Types of Continuous Production System - Mass and Process

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

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Types of Intermittent Production System - Project Jobbing Batch

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,

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What is Cash? Meaning Definition Function of Cash

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

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Types of Production System - Intermittent and Continuous

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

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Importance of Planning - Why Planning is Important?

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

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Disadvantages of Flexible Manufacturing System FMS

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)

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What are Advantages of Flexible Manufacturing System FMS?

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

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Flexible Manufacturing System FMS - Definition Meaning Suitable

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

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What are Advantages of Departmentalization?

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

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What is Production System? Definition Meaning Examples

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.

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What are Disadvantages of Mutual Funds? Limitations

Disadvantages of Mutual Funds
The seven prominent disadvantages of mutual funds are depicted below.The main limitations or disadvantages of mutual funds are 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 management not proportional to performance.
Unethical

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Advantages of Mutual Funds Investments - Benefits

Advantages of Mutual Funds
The ten main advantages of mutual funds are depicted below.Ten prominent benefits or advantages of mutual funds are as follows:Mutual funds are simple to invest in.
Professionally managed.
Offers diversification.
Conveniently administered.
Gives higher returns.
Low cost management.
Offers liquidity.
Provides transparency.
Highly regulated.
Allows switching to other

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Stages Process Steps of New Product Development

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.

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What is Product Development? Meaning Definition Example

What is Product Development? Meaning
First let’s understand the meaning of word viz., product and development.Product means any marketable thing with some utility in it, produced either by a labour or through series of automated processes.
Development is an act of making or achieving a continuous progress in something by someone. Progress transit from an earlier policy (traditional approach) to

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What is Mutual Fund Investment? Meaning Definition Working SIP

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

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Bases Methods Types of Departmentalization

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

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Factors Affecting Determining Product Design

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.

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Essential Requirements of a Good Product Design

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

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What is Product Design? Definition Meaning

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.
Meaning of Product Design
The meaning of product design

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What is Departmentalization? Definition Meaning

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

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Unity of Command Principle - Meaning Example Advantages

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

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What is Production? Definition Meaning Transformation Process

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

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