Question:
Discuss about the Network Structure and Industrial Clustering.
It is the department concerned with managing the employees of the organization in an adequate manner (Alfes, et. al., 2013). Human resource management is a team comprises of a sufficient and efficient member who has the capability to control the activities of the organization. Apart from this, their primary activities are to manage and fulfilling the employees’ needs as this is the most effective tool to motivate the employees. In this assessment, human resource management of AIROD will be covered, it is a company engaged in providing maintenance facilities to support the Royal Malaysian Airforce (RMAF) as well as to resolve the issues of supported engines used by the Air Force. It is a subsidiary company of National Aerospace & Defence Industries (NADI) which was founded in 1976 and it was privatised in 1984 and came into a joint venture with Aerospace Industries Malaysia (AIM), and Lockheed Aircraft Systems International (LASI), USA. Human resource management of AIROD is effective and with the help of effective human resource team, they have attained adequate goodwill in supporting Malaysian Armed forced as well as other private airlines (Abd Hamid & W Mini, 2014).
Currently, an organization has 201-500 employees across the globe. AIROD has 78 corporate clients worldwide along with the Air Force of the Malaysia. The organization has attained an effective place in the industry through providing world-class MRO facility in Malaysia in order to support rotary and fixed wing aircrafts. With the effective human resource management and collaboration between the departments of the organization, AIROD is known as the national player in the global aviation MRO industry (Abeyratne, 2013).
Operation: It is the department which is also known as the administration department which influences and directs the other teams of the organization to perform in an adequate manner in order to attain desired goals and the objectives. This is the duty of the organization develop a good mixture of the available resources of the organization in an adequate manner so that maximised results could be obtained. AIROD’s operation management has the capability to enhance its functionalities in an efficient manner so that its clients across the globe could be satisfied. For the same purpose, self-reliance strategic policy has been developed for strengthening the Malaysian Armed forces which enhances the security options of the nation externally as well as internally (Bardoel, et. al., 2014).
Operational department of the AIROD conducts various activities such as maintenance of the aircrafts, providing support to the engines used by the Air Force in their aircrafts, etc. Performing these functionalities in an adequate and effective manner has helped them to become the global brand of providing MRO facilities to various international clients. AIROD’s operational management has done an agreement with Lockheed Aeronautical Systems Company (LASC) in order to enhance and provide specialised engineering services to its clients (Dostaler, 2013).
Financial: Financial resources play the vital role in smooth running of the organization while it also plays effective roles in the attainment of organizational goals and the objectives. Apart from this, financial resources allow the organization to enhance their performance through adaptation of enhanced qualitative as well as improvised systems. Financial department is responsible for operating and controlling all functionalities in relation to the monetary terms within the workplace. In terms of AIROD, financial resources were quite efficient through which organization could attain its objectives. In the early 1980s, the government allocated the largest budget for Air Force for enhancing their capabilities and for the same, 18.9% of the overall budget of Malaysia at that period of time was allocated for the enhancing the performance of Air Force (Gebler, Uiterkamp & Visser, 2014). For this, a special mission was initiated in the name of PERISTA which was launched to upgrade the capabilities and modernise the Armed Force’s strengths. The major activity of financial department is to increase the organizational capabilities through an adequate allocation of the available financial resources within the departments of the organization. To perform this function in an appropriate manner, advanced research is necessary to analyse the requirements of the departments of the organization and then on the basis of outcomes generated from the research, funds should be allocated with the view to attaining organizational goals and the objectives (Farahmand, 2011).
This was the reason AIROD never felt lack of financial resources situations because Malaysian government never compromised with their army people. Maximum portion of Malaysia’s overall budget is allocated to the Armed forces in order to increase their capabilities (Bamber, et. al., 2009).
Marketing: This term includes market research, promotional and advertisement activities which are generally used to spread the awareness to the targeted public in relevance to the product, service or business. This technique is quite trending and useful in generating positive outcomes for the organization such as it helps in enhancing the revenues for the organization through making the increase in the demand of the products advertised in the particular market. Being in the joint venture type of the business, an organization was the part of government subsidiary and in those circumstances, the organization never required to promote their business. But after being privatised, they are serving in the Malaysian Armed Forces as well as for other local and the international clients (Armstrong, et. al., 2015).
