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What is Product Quality? Definition Meaning Importance

2013-05-21T19:48:00.002+05:30

Definition of Product Quality Before we proceed to understand, “what is product quality?” First, let's focus on the definition of quality.It is not easy to define the word ‘Quality’ since it is perceived differently by the different set of individuals. If experts are asked to quote the definition of quality, they may give varied responses depending on their individual preferences. These may be

Ten Main Factors Affecting Plant Location

2013-05-21T15:33:00.001+05:30

Factors Affecting Plant Location Plant location must be selected properly by entrepreneurs while planning to set up their business units. While taking such a decision, they must consider some important factors.Following image depicts important factors affecting plant location.Image credits © Prof. Mudit Katyani.Ten main factors affecting plant location are:Law and order situation, Availability of

Factors Affecting Scheduling - Internal and External

2013-05-20T20:13:00.000+05:30

Factors affecting scheduling The following chart depicts various factors affecting scheduling.Image credits © Prof. Mudit Katyani.The factors that affect scheduling are grouped into two categories viz;Internal factors affects an entity (e.g. a company) from within. External factors influence an entity (e.g. a company) from outside. The internal factors affecting scheduling:Finished goods

What is Scheduling? Definition Meaning

2013-05-20T20:08:00.001+05:30

What is Scheduling? Definition Some selected definitions of scheduling given by eminent scholars are quoted below.According to Richard Lansburgh and William Spriegel,“Scheduling involves establishing the amount, of work to be done and the time each element of the work will start, or the order of work. This includes allocating the quality and rate of output of the plant or department and also the

Difficulties or Problems in Measuring Productivity

2013-03-06T07:47:00.001+05:30

Problems in measuring productivity Following image lists main difficulties or problems in measuring productivity.Image credits © Prof. Mudit Katyani.Important challenges or difficulties in measuring productivity:Difficulty in measuring output, Difficulty in measuring inputs, Factorial productivity, Changing prices of inputs and outputs, Intangible output of service sector, Comparison of

Nine Main Benefits of Higher Productivity

2013-03-06T07:07:00.000+05:30

Benefits of higher productivity The following image depicts a list of nine benefits of higher productivity.Image credits © Prof. Mudit Katyani.The nine main benefits of higher productivity are:Higher profit, Employees welfare, Better return Nice relations, Customer satisfaction, Good credit rating, Goodwill, Better credit terms, and Low turnover. Now let's discuss briefly these important benefits

Explain Need or Importance of Location Planning

2013-03-06T06:11:00.001+05:30

Importance of location planning Location planning decisions are very important for all types of business units. This is because it affects the cost, selling price, and demand of the product. It is a non-recurring heavy expenditure. Large companies take the help of different professionals like lawyers, accountants, environmentalist, etc. for selecting the proper location of plant.Following image

Eight Important Factors that Affect Productivity

2013-03-06T05:20:00.000+05:30

Factors that affect productivity The following chart shows eight factors that affect productivity.Image credits © Prof. Mudit Katyani.The eight main factors that affect productivity are:Technical factors, Production factors, Organizational factor, Personnel factors, Finance factors, Management factors, Government factors, and Location factors. Now let's discuss briefly above listed important

Difference Between Intermittent & Continuous Production System

2013-02-27T03:05:00.000+05:30

Difference between Intermittent and Continuous Production System Difference between intermittent and continuous production system; based on 10 points.Image credits © Prof. Mudit Katyani. Nature of product. Flexibility of process. Scale of production. Per unit cost. Range of products. Instructions. Staff. Storage of final products. Location change. Capital invested. Now let's distinguish

Steps Procedure of Routing in Production

2013-02-27T01:33:00.001+05:30

Steps or Procedure of Routing in Production Following image depicts main steps or procedure of routing in production.Following important steps are involved in the procedure of routing: Product analysis determines what to manufacture and purchase. Product-analysis is done again to determine materials required for production. Fix the manufacturing operations and their sequences. Decide the number

Stages Steps in Production Planning and Control

2013-02-27T01:00:00.001+05:30

Steps in Production Planning and Control According to the British Standards Institute, there are four stages, steps, techniques or essentials in the process of production planning and control.The four stages or steps in production planning and control are: Routing, Scheduling, Dispatching, and Follow-up. Initial two steps i.e. Routing and Scheduling, relate to production planning.Last two steps

Functions of Production Planning and Control - Importance

2013-02-27T00:34:00.002+05:30

Functions of Production Planning and Control Functions of production planning and control are listed and explained below.The importance or functions of production planning and control: Utilizes resources effectively. Makes flow of production steady. Estimates production resources. Maintains necessary stock levels. Coordinates departmental activities. Minimizes wastage of resources. Improves

