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September 15, 2016September 15, 2016

Limitations of the Principle of Maximum Social Advantage

1. Difficulties in measuring social benefit The principle of maximum social advantage is theoretically explained with the help of the marginal utility analysis. The marginal utility analysis itself is criticized because it is not possible to measure utility or disutility experienced by people. The marginal benefits of public expenditure and the marginal disutility on sacrifice … Continue reading Limitations of the Principle of Maximum Social Advantage

September 15, 2016September 15, 2016

Introduction to Cost Accounting

CLASSIFICATION OF COSTS: Cost Accounting Standard 1 (CAS 1) “Classification of Cost” issued by the council of the institute of Cost and Works Accountants of India deals with the principle of classifying costs in the cost statements. The objective of this standard is to prescribe the classification of costs for ascertainment of cost of a … Continue reading Introduction to Cost Accounting

September 12, 2016September 13, 2016

STP Model

STP marketing is a three-step approach to building a targeted marketing plan. The “S” stands for segmenting, the “T” for targeting and the “P” for positioning. Going through this process allows a business owner and marketing consultants or employees to formulate a marketing strategy that ties company, brand and product benefits to specific customer market … Continue reading STP Model

September 12, 2016September 13, 2016

Marketing Environment

∗ What is Marketing Environment: Marketing Environment concerns the influences or variables of the external and internal environment of a firm that controls the marketing management’s capability to construct and preserve the flourishing relationships with the consumer. An assortment of environmental forces affects a company’s marketing arrangement. A few of them are governable while others … Continue reading Marketing Environment

September 12, 2016September 13, 2016

Product Life Cycle

Products have limited life. Sales passes through different stages and facing variety of challenges. Prices also rise and fall at different stages of PLC. It requires different marketing, manufacturing, financing and HR strategies to deal with different stages of PLC. Characteristics and Strategies for all the stages: Stage 1: Introduction: The introduction stage is … Continue reading Product Life Cycle

September 12, 2016September 13, 2016

Master Production Schedule

A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc. It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded. Functions of MPS: To convert the aggregate plan into specific aggregated … Continue reading Master Production Schedule

September 12, 2016September 13, 2016

Aggregate Planning Schedule

APS is a plan of activities to be undertaken for a period between 3 to 18 months.It is a planning of number of units of a products to be produced on weekly or monthly basis in the near future. AP is an operational activity that formulates an aggregate plan for the production process in coming … Continue reading Aggregate Planning Schedule

September 12, 2016September 13, 2016

Capacity Planning

Capacity: The maximum amount of workload that an organisation is capable of completing in a given period of time is the capacity of the organisation. Capacity is measured in terms of output, input and process. Under Capacity: In this condition, the demand is more but the capacity of the organisation is less. Over Capacity: Here … Continue reading Capacity Planning

September 12, 2016September 14, 2016

Forecasting

Forecasting is defined as a technique of translating the past experiences into predictions of the things to come.Risk and uncertainty are central to forecasting and prediction; it is generally considered good practice to indicate the degree of uncertainty attaching to forecasts. In any case, the data must be up to date in order for the … Continue reading Forecasting

September 12, 2016September 13, 2016

Production and Operation Management

POM is a add value process of transformation of inputs into required goods and services of required quality with optimum utilization of resources at minimum cost. It has also been defined as designing operation and improvement of transformation process which converts the various inputs into outputs. Thus, POM involves the functions of designing, managing and … Continue reading Production and Operation Management