The key thing in this policy is that they procure the goods in bulk and they have an advantage with major discounts and further there are no middlemen which operate for them and they have their own independent procure department which keeps on looking into the cheapest price for a particular product. Hence, they change their prices on a daily basis depending upon what their vendor is charging. Let’s analyze the reason for the same by using the concept of economies of scale.īoth Avenue supermarket and Walmart adopt EDLP and EDLC policies which stand for Everyday Low Price and Everyday Low Cost. The local shop vendors are worried about the same and wanted to know why it is so that despite selling at a lower price it is still able to make a profit and also are able to expand. Further evaluation of the FPS with experimental and clinical pain conditions and comparison with other standard pain assessment instruments in the elderly population are warranted.You can download this Economies of Scale Example Excel Template here – Economies of Scale Example Excel Template Economies of Scale – Example #1Īvenue supermarket and Walmart are two of the biggest retail markets and they sell their products with the lowest price in the market and still they manage to make profits with thinner margins. The equality of intervals in the FPS has not been fully supported in the older adult, but given the complexity of the task used, the results should not be considered to be refuted. These results provide preliminary support for the construct validity, strong ordinal properties, and strong test-retest reliability of the FPS with a sample of elderly individuals. ![]() Rating a vividly remembered painful experience about the degree of pain perceived using the FPS initially and again 2 weeks later, the FPS demonstrated strong reproducibility over time with a Spearman rho correlation coefficient of. In addition, the actual intervals between the five faces placed by subjects demonstrated substantial variances from the 167 mm expected in several instances. However, when subjects placed faces independent of others, the expected placement fell outside the 95% confidence limit for three of the five faces placed. ![]() When subjects placed individual faces along a 1-m-long red wedge indicating the amount of pain represented by each face, statistically significant separation of the faces in the anticipated equal interval position was demonstrated by the lack of overlap of the 95% confidence intervals when all faces were viewed and positioned simultaneously. Rank ordering tasks for the individual faces demonstrated near-perfect agreement between the actual expected ranking and the ranking produced by the subjects (Kendall's W =. Response to six Likert-type items indicated that subjects agreed that the FPS represents pain: however, it is clear that the perception of the meaning of the faces can be influenced by the context in which they are presented. To determine the validity, reliability, and scaling properties of the FPS, rating and ranking procedures, placement tasks, and test-retest methods were used. ![]() A total sample of 168 community subjects (30-121, depending on task completed), aged 65 or older, participated in the research protocol. The study was descriptive correlational in nature, with nonrandom sampling. The specific objective for this research was to determine initial psychometric properties of the Faces Pain Scale (FPS) as a measure of pain intensity for use with the elderly.
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