Relationship Between Production Planning and Control

2013-02-27T00:26:00.000+05:30

Relationship Between Production Planning and Control Production planning and control are closely related to one another. They go hand in hand and are supplementary in character.Ten points explain the relationship between production planning and control:Image credits © Prof. Mudit Katyani. Meaning. Goals. Course of action. Work performance. Operations. Resources. Directions. Weaknesses. Let's

What is Productivity? Definition Meaning

2013-02-26T20:18:00.001+05:30

What is Productivity? Definition ↓ According to Peter Drucker,“Productivity means the balance between all factors of production that will give the greatest output for the smallest effort.”The meaning of productivity is shown in the following diagram.Image credits © Prof. Mudit Katyani. Meaning of Productivity ↓ Productivity is the relationship between output and input. It is expressed or

Guidelines for Determining Performance Dimensions

2013-02-09T20:05:00.002+05:30

Guidelines for determining performance dimensions Guidelines for determining performance dimensions are depicted below.The dimensions of performance must be as follows:Performance dimensions (Quantity & Quality) must be fixed in advance. Dimensions must be clearly defined and easily understood by employees. They must be consistent with the image or goodwill of the company. Quality standards must

Classification of Performance Dimensions - Quantity Quality

2013-02-09T20:03:00.000+05:30

Classification of Performance Dimensions A dimension is a measurable extent of any kind. It is usually measured in terms of various extends like shape, size, quality and quantity.The performance dimensions can be classified into following:Quantity - which is the primary dimension of performance. Quality - which is the secondary dimension of performance.Image below depicts this classification of

Advantages and Disadvantages of Work Sampling Method

2013-02-09T19:59:00.001+05:30

Advantages of Work Sampling The benefits or advantages of work sampling method are as follows:Image credits © Prof. Mudit Katyani.Work sampling gives an unbiased result since workmen are not under close observation. A work sampling study may be interrupted at any time without affecting the results. Work sampling can be conducted by anyone with limited training. There is no need to have experts.

Work Measurement Techniques Methods Types

2013-02-09T19:55:00.001+05:30

Work Measurement Techniques Image depicts different work measurement techniques, methods or types.Work measurement techniques are listed below:Historical data method - It uses the past performance data to set performance standards. Time study - It uses stop watch and is best suited for short-cycle repetitive jobs. Work sampling - Here, workers are observed many times at random. Synthesis method

Work Measurement - Definition Meaning Purpose Objectives

2013-02-09T19:51:00.002+05:30

Definition of Work Measurement According to International Labour Organization“Work measurement is the application of techniques designed to establish the time taken for a qualified worker to carry out a specified job (task) at a defined level (rate) of performance.”International Labour Organization (ILO) stated this important definition of work measurement in its publication.Now let's proceed to

Standards Required at Various Levels of Production

2013-02-09T19:46:00.002+05:30

Standards Required at Various Levels of Production Standards are fixed at various levels of production. This is done to ensure some minimum expected output in the production process. Standards are established to maintain a production efficiency. These help to optimally utilizing various factors of production and achieve some fixed amount of output in terms of both; quality and quantity.Important

Methods of Conducting a Marketing Audit

2013-02-06T15:07:00.003+05:30

Methods of Conducting a Marketing Audit Marketing audit is an examination of the marketing activities of company. It must be conducted by impartial persons.Auditors must be properly qualified, trained and experienced enough to do the audit. They must have a complete knowledge and exposure of marketing.Image below depicts the methods of conducting a marketing audit.Following methods are used to

Scope, Areas or Types of Marketing Audit

2013-02-06T13:56:00.000+05:30

Scope, Areas or Types of Marketing Audit There are no fixed guidelines regarding the scope, areas or types of marketing audit. In other words, the scope of marketing audit is not fixed. It changes from company to company. Each company can make its own marketing audit plan. However, the scope of marketing audit must include the following areas or types:The six important types of marketing audit

Explain the Characteristics of Marketing Audit

2013-02-06T12:52:00.001+05:30

Explain the Characteristics of Marketing Audit The eight important characteristics of marketing audit are depicted below.The salient features or characteristics of marketing audit are as follows:Marketing audit is a comprehensive study of all marketing activities. It is a systematic-process that follows a step-by-step procedure. It is a periodic activity and must be conducted regularly. It is

Production Standards Meaning Definition Advantages Demerits

2013-01-29T01:16:00.000+05:30

Meaning of Production Standards Production standard is a criterion or yardstick or benchmark. It is used for measuring the production of the company.Production standards are fixed for raw materials, production process, tools and equipment, workers, conditions of work, speed of work, quantity of output, quality of output, etc.Production standards are mostly expressed in quantitative terms. That

What is Marketing Audit? Definition Meaning

2013-01-24T05:05:00.000+05:30

Definition of Marketing Audit The definition of marketing audit as stated by Abe Schuchman is as follows:“Marketing audit is a systematic, critical and impartial review and appraisal of the total marketing operation: of the basic objectives and polices and the assumptions which underlie them as well as the methods, procedures, personnel and organization employed to implement the policies and