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Three-Way Matching: Definition, Components, Objectives, Advantages & Disadvantages |PDF

December 23, 2024September 22, 2021 by Sushanta Maiti

Three-way matching of vendor invoices is an essential internal control process. Using this process, a company can bypass profit drains from making erroneous, duplicates, or fraudulent payments. It is a method for processing a vendor invoice to ensure that payment is complete and accurate. The primary objective of this process is to save businesses from overspending or paying for an item that they didn’t receive.

What is Six Sigma (6σ)? Principles, Methodologies, Certification, PDF

October 4, 2021September 13, 2021 by Sukanta Maiti

Six Sigma is a quality-control methodology developed by American engineer Bill Smith while working at Motorola in 1986. The method uses data-driven analysis to limit mistakes or defects in a corporate or business process. The six sigma system is a method to work faster with fewer mistakes.

What is Forecasting? methods, process, PDF

April 9, 2022August 19, 2021 by Sukanta Maiti

Forecasting is a technique for making predictions of the direction of future trends based on the analysis of past and present data. Businesses use forecasting to determine how to allocate their budgets or plan for expected expenses for an upcoming period of time.

What is Sales Forecasting? | Sales Forecasting Method, Types, Importance, and Elements | Sales Forecasting PDF

May 10, 2023August 11, 2021 by Sushanta Maiti

s forecasting is an essential business practice. Sales forecasts allow business leaders to make wiser decisions about setting up goals, budgeting, hiring, and other things involving cash flow.

What is 5S methodology? History, benefits,PDF

October 2, 2021July 29, 2021 by Sukanta Maiti

5-S is a system for organizing spaces so work can be performed efficiently, effectively, and safely.

What is Inventory? 3 Types of Inventory

December 30, 2025July 22, 2021 by Sukanta Maiti

Inventory, also known as stock, represents the goods and materials a business holds for resale, production, or operational use. Understanding inventory is crucial for any business, whether you’re running a manufacturing plant, a retail store, or a service-based company. Understanding Inventory Across Different Industries Manufacturing Industry Inventory In manufacturing, inventory isn’t limited to finished products … Read more

What is Total Productive Maintenance (TPM)? 8 pillar of Total productive Maintenance, PDF

July 17, 2021 by Sukanta Maiti

Total productive maintenance or TPM is the process of using machines, equipment, employees and supporting processes to maintain and improve the stability of production and the quality of systems.

What is Activity-Based Budgeting? Definition, Example, Advantages, Disadvantages & Implementation | PDF Inside

July 12, 2021July 10, 2021 by Sushanta Maiti

Activity-based budgeting is often used in cost accounting. Managers make budgets and spending recommendations based on past production activities. Management examines the costs of performing particular activities, like bending a fender for a car, to budget the overall costs of manufacturing a product.

What is Inventory management?

December 30, 2025July 7, 2021 by Sukanta Maiti

Inventory Management can be defined as a systematic approach to ordering, storing and using a company’s inventory. In business terms, inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost and price.