Sukanta Maiti Supply and demand form the most fundamental concepts of economics. Whether you are an academic, farmer, pharmaceutical manufacturer, or simply a consumer, the basic premise of supply and demand equilibrium is integrated into your daily actions. In any market transaction between a seller and a buyer, the price of the good or service is determined by … Read more
Material Requirements Planning (MRP) is a basic digitally operated supply planning technique to help manage inventory. An MRP system enhances production process efficiency through proper estimation of needed materials and just-in-time delivery.
Planned maintenance is a proactive approach to maintenance in which maintenance work is scheduled regularly. The fundamental goal of planned maintenance is to maximize equipment performance by keeping it working as long as possible while remaining safe.
Reliability-centred maintenance (RCM) is the best possible maintenance strategy for optimizing a company’s or facility’s maintenance process. The execution of the specific maintenance plan on each of the facility’s assets is the end result of an RCM process.
Accounts receivable (AR) is the balance of money due to a firm for goods or services provided, but not yet paid for by consumers. Accounts receivables are recorded on the balance sheet as a current asset.
Budgeting is the process of looking at a business’s estimated incomes and expenses over a specific period in the future. It allows a business to see if they will be able to continue operating at their predicted level with these projected incomes and expenditures.
Mergers and acquisitions are transactions of shifting ownership between two companies, wherein a merger is a fusing or combining of two companies and acquisition is one company acquiring or buying another. The ultimate goal of mergers and acquisitions is to create synergy, which typically makes the two combined companies worth more valuable than the two separate companies.
Roles of financial manager : A financial manager is a person who takes care of all the important financial functions of an organization. The person in charge should maintain farsightedness in order to ensure that the funds are utilized in the most efficient manner. His actions directly affect the profitability, growth, and goodwill of the firm.
We can define lean manufacturing as a production process based on an ideology of maximizing productivity while simultaneously minimizing waste within a manufacturing operation.
Six Sigma is a quality-control methodology developed by American engineer Bill Smith while working at Motorola in 1986. The method uses data-driven analysis to limit mistakes or defects in a corporate or business process. The six sigma system is a method to work faster with fewer mistakes.
