Kaizen is a method of creating continuous improvement based on the idea that small, ongoing, effective changes can reap significant improvements.
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.
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.
Work-study investigates the work done in an organization and it aims to find the most effective way of using industrial resources like man, material, machinery, money, etc. Every company wants to achieve the best qualities of the product with the minimum possible time.
Zero-Based Budgeting (ZBB) is a method of budgeting in which all expenses must be justified for each new period, regardless of whether each budget is higher or lower than the previous period.
Production is a process of value addition, which is developed to transform a set of input elements like man, raw material, capital, energy, information into finished products and services in proper quality and quantity.
