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Discuss the Standard industrial classification - Essay Example

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SIC was initially established by the United Kingdom in 1948 to classify the industrial areas. The system is used by the agencies of the other countries to…
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SIC 2003 SIC 2003 Standard Industrial ification (SIC) is four digits coding procedureunder through which industries are classified. SIC was initially established by the United Kingdom in 1948 to classify the industrial areas. The system is used by the agencies of the other countries to understand the division of the industrial groups. However, the codes were modified in 1992 to six-digit to group industries on a broader classification platform. The first two digits of the code tell about the major group, and the three first digits of the SIC code indicates about the industry group. The main purpose of the SIC codes is to represent each of the industries with the metrics that allows the agencies to conduct business analysis, regardless of the branches of the industry. In other words, the main purpose of the SIC code is to standardize the measures, analyze and share the data that enables the agencies to have understanding about the business. It assesses these agencies to conduct business analysis for the major businesses and industries. SIC codes have been assigned to the business and industries on the bases that they share common features, characteristics with respect to their products, services, production and system of business.
The classification of these codes can be beneficial for the agencies to identify the nature of the business that ranges with the first four digits of the code.
The hierarchy of these codes varies with the top to down structure of the general characteristics of the business and industry that are than future down according to the specification of the business. For example: the first two digits of the code allow to detect the major industry sector that the business is operating, the third and fourth digit tells about the specification of the good, services and product line of the business. the SIC codes are used by the national census bureau of the country, labor statistic, internal revenues and social security administration that make use of these SIC codes to identify the type of industry that the business is operating in. These agencies make use of these codes for reporting for the academic and business sectors to analyze the progress and risks that the business may inherit. It is also used to analyze several business issues, relating to business processes, decisions, such as labor council, wages and prices. The social security administration agency make use of the SIC codes to make use of the primary business activity on the employer ID.
SIC codes are developed to identify the type of economic activity that the business is engaged in. it classifies the business with respect to their economic activities that have been used by the United Kingdom to develop taxonomies that are changed with respect to changes occurring in the UK industry (Principal Business Activities, 2011). The classification of the codes provides a detailed framework for the governmental and non-governmental bodies to analyze industrial activities that fall in the common structure of the business category.
Category
Sub section
1. Agriculture, hunting and forestry
0111-0113, 0121-0125, 0130, 0141, 0142, 0150, 0201, 0202
2. Fishing
0501, 0502
3. Mining and quarrying
1010, 1020, 1030, 1110, 1120, 1200, 1310, 1320, 1411-1413, 1421, 1422, 1430, 1440, 1450
4. Manufacturing
1511-1513, 1520, 1531, 1532, 1533, 1541, 1542, 1543, 1551, 1552, 1561, 1562, 1571, 1572, 1581-1600, 1711-1717, 1721-1725, 1730, 1740, 1751-1754, 1760, 1771-1772, 1810, 1821-1824, 1830, 1910, 1920, 1920, 2010, 2020, 2030, 2040, 2051, 2052, 2111-2112, 2121, 2122, 2123, 2124, 2125, 2211-2215, 2221-2225, 2232, 2233, 2310, 2320, 2330, 2411-2417, 2420, 2430, 2441-42, 2451-52, 2461-2466, 2470, 4011-4022
5. Electricity, gas and water supply
4011-4013, 4021, 4022, 2030, 4100
6. Construction
4511-4512, 4521-4525, 4531-34, 4541-50
7. Wholesale and retail trade, repaired of motor vehicles and personal and household goods
5010, 5020, 30, 40 50, 5111-5119, 5121-5125, 5131-39, 5141-47, 5151-57, 5181-88, 5190, 5211, 5212, 5221-27, 5231-33, 5241-48, 5250- 5260-63, 5271-74
8. Hotels and restaurants
5510, 5521-23, 5530, 40, 5551, 5552
9. Transportation, storage and communication
6010, 6021-244, 2030, 6110, 6120, 6210, 62220, 6230, 6311, 12, 6312, 631-23, 6330, 63340, 6411, 6412, 6420
10. Financial intermediation
6511-12, 6521-23, 6601-03, 6711-13, 6720
11. Real estate, renting and business activities
7011-12, 7020, 7031-32, 7110, 7121-7123, 7131-7134, 7140, 7210, 7221, 7222, 7230, 40 50, 60, 7310, 7411-7415, 7420, 30, 40, 50, 60 70, 81-99
12. Public administration and defense, compulsory social security
7511-14, 7521-25, 7530
13. Education
8010, 8021, 8022, 8030, 41, 42
14. Health and Social work
8511-14, 8520, 8531, 8532
15. Other community, social and personal services activity
9001-03, 9111, 9112, 9120, 9131-33, 9211-13, 9920, 9231-34, 9240, 9251-72
16. Private households with employed persons
9600, 9700, 9800, 9999
17. Extra-territorial organization and bodies
9900
Reference
Principal Business Activities 2011, viewed July 18 ,2014 from . Read More
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