Meaning of full competition
pritamkurrey111 The full competition is a form of the marketplace with a large number of buyers and sellers. They sell homogeneous goods. The firm produces only a small portion of the…
Steps list for control material
The main stages of control are as follows (a) Determination of order points – Order points are indications of the quantity of content control that act as insurance against the…
Technologies of demand forecast
There is no easy method or formula that could enable individuals or businesses to predict the future with certainty or avoid the difficult process of thinking. Since the future is…
Steps in Demand Forecasting
Forecasting of demand or sales is a scientific exercise. It involves a number of steps and at every step we have to make a number of considerations. Such considerations are…
Quantitative methods of demand forecast
Quantitative methods include statistical Methods can be divided into three types: 1. Trend projection method2. Barometer method.3. Econometric method. The meaningmatic method can also be divided into two types: (i)…
Demand forecast
Business managers need various forecasts. They need to forecast demand, supply, price, profit, cost and investment. A more emphasis can’t be given on the importance of demand or sales forecast.…
Just in time system – Seven waste
Shigio Shingo, a Japanese JIT authorities and engineer- Toyota Motor Company has identified seven waste that are aims for continuous improvement of production processes. A attention is improved by paying…
just in time philosophy
JIT Darshan The roots of the JIT system can probably be discovered in the Japanese environment. There are underlying limits of location deficiency and lack of natural resources in Japan.…
Demand function
In a given market in a given time period, the demand function for a commodity may be defined as “the relation between the various quantities of the commodity demanded and…
Importance of demand forecast
1. Management Decision- An efficient demand forecast helps management make suitable decisions regarding plant ability, raw material requirement, location and building needs and availability of labor and capital. Production program…