Capacity Planning – Meaning, Classification and its Goals
February 12, 2025
Inventory procurement, storage and management is associated with huge costs associated with each these functions. Inventory costs are basically categorized into three headings: Ordering Cost Carrying Cost Shortage or stock out Cost & Cost of Replenishment Cost of Loss, pilferage, shrinkage and obsolescence etc. Cost of Logistics Sales Discounts, Volume discounts and other related costs. […]
Is Demonetization an Example of Radical Disruption? The Indian Economy and Body Polity was treated to a Shock Exercise when the Indian Prime Minister, Narendra Modi, decided to demonetize 80% of the total currency in circulation at a stroke of a sudden announcement and in a most unilateral and arbitrary manner. This policy announcement that […]
In previous articles, we looked at the humungous benefits that the BPO phenomenon brings to the economies of the host and the target nations. Mainly, we focused on how cost savings for the companies outsourcing their back office work and increased revenues for the companies doing the outsourced work have been actualized leading to a […]
For a long time in the 20th century, the global economy was divided into the developed West and the Third World or the developing economies of Asia and Africa. Any discussion about the economy would invariably be around how many poor people are there in Asia and Africa compared to the affluence that the West […]
Cyclical Pattern: A cyclical pattern is defined as a predictive situation in which data points increase and decrease the process mean in a manner which is repetitive. While this may sound like a mouthful, we are all intuitively aware of what a cycle means. In the case of control charts, cyclical patterns signify special cause […]
To survive in the current competitive and global environment, it is important for the organization to continuously look at ways to improve efficiency and productivity. It needs to discover a new, easy and cost-effective way of manufacturing or providing services.
Work study and industrial engineering play important role in job simplification, job design, job enrichment, value analysis/engineering, method analysis, operational analysis, etc. Work study has been utilized by companies to job productivity. Industrial engineering is the latest method employed to improve productivity. It deals with design, enhancement and setting up of engineering systems encompassing plants, machinery, workers, etc.
Work study uses techniques like method study and work measurement to understand human work potential in terms of time spend on completing a task, looking at ways to make the task simpler and easy, as to increase productivity and efficiency. Work study is field used to finding ways of increasing on job performance, optimum usage of plant and machinery, standardization of work methods, etc. Therefore, objectives of work study are as follows:
For an organization, productivity can be increased over a period of time, if workers are efficient and are focused. Therefore, advantages of work study are as follows:
It is a scientific process to better job design. It studies the existing job process and proposed job process as to identify the appropriate job process which results in efficient and cost effective operations. Therefore, objectives of method study are as follows:
Method study ensures that there is an increase in overall productivity and profitability of organization. Method study involves following procedures:
Industrial engineering is concerned with developing the most effective and efficient way to use plant, machinery, materials, etc. The main objectives of industrial engineering are as follows:
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