For the purpose of promotion and advertisement, AIROD used their past achievements such as Contractorization Program which was established for aircrafts in 1997. Under this program, maintenance and logistical support services, as well as the specialised services, were being provided to the RMAF bases from the AIROD main base at Subang (Glowik & Smyczek, 2011). They have also utilised their experience in the aircraft maintenance for military commercial aircraft which is more than twenty-five years for promoting their business in the international market. Thus, they are known as the leading local company involved in aerospace functionalities and their value increased from the introduction of Contractorization Program (Armstrong & Taylor, 2014).
Upstream Industries: It is a business term which is mainly used in various industries and it is majorly linked with the production processes. This term defines the first stage of the production process of the particular industry. It is the stage where all the available resources are being combined at one place in order to perform the activities in an appropriate manner. In terms of AIROD, this term defines the procedure of the company which is done to arrange the materials which will be used for the purpose of completion of the task (Gruca & Rego, 2009). Apart from arranging primary and subsidiary materials required for completion of the particular task, adequate machinery, efficient employees, funds, etc. are also being considered crucial factors in the process of accomplishment of targets with the help of completion of the tasks. AIROD is an organization engaged in providing MRO services and along with this, they also provide various other services and parts to the Malaysian Army as well as to other countries’ clients, an upstream stage will play a crucial role in their functionalities. It will help them to prepare outlines, blueprints in relevance with the assigned by the militaries as well as from the international clients. Apart from this, this stage involves the arrangement of the supporting materials, efficient and skilled employees, number of workers, etc. required for finalizing the task allocated (Belobaba, Odoni & Barnhart, 2015).
Downstream Industries: These types of activities are generally commenced in the production-based industries which are mainly engaged in the extraction of oil, gas, petroleum, etc. types of products. It is the second phase of the industry under which the arranged materials in the upstream stage are being processed in order to produce a finished product (Hazledine, 2011). Further functionalities of this stage are to sale the finished products in the outside market i.e. to the business organizations, government agencies or private organizations. In this scenario, AIROD is engaged in providing adequate services and products with the help of arranged equipment and other supporting materials to the Malaysian Armed Forces which is a part of government agencies. Thus, AIROD is included in the upstream and the downstream types of industries (Breevaart, et. al., 2014).
For instance, in the oil and gas industry, upstream activities are the extraction of the crude oil from initial resources i.e. from land and that crude oil is being transferred to the refineries for the further functionalities which are included in the downstream activities. From refining the oil, making it into a finished state to the selling of oil to the customers is included under downstream activities. In the same manner, AIROD performs initial activities such as production and distribution of MRO services, maintenance and repair services to the aircrafts especially used by military people. Thus, AIROD is an integrated company because it includes both upstream and downstream processes in their functionalities (Homsombat, Lei & Fu, 2014).
Competitors: These are included in the external environmental factors for the business organization as their performance and activities affect the business externally. Competitive analysis is being conducted in order to determine the policies and strategies used by its competitors for attaining the adequate image in the target market. From the outcomes obtained from the competitive analysis, an organization needs to adopt more effective strategies from its competitors in order to attain effective outcomes as well as the effective competitive advantage in the dynamic business environment. Aerospace industry of Malaysia consists of few companies which are Upeca Aerotech Sdn. Bhd., Malaysia Aerospace Industry Association, Strand Aerospace Malaysia Sdn. Bhd., etc. are some of the primary competitors of AIROD which affects its performance (Kapferer, 2008). Competition is necessary and it is known as the reason for innovation. In order to attain competitive advantage and to beat the competitors’ policies in the business environment, organizations involved in the competitive business environment performs their unique activities to survive and to attain its effective image in the business environment. As AIROD is involved in the indulging various types of services to Malaysian Armed Forces as well as to other international clients, they have developed their effective image in the aerospace industry through providing qualitative and reliable services. These are the basis and efficient components for enhancing the organizational performance (Jarach, 2017).
Technologies: Within the recent period of time, technological gap between the developing and developed countries has been broadened rapidly. The primary reasons for this lack of investments, lack of qualified human resources, enhancements in the barriers, etc. Defence Ministry is the area in which countries need to spend a huge part of their budget irrelevance to the availability of funds with the country. This is the most critical area of the country and ignorance with this area could generate various negative outcomes for the country. India, Turkey, South Africa, etc. are certain countries which have adopted advanced technological factor in the workplace with the view to move towards the developed countries. While Malaysia is the country which has adopted this factor very late and this is the reason, they are counted in the slow emerging countries in the world. In order to attain the adequate position in emerging economies across the globe, Malaysia has invested a huge amount of their overall budget in the defence ministry. AIROD’s has also played a crucial role in gaining the expected position in the globe with the use of adequate skills and advanced technologies (Kleymann & Seristö, 2017).
