Two terms you’ll often hear in project management and operations are capacity planning and resource planning. While they sound similar, they focus on different aspects of planning. Understanding their differences can help you avoid bottlenecks, reduce waste, and improve project delivery.
Capacity planning is the process of determining the production capacity an organisation needs to meet changing demand for its products or services.
Organization theory may be defined as the study of structure, functioning, performance of the organization, and the behaviour of the groups and individuals working in the organization.
In the business world, the term turnover refers to the total sales or revenues generated by a company over a specific period, typically a year. However, turnover can mean different things depending on the context in which it’s used.
At its simplest, decision theory is the study of how people make choices. It’s a blend of philosophy, economics, psychology, and statistics.
Microeconomics vs Macroeconomics: Economics is divided into two important sections, which are: Microeconomics & Macroeconomics. Microeconomics studies individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.
In our daily lives, we constantly make decisions about buying products and services. Whether it’s choosing a smartphone, selecting a restaurant for dinner, or investing in stocks, we often hear the terms “value” and “price” used interchangeably. However, these two concepts are fundamentally different, and understanding Value vs. Price can significantly improve our decision-making abilities in both personal and business contexts.
Operational Risk Management (ORM) is an essential aspect of any organisation’s strategy for minimizing unexpected disruptions. It is a process that managers and business analysts use to reduce the financial risks that daily business operations may cause. Unlike economic or market risks, which are often easier to quantify, operational risks cover a broad spectrum, from system failures and human errors to natural disasters.
Authority and responsibility are critical concepts in any leadership role, influencing the way organizations function and how individuals contribute to achieving shared goals. While authority grants the power to make decisions and direct actions, responsibility ensures accountability for those decisions.
In a world driven by precision, statistical process control (SPC) ensures that processes remain within acceptable limits, minimising defects and maximising productivity. It provides businesses with a structured approach to monitoring, controlling, and improving quality. But what makes SPC so indispensable, and how does it work in real-world applications? Let’s explore this powerful tool in detail. The … Read more
