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Types of Continuous Production System - Mass and Process

2012-02-25T00:22:00.000+05:30

Types of continuous production system The types of a continuous production system are depicted below.The types of a continuous production system include:Mass production flows, and Process production flows. Discussed below are each type of continuous production system. 1. Mass production flows Here, company produces different types of products on a large-scale and stock them in warehouses until

Types of Intermittent Production System - Project Jobbing Batch

2012-02-24T18:11:00.001+05:30

Types of intermittent production system The types of an intermittent production system are depicted below.The types of an intermittent production system include:Project production flows, Jobbing production flows, and Batch production flows. Now let's discuss each type of intermittent production system. 1. Project production flows Here, in project production flows, company accepts a single,

What is Cash? Meaning Definition Function of Cash

2012-02-23T00:48:00.001+05:30

What is Cash? Meaning Cash may be in any form of currency, like banknotes and coins, which have a legal acceptance and recognition in the market.The acceptance of cash by its user indicates that it has a trading value when tendered for purchase of goods and services.Image credits © Canadian Wendy 24. Definition of Cash The definition of the term cash can be stated as follows,"Cash is money in

Types of Production System - Intermittent and Continuous

2012-02-21T19:10:00.000+05:30

Types of production system The types of production system are depicted in the following image.Image credits © Moon Rodriguez.The types of production system are grouped under two categories viz.,Intermittent production system, and Continuous production system. Now let's discuss in detail each of the above-mentioned categories. Intermittent production system Intermittent means something that

Importance of Planning - Why Planning is Important?

2012-02-19T20:48:00.001+05:30

Importance of Planning The need and importance of planning is depicted in the following image.The main advantages or importance of planning is listed as follows:Planning increases the efficiency of an organization. It reduces the risks involved in modern business activities. It facilitates proper coordination within an organization. It aids in organising all available resources. It gives right

Disadvantages of Flexible Manufacturing System FMS

2012-02-18T05:37:00.001+05:30

Disadvantages of Flexible Manufacturing System FMS The disadvantages of a flexible manufacturing system FMS is depicted below.Limitations or disadvantages of flexible manufacturing system are as follows:FMS is a complex system. Requires highly skilled technicians. Needs high level of planning. Demands high initial investment. Let's discuss each disadvantage of Flexible Manufacturing System (FMS)

What are Advantages of Flexible Manufacturing System FMS?

2012-02-18T04:35:00.001+05:30

What are Advantages of Flexible Manufacturing System FMS? The advantages of a flexible manufacturing system FMS is depicted below.The benefits or advantages of flexible manufacturing system are listed below:Large variety of same products. Profitable investment. Requires limited inventory. Low labour cost. Flexible system. Speedy production. Let's quickly discuss each advantage of Flexible

Flexible Manufacturing System FMS - Definition Meaning Suitable

2012-02-18T03:15:00.001+05:30

Definition of Flexible Manufacturing System FMS The definition of a flexible manufacturing system (FMS) is quoted below."Flexible Manufacturing System (FMS) is a computer-controlled process technology suitable for producing a moderate variety of products in moderate, flexible volumes."Image credits © Reinold Metaalbewerking.This definition will get clear after reading following points on meaning

What are Advantages of Departmentalization?

2012-02-17T18:57:00.001+05:30

What are Advantages of Departmentalization? The advantages of departmentalization are depicted in the image below.The main benefits or advantages of departmentalization are listed as follows:Specialization. Growth and expansion. Fixing responsibility. Better customer service. Performance appraisal. Management development. Optimum utilization of resources Facilitates better control. Now let's

What is Production System? Definition Meaning Examples

2012-02-17T16:44:00.001+05:30

What is Production System? Definition Meaning This article briefly explains the introductory concept of a production system.Image Credits © NathanThe meaning, definition and other basic points covered in this article on a production system are listed as follows:Meaning of production. Meaning of system. Definition of production system. Meaning of production system. Components. Examples.

What are Disadvantages of Mutual Funds?

2012-02-15T14:59:00.001+05:30

What are Disadvantages of Mutual Funds? The seven prominent disadvantages of mutual funds are depicted below.Image credits © Moon Rodriguez.The main limitations or disadvantages of mutual funds are listed as follows:Mutual funds are subject to market risk. No guarantee of returns. Diversification of portfolio doesn’t maximize returns. Selecting right financial securities is not easy. Cost

Advantages of Mutual Funds Investments

2012-02-15T01:00:00.001+05:30

Advantages of Mutual Funds Investments Ten merits or advantages of mutual funds investments are depicted below.Image credits © Moon Rodriguez.The benefits or advantages of mutual funds are listed and linked as follows:Simple to invest. Professionally managed. Offers diversification. Conveniently administered. Gives higher returns. Low cost management. Offers liquidity. Provides transparency.

Stages Process Steps of New Product Development

2012-02-14T04:21:00.001+05:30

Stages Process Steps of New Product Development The stages or process or steps involved in a new-product development are depicted in the image given below. Click on it to get a zoomed preview.Image credits © Moon Rodriguez.The eight stages or process or steps involved in the development of a new product are listed and also hyper-linked as follows:Idea generation. Idea screening. Concept testing.