Adaptation of advanced technologies is very crucial in every field. This is the major reason, AIROD has attained the effective image in the aerospace industry with the help of advanced and innovative techniques. Thus, they are currently operating with 6 hangars with 13 aircraft bays (Lainez, et. al., 2017).
The main reason for the establishment of AIROD is to enhance the capabilities of defence ministry of the Malaysia. AIROD is engaged in providing various services to the Malaysian air force such as MRO services, maintenance, and repair services for the air crafts used by the military groups of Malaysia. They have also achieved the adequate image in this section in the Malaysia as well as in other countries of the globe (Dahlan, Samat & Othman, 2015). Apart from this, alternative objectives of the establishment of AIROD were to strengthen the functionalities of BTECH’s organizations and business entities in relation to their research. This is done with the help of joint collaboration with the business organizations involved in the business and management. It’s another objective defines its establishment purposes which are providing support to the research associations of business and management ay the BSc level which also includes economics and business administration. And their functionalities are useful for the MSc level which operates various programs of marketing and business innovation (Bueno, Merino & Murcia, 2016).
Their major reasons for sustainable management also include their successful adaptation and implementation of contractorization programs. With the execution of this program, the organization has attained first, second and third line maintenance to the Royal Malaysian Air Force. With the help of this program, the organization was able to attain a huge rate of serviceability for maintaining and repairing air crafts. Under this program, various crucial aircrafts are being maintained such as Pilatus PC-7 Training Aircraft, Blackhawk helicopters, the VVIP aircraft, under the Prime Minister’s Department, Falcon F900, and Global Express. Apart from these aircrafts, organization also maintains civil registered Leonardo AW109E, MI-171, MI-17 helicopters and AW139 helicopter owned by the Fire Fighting and Rescue Department (Clarysse, et. al., 2014).
Under this program, organization had developed a separate department who records all functionalities conducted in this program in relevance with the aircrafts maintained. Inspection of these aircrafts was done on regular basis in this program, logistical support and scheduled maintenance sheets were also used to be provided under this program. AIROD has developed various service centers across the Malaysia and in the international market for providing effective services to its clients. Their major centers are RMAF bases, Lumut, Alor Setar, Subang, Miri and Labuan, Bertam, Kuala Lumpur and Kuantan. Apart from the number of service centers, they have raised their performance standards with the passing of time. In their tenure, they have reached a mark of 400 in terms of maintenance, overhaul, and repairing of airbuses, aircrafts, and this figure includes major modifications and the refurbishments and amongst that figure, 120 were the C-130s which belongs to United States Air Force (USAF). Apart from C-130s of USAF, C-130 of Royal Malaysian Air Force (RMAF), Yemen Air Force (YAF), Indonesian Air Force (TNI-AU), Sri Lanka Air Force (SLAF), Philippine Air Force (PAF), Bangladesh Air Force (BAF), Derco Aerospace Inc, Botswana Defence Force, Safari of South Africa and Kuwait Air Force has also been included in the AIROD’s maintenance and repairing achievements (Bamber, Frederick & Gereffi, 2016).
Indonesian Air Force: Along with the above achievements, Indonesian Air Force awarded AIROD to undertake the service life extension program (SLEP). The contract was also including the maintenance and repairing of C-130B aircraft and Hercules Tanker. This contract was assigned to the AIROD in October 1994. After the successful execution of the above contract assigned by the Indonesian Air Force, they also provided the next contract to the AIROD in 2015 for maintaining and repairing two C-130B aircrafts for Retrofit and improvised the functionalities of three C-130H aircraft (Lam & Harker, 2015).
