Business Management

Definition: Assembly Line Balancing (ALB) optimizes the mass production process by dividing tasks into workstations and allocating equal processing time to each one without any delay. The assembly line in which the workstations have equal processing time with less or no ideal time is said to be a perfect one. It must be balanced in order to ease the manufacturing … [Read more...] about Assembly Line Balancing

Definition: Location Analysis Techniques are the methods that critically evaluate location alternatives to select an ideal location for the Plant or Industry. These are the tools used by the organizations for decision making while locating a plant or facility. Location techniques are a systematic approach for choosing the most desirable location alternative. It strives to … [Read more...] about Location Analysis Techniques

Definition: Techniques of Controlling are the tools used for establishing control over business activities, monitoring and taking necessary corrective measures. There are several Traditional and Morden techniques available for efficient business control. The selection of the techniques must be a strategic approach. While selecting the most suitable technique, the … [Read more...] about Techniques of Controlling

Definition: The Staffing Process is a series of activities performed to acquire, manage and retain the manpower inventory to accomplish organizational goals. It ensures the availability of the most suitable person for the Right Job at the Right Time. It covers various interrelated activities required to fill the vacancies designed in the organizational structure. Besides … [Read more...] about Staffing Process

Definition: Location Decision in operation management is finding an ideal geographical region to install a Facility or Plant. It is a vital component in facility planning as it greatly impacts the organization's Profitability, Cost and Success. In other words, the decision about the area for locating a facility is the Location Decision. It is also termed as Facility Location … [Read more...] about Location Decision

Definition: The span of control in management suggests estimating the optimum number of subordinates managed by a single supervisor. It is a primary factor that determines the shape of the organization. It involves all the management activities in the business than just supervision and control. The levels of management are created based on the span of control expressed by … [Read more...] about Span of Control in Management

Definition: Employee ownership is a model in which the employees owns all or maximum stake in the business. It isn't restricted to the higher level but offered to every management level. It also provides tax benefits to businesses. This model benefits both the business as well as employees. Employees shares companies profits, which boost enthusiasm. It results in increased … [Read more...] about Employee Ownership

Definition: Group Decision Making is a form of participative decision making, where a group of individuals work together to solve a problem complex in nature. The group members try to discover and evaluate creative alternatives to solve a complicated problem. It is a participatory process in which the group members share their Ideas, Knowledge, Expertise and Experience. The … [Read more...] about Group Decision Making

Definition: The management report is a means of communicating essential information from high to low levels of management. It consists of facts and significant data presented through written, oral and visual tools (Graphs, Charts and Pie-Charts). It provides an insight about the departmental progress through financial and non-financial data of a specified period. Timely … [Read more...] about Management Report