Law of Demand and Supply: [PDF Included] Curves, Importance, Conditions, & Factors Affecting Demand and supply

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

Manufacturing Resource Planning (MRP II): [PDF Inside] Elements, Advantages, Disadvantages, MRP I VS MRP II

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: Example, Benefit, Drawbacks, Implementation, [PDF inside]

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

What is Just-In-Time? [PDF] | Definition, Process, Benefits, Disadvantages, and Example

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