Sukanta Maiti 
Inventory Management can be defined as a systematic approach to ordering, storing and using a company’s inventory. In business terms, inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost and price. What is inventory management? If you’re just starting out in a … Read more
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.
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,
