Demand forecasting is the systematic process to evaluate future demand for a specific product. Simply put, it allows you to examine the sales scientifically over upcoming weeks, months and years, so that you know exactly how much stock to order and hold at any given time period.
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.
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.
Zero-Based Budgeting (ZBB) is a method of budgeting in which all expenses must be justified for each new period, regardless of whether each budget is higher or lower than the previous period.
Improve productivity is the key to improve revenue. So there should be some effective system for measuring organizational productivity. Below are 9 effective way for-How to measure productivity in the workplace?
Cost and revenue are the two most important terms in business economics. The target of every business is to minimize the cost and maximize the revenue so that business makes the maximum profit.
