journal of Qualitative Methods, 14(2), pp.53-68.

Treiman, D.J., 2014. Quantitative data analysis: Doing social research to test ideas. John Wiley & Sons.

Zhu, J., 2014. Quantitative models for performance evaluation and benchmarking: data envelopment analysis with spreadsheets (Vol. 213). Springer.

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[Accessed 29 February 2024].

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My Assignment Help. Impact Of Top Commercial Ventures On The Economy Of Australia (essay). [Internet]. My Assignment Help. 2017 [cited 29 February 2024]. Available from: https://myassignmenthelp.com/free-samples/impact-of-commercial-ventures-of-australia.

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