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.
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.
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.
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.
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.
Kaizen is a method of creating continuous improvement based on the idea that small, ongoing, effective changes can reap significant improvements.
Budgeting is the process of looking at a business’s estimated incomes and expenses over a specific period in the future. It allows a business to see if they will be able to continue operating at their predicted level with these projected incomes and expenditures.
Asset management is a system that helps companies to keep a record of all their assets, such as instruments, machinery, and expenses. Keeping tabs on the assets helps streamline operations. The process also reduces the possibility of recording ghost assets, since all the assets are well accounted for.
Operations management is an area of management involved in planning and conducting the process of production and redesigning business operations in the production of goods or services. It requires the responsibility of ensuring that business operations are efficient to use as few resources as needed and effective in satisfying customer requirements.
Lean Six Sigma is a process improvement method planned to eliminate problems, remove waste and errors, and enhance working conditions to provide a better response to customers’ needs.
