Management process is basically a process of setting goals, planning, organizing, controlling and leading the execution of any type of activities such as a project or a process.
If you ask a layman about procurement vs purchasing, he will tell you that they are one and have the same meaning, but if you ask a purchasing manager he will explain to you how and why there is differences between procurement and purchasing.
Materials management is important as most manufacturing concerns spend more than 60% of the money they take in, on materials. That means materials soak up a substantial portion of the capital invested in the industry.
A person wants to communicate one thing at a time, but he communicates something else which he never wanted. This type of behaviour in communication is called “The arc of distortion”.
Some of the primary objectives of communication are to convey information like instructions, policies, procedures, decisions etc., so the listener can read, hear and understand what is said and accept the message.
Communication enables a group of people to think and act together. Without communication, there will be no organization. Poor communication leads to poor coordination and similarly, cooperation depends on communication.
We can define the term ‘standard cost’ as the expected cost per unit of the products produced during a period, which is based on various elements of cost like direct material, direct labour, overheads, etc.
Communication is the act of transferring information from one person, group or place to another.
Each communication needs at least one sender, one recipient, and a message. Maybe it sounds simple but actually, communication is a very complex subject.
cost control is a process of regulating or control the cost of operation within an organization. Basically, it is the practice of identifying and reducing business expenses to increase profits.
The elements of costs are those elements that constitute the cost of the manufacture of a product. The cost of an industrial enterprise may be divided into three principal elements,
The term product life cycle refers to the time period a product is introduced to consumers into the market until it’s removed from the market. The product life cycle is the process almost every product goes through from when it is first introduced into the market until it is removed from the market.
