Sukanta Maiti 
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.
We can define supply chain management as “Design, planning, execution, control, and monitoring of supply chain activities to create net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally“. What is Supply Chain? A supply chain is a combined network of individuals, organizations, resources, activities, and technologies involved in the … Read more
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.
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.
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.
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.
cost control is a process of regulating or control the cost of operation within an organization. Basically, it is the practice of identifying and reducing business expenses to increase profits.
The elements of costs are those elements that constitute the cost of the manufacture of a product. The cost of an industrial enterprise may be divided into three principal elements,
The term product life cycle refers to the time period a product is introduced to consumers into the market until it’s removed from the market. The product life cycle is the process almost every product goes through from when it is first introduced into the market until it is removed from the market.
Revenue and cost can be studied by examining the total revenue and total cost of a business. Break-even Analysis implies that at some point in the operations, total revenue has to be equals to the total cost.
