Counterfeit Components In Electronics ManagementName:Institution:Date:COUNTERFEIT COMPONENTS IN ELECTRONICS MANAGEMENTIntroduction The history of counterfeits is long and ignoble. It ranges from all the sectors: from art to literature, to manufactured good, motor industry and the electronic industry. Motor industry is the most invested industry with counterfeits. The effects of counterfeits in the electronic industry may range from minor to death consequences. For example, when a consumer purchases an electronic and connects it to the power supply in the house unaware that the gadget may be faulty because of being a counterfeit product may result to short circuiting. Later the entire house may end up on fire leading to loss of property and life as well. Counterfeit electronic components have made the management of equipments in organizations difficult. Therefore, it is important for equipment managers to be aware of counterfeit electric components and how to control their effects on their organizations. Problem statementHow should managers detect and control counterfeit electronic components in organizations.Risks of counterfeitsThe electronic components are applied in numerous equipments including safety, power train and security among others. Therefore, these equipments require the power tolerant microcontrollers and processors among others. Failure in any of these vital mechanisms may lead to accidents. This has lead to increased importance in fault tolerant solutions in the automobile industry. This goes further to domestic use appliances and industries.The problem of counterfeit has been here for quite a while. Unscrupulous manufacturers as well as vendors for a long time they have been making large sum amounts of money by selling counterfeit components and or reselling old and used components as new and originals. Most of the counterfeit products are easy to identify (Bartels, Ermel, Sandborn, & Pecht, 2012). However, they do not pose any danger or threat to health and safety. The problem of counterfeit is not restricted only among the high-end consumer products. This extends to other sectors such as the pharmaceuticals who have been warning of counterfeit drugs posing great danger to health of consumers. Despite the efforts by pharmaceuticals, the problem of counterfeit drugs has grown to worse and no better. These counterfeit products cost government billions of dollars annually in losses.The epidemic of counterfeit electric components is worldwide and it is flooding the world market affecting supply chains in all sectors. Globally, there is an estimation of over $10 billion annually in loss because of the counterfeit products in the market. According to a report done by Hallin the US government is losing lots of billions in the auto industry and millions of workers losing their jobs because of inclining business. Further, the report indicated that the problem of counterfeits raises important issues of safety (Ross, & EDFAS 2011). Anoth...