In a rapidly advancing world, standardization plays a crucial role in promoting efficiency, ensuring quality, and enhancing interconnectivity across various sectors.
The concept of an organization refers to a structured and coordinated group of individuals or entities working together to achieve common goals or objectives. It involves the division of labour, delegation of responsibilities, and establishment of hierarchies to ensure effective functioning and efficient use of resources.
Operations research (OR) is a field of applied mathematics, engineering, and management science that deals with the application of advanced analytical methods to help make better decisions. OR uses quantitative models and data analysis to address complex issues in a variety of fields, including business, government, and healthcare. OR problems typically involve the optimization of … Read more
A Management Information System (MIS) refers to a computer-based system that collects, processes, stores, and distribute information to support decision-making, coordination, control, analysis, and visualization within an organization. It is a crucial component of modern businesses and is designed to provide managers and other stakeholders with timely and relevant information for effective planning and decision-making.
Pricing is a process of setting the value that a manufacturer will receive in the exchange of services and goods. If manufacturers set prices too high, they miss out on valuable sales. Set them too low, and they miss out on valuable revenue.
A route through which a product travels from the production end to the point of consumption is called a distribution channel.
A marketing mix is a set of tools used to promote a product or service in the market. It is also known as the 4Ps (product, price, place, promotion) of a marketing strategy. Using these components, a business can maximize its profit and the chances of its product being recognized by customers.
Enterprise Resource Planning (ERP) is a software-based process used by companies to manage and integrate core operations like finance, HR, supply chain, procurement, supply chain, services, manufacturing, etc.
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.