United States Air Force (USAF): USAF has also introduced various contracts in order to maintain their aircrafts in an appropriate manner. And USAF has selected AIROD to perform these functionalities for them. In 1990, USA launched two programs i.e. Programmed Depot Maintenance (PDM) for 5 years and Corrosion Control & Inspection Program (CCIP) for 3 years. Under both the contracts, AIROD effectively provided its services to USAF and approximately 14 USAF C-130 aircrafts were managed in a year. Reviewing the performance of AIROD, USAF again approached AIROD in 1994 to repair their aircrafts and for the same, they approached AIROD for overhaul contracts to maintain C-130 aircrafts of USAF for a term period of two and a half years. Within this period of time, AIROD served approximately 21 aircrafts (Lin, Li & You, 2012).
Apart from Indonesian Air Force and USAF, AIROD has also served Philippine Air Force (PAF) twice, Royal Malaysian Air Force (RMAF), etc. They are also known for modifications also and this was proved when they modified an aircraft of RMAF which was badly damaged in an incident (Metzger & Parasuraman, 2017).
The aerospace global industry has quite better chances to grow in the coming future and it can be evaluated with its past year’s performances. The aerospace industry has developed its separate image in the effective production of aircrafts in order to strengthen the global defence system. This industry has great chances to grow at the rapid rate in near future because all developed and developing countries are investing a big part of their overall country’s budget in order to develop and maintain strong Armed Forces and defence system. As per the forecasts, it is expected that this industry will grow with the minimum of 2% from the next year across the globe. The aerospace industry has majorly two clients i.e. commercial aerospace and defence aerospace. For commercial purpose, airbuses will be required and as per the analysis, airline companies will require approximately 36, 800 airplanes which value for approximately USD 5.2 trillion (Mohd Yusof, 2015).
As per the geographical regions, new airplanes market growth is increasing at rapid rate. While delivery in terms of regions for airplanes is approximately 36 thousand, the value of the same is near to USD 5.2 trillion (Pagell & Shevchenko, 2014).
Manufacturing and repairing of aircrafts, jets, etc. lie down under the manufacturing industry. It is a combination of technology and the skilled manufacturing field under which all the advanced and innovative techniques are being adopted in order to enhance the performance of the aircrafts. Primarily, they are used in the commercial sector as well as in defence ministry in order to enhance the capabilities of the Armed Forces. The largest segment of this industry comprises of production of civil aircrafts i.e. non-military. These are manufactured for the purpose of air transportation trading activities such as cargo as well as airline companies. Aircrafts are being used for the purpose of moving people and goods across the globe. Generally, range of these aircrafts starts from jumbo jets to the small turboprops. Aviation aircrafts are another segment of the aerospace industry and come in the civil aircraft’s range. Aviation aircrafts are also known as private jets in general term and they are designed to make the experience of the travellers leisured as their designs are made according to two seating capacity and it is majorly used for business purposes. Another segment of this industry is civil helicopters which are specially designed for usage of police departments, emergency medical conditions, oil and mining companies, etc. They are part of the civil aircrafts and their major motive is to provide adequate services at remote locations where big aircrafts and other types of services cannot be arranged quickly (Pullman & Rodgers, 2010).
In the aerospace industry, various purposes are being fulfilled and to fulfil these purposes, aircrafts manufacturing companies build unique types of jets, airplanes, etc. One of them is military aircrafts which are majorly used by the governments of various nations to supply and deliver weapons and other confidential information within the country or amongst the countries. Along with the military aircrafts, helicopters are also being used by the governments for the same purpose. These helicopters and aircrafts are designed with weapons fitted in order to cope up with the emergency situations. The government uses these in the emergency situations also, for instance, in the situations of natural calamities, where troops get does not find the way to save their lives. The government uses these aircrafts and helicopters to perform rescue operations. Apart from this purpose, some of the aircrafts are designed in such a manner to deliver an influential collection of artillery to military boards with great manoeuvrability and less reachability. Engines used in the aircrafts by military boards differ from the engines used by the aircrafts for rest purposes. For the purpose of military boards, more powerful engines are required with maximum fuel capacity while commercial aircrafts’ primary motive is to transport the troops and goods from one place to another. Aircraft manufacturing companies also modify the engines of airplanes and helicopters as per the client’s requirements (Robinson, et. al., 2016).
