Lean Management

Definition: Lean management refers to a technique developed with the aim of minimising the process waste and maximising the value of the product or service to the customer, without compromising the quality. It is coined by Toyota Production System, which is a part of lean thinking. Lean is possible through distinct techniques such as flow…

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Target Costing

Definition: Target costing can be viewed as a proactive cost management tool used to reduce the total cost of the product, over its complete lifecycle, through production, engineering, research and design. It helps the firm in managing the business in reaping profits in the extremely competitive market. Simply put, target costing is a process of…

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Organization

Definition: Organization refers to a collection of people, who are involved in pursuing defined objectives. It can be understood as a social system which comprises all formal human relationships. The organization encompasses division of work among employees and alignment of tasks towards the ultimate goal of the company. It can also be referred as the…

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Work Measurement

Definition: Work measurement can be defined as the implementation of a series of techniques which are designed to find out the work content, of a particular task or activity, by ascertaining the actual amount of time necessary for a qualified worker, to perform the task, at a predetermined performance level. The essence of work measurement…

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Vertical Integration

Definition: Vertical Integration, as the name suggests, is the combination of firms engaged in different levels of the distribution chain, in the same industry. It involves the augmentation of the firm by uniting the former and latter productive processes. In this form of merger, the company opts to engage in the businesses, which have some…

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Strike

Definition: In business terms, a strike can be understood as a curtailment of work, due to the collective refusal of workers to work, which occurs as a response to employee grievances. It involves, dropping out of work by any number of workers, employed in a particular industry, with an aim of creating pressure on the…

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Enterprise Resource Planning (ERP)

Definition: Enterprise Resource Planning, or otherwise known as ERP is an integrated software application, which firms use to manage and control their internal and external resources comprising financial resources, material, assets and human resources. Put simply, ERP system unites various functions of management into a rationally integrated system to streamline processes and enable the movement…

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Strategic Intent

Definition: Strategic Intent can be understood as the philosophical base of strategic management process. It implies the purpose, which an organization endeavor of achieving. It is a statement, that provides a perspective of the means, which will lead the organization, reach the vision in the long run. Strategic intent gives an idea of what the…

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Six Sigma

Definition: Six Sigma is defined as a management technique employed to maintain the desired quality in the organization’s processes and end products. It involves, taking planned and integrated steps, so as to enhance the quality of products and reducing cost. Six Sigma is a well-organized method of developing and providing, those products and services to…

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Value Chain Analysis

Definition: Value chain analysis is a process of dividing various activities of the business in primary and support activities and analyzing them, keeping in mind, their contribution towards value creation to the final product. And to do so, inputs consumed by the activity and outputs generated are studied, so as to decrease costs and increase…

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