What is Product Development? Meaning Definition Example

2012-02-14T00:24:00.001+05:30

What is Product Development? Meaning Definition This article briefly explains the basic concept of a product development.Image credits © Robb MontgomeryThe simple topics covered or basic points discussed in this introductory article on product development are listed and hyper-linked as follows:Meaning of product. Meaning of development. Definition of product development. Meaning of product

What is Mutual Fund Investment? Meaning Definition Working SIP

2012-02-11T03:15:00.000+05:30

What is Mutual Fund Investment? The concept of mutual fund investment is briefly discussed in this article.Image Credits © ANVRecifeThe contents covered or points explained in the following article of mutual fund investment are listed and linked appropriately as follows:Meaning of mutual. Meaning of fund. Systematic Investment Plan SIP. Definition of mutual fund. Meaning of mutual fund. Diagram

Bases Methods Types of Departmentalization

2012-02-09T23:06:00.000+05:30

Bases Methods Types of Departmentalization Bases or methods or types of departmentalization are depicted in this image.Diagram Credits © Moon Rodriguez.The bases or methods or types of departmentalization are listed as follows:Functional departmentalization. Process departmentalization. Product departmentalization. Geographic departmentalization. Customer departmentalization. Combined

Factors Affecting Determining Product Design

2012-02-08T23:53:00.000+05:30

Factors Affecting Determining Product Design The factors affecting or determining a product design are depicted below.Image Credits © Moon Rodriguez.The factors that determine or affect a product design are as follows:Requirements of targeted customers. Availability and access to necessary production facilities. Type and quality of raw-materials used to produce a product. Cost to price ratio.

Essential Requirements of a Good Product Design

2012-02-08T18:29:00.001+05:30

Essential Requirements of a Good Product Design Main or essential requirements of a good product design are depicted below.Image Credits © Moon Rodriguez.The essential requirements of a good product design are listed as follows:Product must optimally perform its main function (task). It must be easy to repair at a low repair cost. It must be very reliable to use. It must follow principles of

What is Product Design? Definition Meaning

2012-02-08T15:33:00.000+05:30

What is Product Design? Definition The definition of product design can be stated as follows,"Product design is the translation of intellectual wisdom, requirements of the entrepreneurs, or needs of the consumers, etc. into a specific product."Product design is usually a creative accomplishment of adventurous and experienced professionals.The meaning of product design is depicted in the

What is Departmentalization? Definition Meaning

2012-02-07T00:47:00.001+05:30

What is Departmentalization? Definition According to Professors Pearce and Robinson,"Departmentalization is the grouping of jobs, processes, and resources into logical units to perform some organizational task."The concept of departmentalization is depicted in the following diagram.Image Credits © Moon Rodriguez. Meaning of Departmentalization In departmentalization, similar activities are

Unity of Command Principle - Meaning Example Advantages

2012-02-03T21:35:00.000+05:30

Unity of Command Principle - Meaning Unity of Command is one of the Henri Fayol's 14 principles of Management. This principle states that there must be only one superior to a subordinate. That is, an employee or a worker must not have many bosses or superiors. If an employee or subordinate has to work under the influence of many bosses or superiors, then it creates a confusing situation, dilemma

What is Production? Definition Meaning Transformation Process

2012-02-03T19:21:00.001+05:30

What is Production? Definition As per Carl Heyel (16 Feb 1908 - 16 May 2000),"Production is the process of transforming raw materials or purchased components into finished products for sale."Image Credits © Moon Rodriguez. Meaning of Production Production is a process of transforming (converting) inputs (raw-materials) into outputs (finished goods). So, production means the creation of goods

Types of Risk Systematic and Unsystematic Risk in Finance

2012-01-25T08:36:00.000+05:30

Types of Risk First let's revise the simple meaning of two words, viz., Types and Risk.In general and in context of this finance-related article,Types mean different classes or various forms / kinds of something or someone. Risk implies the extend to which any chosen action or an inaction that may lead to a loss or some unwanted outcome. The notion implies that a choice may have an influence on

Methods Techniques of Production Forecasting

2012-01-18T02:23:00.001+05:30

Methods Techniques of Production Forecasting Methods or techniques of production forecasting are depicted below.Image Credits © Moon Rodriguez.The models or techniques of production forecasting are listed as follows:Brainstorming technique. Goal oriented forecast technique. Graphic charting technique. Matrix technique. Nominal group technique (NGT). Delphi technique. Simple average technique.

What are Features of Credit Card?

2012-01-17T06:18:00.001+05:30

What are Features of Credit Card? The eleven important features of credit card are depicted in the image below.The main characteristics or features of credit card are listed as follows:Alternative to cash. Credit limit. Aids payment in domestic and foreign currency. Record keeping of all transactions. Regular charges. Grace period or grace days. Higher fees on cash withdrawals. Additional