Some of the big customers of aerospace industry are Federal Government, NASA, and other countries’ government bodies. NASA uses aerospace industries’ services to launch their satellites, space vehicles and other launch services. The aerospace industry is majorly involved with the help of government, private organizations to produce cargo and airline transportations vehicles. Commercial airline companies determine their needs for the model of a new aircraft through reviewing the factors such as routes of fly, average number of travellers on the particular route, etc. For most busy and long routes, they adopt huge capacity aircrafts and this is the most important factor for addressing the requirements of the airline companies (Schaltegger & Burritt, 2014).
AIROD is engaged in the same industry and with reviewing the future growth in the target market, an organization needs to invest in the manufacturing of airplanes, helicopters, etc. as their demand is continuously increasing. Apart from this, investment in the manufacturing of aerospace industry enhances the growth and expansion opportunities. Investment in this organization would be quite a beneficial task for the organization and the major benefits which will get generated are the high rate of return on the investments, growth and expansion opportunities will be increased, etc. Below is figure which describes the approximate requirements of the aircrafts on the basis of their size and usage. Average air travel growth rate is also rising continuously in where Asian Pacific region is growing with the annual growth of 6.3% which is the highest amongst all regions amongst the world. Along with the increase in the average air traffic rate, market of Global MRO is also increasing and it is expected to increase by 3.9% in the next 10 years. While in the Asia-Pacific region, growth rate of MRO is expected to rise to 5.7% by the year 2022 which values for $23.14 billion (Short, Toffel & Hugill, 2016).
It has been recommended to the AIROD to make large investments in the global aerospace industries through reviewing the future demand for the aircrafts, increasing number of air travellers per year, etc. While observing the economic conditions of the Malaysia, it was analysed that GDP of the country is continuously rising from 2007 except 2009 and 2011. A major reason for declining GDP rate in 2009 and 2011 is high inflation rate, due to certain economic calamities, Malaysian economy was fallen down at that point in time. Along with the GDP, per capita income of the Malaysian audience is also increasing continuously which is another factor of increasing demand for the aircrafts. With the increasing per capita income, the purchasing power of the people enhances and they had switched their mode of travelling to air over the other transportation mediums. Below figure shows the major economic indicators of Malaysia:
From the above figure, a growth rate of the service industry could be determined. Aerospace industries are also included in the manufacturing companies, hence; chances of growth could be identified from analysing the growth rate of the whole service industry.
Above two figures shows the reason for continues increasing demand of the airline companies and due to which aircrafts’ demand will get increased in near future. While airline companies are included under service rendering companies and aircrafts manufacturing companies are included under manufacturing industries and these are two major contributors of GDP. Thus, AIROD needs to make investments in the global aerospace industries because the whole world’s condition is quite similar to the Malaysia. As AIROD is also a part of the aerospace industries and they are known for providing maintenance, repairing and MRO services to the Malaysian military base as well as to the other international clients. With the increase in the demand for the aircrafts, airbuses, jets, helicopters, etc., it’s repairing, maintenance, etc. requirements will get increased. This, it can be concluded that AIROD will get benefit from the both the sides, first they will get benefit from the investments made in the global aerospace industries while on the other hand, they will get more contracts for rendering MRO, maintenance and repairing services to the government bodies for enhancing their Armed Forces’ capabilities as well to the airline companies (Strand, 2014).
Understanding the client: As AIROD is a part of aerospace industry only, hence; it will not be difficult for them for building adequate understanding towards the client before making investments. AIROD is capable enough to make investments while risk and return factors need to be considered before taking final decision in relevance with making investments in the global aerospace industries.
Analysis of current investments and ROI period: Global, as well as domestic aerospace industries, are growing at rapid rates, hence; they are a good option for other business organizations to venture in. But before making the same, current conditions of the industries should be checked because future conditions could only be assessed on the bases of assumptions. Return on investment is another big factor which plays crucial role in making investments or not. If the period of return over the made investments is very big, then critical evaluation should be made. But in the scenario of global aerospace industries, return over the investments will not take longer period than expected. Hence; AIROD should make investments in the growing stage of the industry in order to attain desired goals and the objectives of the organization (Tseng, Lim & Wong, 2015).
Proposed entry for setting up the venture with global aerospace industry for AIROD will not be a difficult task as they belong to the same field. In order to attain the desired goals and the objectives, organization needs to perform various activities in relation to setting up the proposed entry for the business organization.
