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.
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.
Supply and demand form the most fundamental concepts of economics. Whether you are an academic, farmer, pharmaceutical manufacturer, or simply a consumer, the basic premise of supply and demand equilibrium is integrated into your daily actions. In any market transaction between a seller and a buyer, the price of the good or service is determined by … Read more
Material Requirements Planning (MRP) is a basic digitally operated supply planning technique to help manage inventory. An MRP system enhances production process efficiency through proper estimation of needed materials and just-in-time delivery.
Asset vs Liability: Any 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.
Global warming is the phenomenon of a gradual increase in the earth’s average temperature generally due to the greenhouse effect caused by the increasing levels of hydrocarbons like carbon dioxide, chlorofluorocarbon as well as water vapor, and other pollutants.
Emotional Intelligence (EI) is the learned or innate ability to perceive, understand, use, manage and control our own emotions as well as the emotions of others in positive ways to have greater mental health, better job performance, effective communication, empathy, and leadership skills.
In this digital era, we all are somehow accustomed to the word “Information System” although not well-versed with the concept or definition. If asked what is “Information System” one will definitely say the words like computer or network or database. But an information system is much more than just a computer or network. It surrounds us almost every time and is changing every day. Nowadays, life seems impossible without it. From the smartphones in our hands, the Wi-Fi networks on our college campus–to the traffic lights, sales management, and billing systems in the shopping malls, etc.–Information System is virtually in every walk of our life.
n, we can say that communication is nothing but successful transferring or sharing of information, ideas, or feelings between two or more people (sender and receiver), from one place to another, using a medium (such as speaking or writing).
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.
