Business

Definition: The Nominal Group Technique is a form of brainstorming, wherein a structured meeting is held among the group members where they are required to find solutions to the problem identified for the discussion. In other words, a systematic and an organized group meeting held among the members to facilitate decision making by properly identifying the problems and … [Read more...] about Nominal Group Technique

Definition: The Soft Landing is the economic condition, when the economy shifts from the rapid growth period to low growth or even flattens, but avoids the recession. In other words, the soft landing describes the rate of economic growth, such that, the economy must grow high enough to avoid the recession and must be slowed down enough to prevent high inflation. The soft … [Read more...] about Soft Landing

Definition: The Hard Landing is the economic condition, wherein the economy moves sharply from the high growth period to the low growth due to the change in the monetary policy. In other words, the sudden shift in the economy from the period of expansion to recession is called hard landing. Often government intervenes to curb the expansion period that may lead to the … [Read more...] about Hard Landing

Definition: The Critical Path Method or CPM is a network analysis technique concerned with planning and controlling of complex, but routine projects. Simply, Critical path method is generally used for the projects whose time duration is known with certainty and also the amount of resources required for the completion of the project is assumed to be known. First of all, the … [Read more...] about Critical Path Method

Definition: The PERT (Program Evaluation Review Technique) is a technique used in the planning and controlling of large scale projects. Simply, PERT is the statistical tool used to represent the set of activities (task), required to be performed for the completion of the project. PERT is a planning and controlling tool for the management that provides the complete roadmap of … [Read more...] about PERT (Program Evaluation Review Technique)

Definition: Queue Structure is the crucial element of a queuing system, as it shows the queue discipline, which means the order in which the customers are picked from the queue for the service. Simply, the way the customer is selected from the waiting line for service is shown by the queue structure. The customers can be chosen from the queue in one of the following … [Read more...] about Queue Structure

Definition: The Service System is another element in the general queuing structure, that talks about two aspects: Structure of the service system and speed of service. The queuing system refers to the process wherein the customer enters into the queue, wait to avail the service and finally leaves the system after getting the service. The aspects of service system are … [Read more...] about Service System

Definition: The Arrival Process is the first element of the queuing structure that relates to the information about the arrival of the population in the system, whether they come individually or in groups. Also, at what time intervals people come and are there a finite population of customers or infinite population. The general structure of the queuing system is shown … [Read more...] about Arrival Process

Definition: The Queuing Theory, also called as a Waiting Line Theory was proposed by A.K. Erlang. According to him, the queuing theory applies to those situations where a customer comes to a service station to avail the services and wait for some time (occasionally) before availing it and then leave the system after getting the service. The situations where the arrived and … [Read more...] about Queuing Theory

Definition: The Modified Distribution Method or MODI is an efficient method of checking the optimality of the initial feasible solution. The concept of MODI can be further comprehended through an illustration given below: Initial basic feasible solution is given below: Now, calculate the values of ui and vj by using the equation: ui+vj = Cij Substituting the value … [Read more...] about Modified Distribution Method