Planning: Before commencing any venture, appropriate planning is necessary and as this is the basic step to commence the trading activities, hence; this should be performed in an adequate manner. In the planning situation, AIROD needs to develop its core objectives which need to be attained from the rest of the activities which could prove the decision of making the investment in the global aerospace industry accurate. In relevance to the investment in the global aerospace industry, AIROD Company needs to evaluate all the relevant factors which should be analysed before proposing the setting of the venture. This also includes various objectives such as attainment of desired goals and the objectives in relevance with the new venture (Turkina, Van Assche & Kali, 2016).
Organising: After performing the planning activity in terms of setting up the proposed venture with global aerospace industries, AIROD needs to perform certain activities in relation to the organising the activities in a sequence. This is crucial because setting up the sequence helps the organization to attain its desired goals and the objectives in relevance with the new venture. Under this step, majorly activities which are required to be performed in order to accomplish the targets for the organization are being finalised and conducted. Organising of all the activities also provides an idea of relevance with the environmental conditions under which organization needs to suffer. Apart from this, this also helps the organization to maintain and develop certain policies and strategies which are quite impressive and effective in relation to make the workplace dynamic and efficient.
Executing: After organising all the activities to be performed within the workplace needs to be conducted in an appropriate manner and it is very crucial in terms of attainment of objectives for the organization. Execution of the activities recorded in the organising part of the organizational activities should be done in the same manner. This helps the organization to perform their functionalities in the same manner as expected by the management of the organization. After organising the sequence of the functionalities within the workplace, organizational management needs to evaluate all possible alternatives which could enhance the performance of the organization in comparison to the selected sequence. After finalising the selected alternative, management approves the sequence selected by the organization in relevance with the attainment of AIROD’s goals in terms of investing in the global aerospace industries.
Controlling: After all these activities and methods, the last step comes into practise which also helps the organization to improve its performance as well as, it also identifies and rectifies the available issues in the above-defined functionalities. Under this step, appropriate methods will be developed in order to compare the attained performance of the organization with the expected performance as per the standards developed by the management. If an organization is not able to reach up to the mark set up by the management, appropriate determination techniques will be adopted and executed for identifying the available issues within the workplace functionalities. These issues are identified and resolved on priority basis for the purpose of attainment of the organizational goals and the objectives.
Cost-benefit analysis is used by the business entities in order to attract the existing policies of the organization. It helps the organization to analyse the expected benefits from the costs incurred for the achievement of the goals and the objectives. This functionality is beneficial as it determines the available outcomes from the incurred costs. With the help of outcomes generated from this analysis, organization could take the adequate decision in relation to the making investments. Cost-benefit analysis has the capability to provide appropriate alternatives and outcomes such as investment made in the global aerospace industries will definitely generate positive results for the organization. It will also determine the efficiency of the organization in terms of economic conditions ((Tseng, Lim & Wong, 2015). Following are some of the processes through which organization could perform the cost-benefit analysis:
In terms of this scenario, AIROD can use cost-benefit analysis in order to determine the benefits available in global aerospace industries. With regards to this analysis, AIROD will be able to attain its desired goals and the objectives. As the aerospace industry is spreading its wings in every country’s market, hence; there is big scope for AIROD to make hefty earnings from the investments made.
Conclusion
From the aforesaid discussion, it has been concluded that AIROD is an aerospace company engaged in rendering crucial services to the Malaysian military as well as to various domestic and internal airline companies. They are known for rendering qualitative services such as MRO services, maintenance of aircrafts, repairing and modification of aircrafts, jets, helicopters, etc. In their tenure, they have made positive image in the international aerospace industry and this is the reason, they showed their interest in making investments in the growing global aerospace industry. This decision was taken on various bases such as high rate of return, emerging sector, growth and expansion opportunities will be increased, etc. In order to evaluate the effectiveness and the efficiency of the organization, its crucial functions’ activities were discussed in this report. Such as human resource management, marketing, financial, etc. departments’ methods to perform the tasks were covered under this report. Further, environmental analysis and the sustainable management of the AIROD were discussed in order to evaluate their performance in the international aerospace industry.
In the next phase of the report, AIROD’s interest of making investments in the global aerospace industry was discussed. Under this, nature of the global aerospace industry was covered and along with this, justifications and the recommendations were given in order to analyse the investment decisions’ effectiveness in relation to the aerospace industry. Further, a proposed setting of the venture and cost-benefit analysis was executed for determining the effectiveness of the investment decision by AIROD.
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