Predictive Maintenance (PdM) refers to the use of data-driven, proactive maintenance methods that analyze the condition of equipment and help to predict when maintenance should be performed.
Whenever a customer places an order with a store, a process begins that runs in the background until they finally receive their product. This is called the order management process.
Incremental budgeting is a budgeting process that is based on the idea that a new budget can best be developed by making only some marginal changes to the present budget.
A cash flow budget is a projection of all cash receipts and all cash expenditures that are expected to appear during a certain time period. Estimates can be done monthly, bimonthly, or quarterly, and can include non-farm revenue and expenditures and farm items.
We can define supply chain management as “Design, planning, execution, control, and monitoring of supply chain activities to create net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally“. What is Supply Chain? A supply chain is a combined network of individuals, organizations, resources, activities, and technologies involved in the … Read more
Risk management is the process of identifying, evaluating, and prioritizing risks followed by integrated and economical application of resources to reduce, observe, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Demand forecasting is the systematic process to evaluate future demand for a specific product. Simply put, it allows you to examine the sales scientifically over upcoming weeks, months and years, so that you know exactly how much stock to order and hold at any given time period.
The term ‘total’ defines the entire organisation—all parties, departments and functions are involved in quality management. The system refers to the managerial and technological approaches to obtain quality requirements and business objectives throughout an entire organisation.
Change management is the systematic approach which deals with the transition or transformation of different organisational objectives, processes, core values, or technologies.
A stakeholder is a party that has an influence on a company and can either affect or be affected by the organisation. The primary stakeholders in a typical corporation are its investors, employees, consumers, and suppliers. However, with the increasing attention on collective social responsibility, the perception has been extended to include people, governments, and trade unions.
