Enterprise Resource Planning (ERP) is a software-based process used by companies to manage and integrate core operations like finance, HR, supply chain, procurement, supply chain, services, manufacturing, etc.
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Manufacturing Resource Planning (MRP II) is a technique for the effective planning of all manufacturing resources of a company. It enables manufacturers to develop a precise production schedule for the future that minimizes expenses and maximizes the utilization of available resources.
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ABC analysis is an inventory management approach that controls the value of inventory items based on their usefulness to the business. ABC usually ranks items on demand, price, and risk data, and inventory managers group items into classes based on those principles so that business leaders can understand which products or services are most crucial to the financial profit of their business.
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ny tangible or intangible economic resource that is owned or controlled by an individual, a company, a government or an economic entity for accounting purposes with an expectation to produce positive economic value and benefit in the future, is called an asset.
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A scrum is an iterative method, consisting of sprints that normally last 1 to 4 weeks. This method ensures that your team provides a version of the product regularly. it was created using a software model that follows a set of functions, duties, responsibilities, and meetings.
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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.
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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.
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Just-in-time (JIT) is an inventory management approach in which goods are received from suppliers only as they are required. The main purpose of this strategy is to decrease inventory holding costs and increase inventory turnover.
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Kanban is a framework that takes place under the Agile methodology. It was formed in the late 1940s by a Japanese engineer named Taiichi Ohno. The agile Kanban Framework concentrates on visualizing the whole project on boards in order to increase project transparency and collaboration between team members.
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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.
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