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.
Quality standards are sets of good management operations, methods, systems, requirements, and/or specs set up by industry advisory groups to help manufacturers achieve and show consistent production and product quality.
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.
A purchase price allocation is primarily involved in accounting purposes, but it also gives a useful evaluation of the components that make up goodwill. In this process, the purchase price was allocated to all the tangible net assets, such as working capital and machinery, with the rest allocated entirely to goodwill. Definition Purchase price allocation … Read more
