Marginal Revenue (MR) is the additional revenue generated by producing and selling one more unit of a good or service. In other words, it represents the change in total revenue that occurs as a result of selling an additional unit of a product.
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.
Read More
What is Working Capital? Working capital is the difference between a company’s current assets and its current liabilities. In other
Read More
A route through which a product travels from the production end to the point of consumption is called a distribution channel.
Read More
The law of supply and demand is possibly one of the most essential concepts and it is the backbone of an economy. According to the law of demand and supply, when there is a higher demand for a product or service, there is a rise in the supply of such product or service and vice versa. The law of demand and supply describes the interaction between the desire for a product and the supply of that product. For example, if the supply of a product is low and the demand is high, it signifies such product is lacking for the number of people that desires it, therefore, it will lead to an increase in the price of the product.
Read More
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.
Read More
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.
Read More
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.
Read More
Just-in-time (JIT) is an inventory management approach in which goods are received from suppliers only as they are required. The main purpose of this strategy is to decrease inventory holding costs and increase inventory turnover.
Read More
Inventory Management can be defined as a systematic approach to ordering, storing and using a company’s inventory. In business terms, inventory
Read More