What is Inventory?
Inventory or stock is the term refers to the goods and materials that a business holds for the goal of
Read moreAuthor: Sukanta Maiti
What is Total Productive Maintenance (TPM)? 8 pillar of Total productive Maintenance, PDF
Total productive maintenance or TPM is the process of using machines, equipment, employees and supporting processes to maintain and improve the stability of production and the quality of systems.
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What is Inventory management?
Inventory Management can be defined as a systematic approach to ordering, storing and using a company’s inventory. In business terms, inventory
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What is Predictive maintenance? Process, Advantages and disadvantages, pdf
Predictive Maintenance (PdM) refers to the use of data-driven, proactive maintenance methods that analyze the condition of equipment and help to predict when maintenance should be performed.
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What is Order Management process? Working, Importance, Pdf
Whenever a customer places an order with a store, a process begins that runs in the background until they finally receive their product. This is called the order management process.
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What is Supply Chain Management (SCM)? – Working, Importance, example, PDF
We can define supply chain management as “Design, planning, execution, control, and monitoring of supply chain activities to create net
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What is Procurement? Definition, Process
Procurement is a process of acquiring goods and services. Procurement is commonly a part of the input to a company that uses the procured goods or services in the making of their own final product.
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Procurement vs Purchasing: Difference between Procurement and purchasing
If you ask a layman about procurement vs purchasing, he will tell you that they are one and have the same meaning, but if you ask a purchasing manager he will explain to you how and why there is differences between procurement and purchasing.
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What is Materials management? Objectives, Functions of Materials Management, pdf
Materials management is important as most manufacturing concerns spend more than 60% of the money they take in, on materials. That means materials soak up a substantial portion of the capital invested in the industry.
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What is Standard Costing in accounting? Variance, Standard cost formula, advantages and disadvantages
We can define the term ‘standard cost’ as the expected cost per unit of the products produced during a period, which is based on various elements of cost like direct material, direct labour, overheads, etc.
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