Organization theory may be defined as the study of structure, functioning, performance of the organization, and the behaviour of the groups and individuals working in the organization.
At its simplest, decision theory is the study of how people make choices. It’s a blend of philosophy, economics, psychology, and statistics.
In our daily lives, we constantly make decisions about buying products and services. Whether it’s choosing a smartphone, selecting a restaurant for dinner, or investing in stocks, we often hear the terms “value” and “price” used interchangeably. However, these two concepts are fundamentally different, and understanding Value vs. Price can significantly improve our decision-making abilities in both personal and business contexts.
Operational Risk Management (ORM) is an essential aspect of any organisation’s strategy for minimizing unexpected disruptions. It is a process that managers and business analysts use to reduce the financial risks that daily business operations may cause. Unlike economic or market risks, which are often easier to quantify, operational risks cover a broad spectrum, from system failures and human errors to natural disasters.
In a world driven by precision, statistical process control (SPC) ensures that processes remain within acceptable limits, minimising defects and maximising productivity. It provides businesses with a structured approach to monitoring, controlling, and improving quality. But what makes SPC so indispensable, and how does it work in real-world applications? Let’s explore this powerful tool in detail. The … Read more
In today’s rapidly growing business environment, Supply Chain Management (SCM) is no longer just about moving products from Point A to Point B. With Artificial Intelligence integration, supply chains are becoming smarter, faster, and more resilient than ever before. In this article, I will explore how AI revolutionises SCM and what it means for businesses, professionals, … Read more
Keiretsu are a hallmark of Japan’s corporate landscape. It is a tightly knit network of businesses bound by mutual interests and lasting partnerships.
Economic order quantity (EOQ) is the ideal quantity of units a company should purchase to meet demand while minimizing inventory costs such as holding costs, shortage costs, and order costs.
Product differentiation is a process businesses use to distinguish a product or service from other similar ones available in the market.
Product management is a dynamic and multifaceted discipline at the intersection of business strategy, user experience, and technology. It involves guiding a product from conception to launch and ensuring its success throughout its lifecycle.
