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The Investors Book

Learn about Investing & Business related terms

Just-in-Time Manufacturing

July 8, 2022 by Anjali J Leave a Comment

Definition: Just-in-Time (JIT) Manufacturing is a philosophy that focuses on achieving Complete Waste Elimination, Inventory Reduction and Streamlined Processes in business operations. It is one of the successful tools for Production Planning and Control. Also, it inculcates the elements of Total Quality Management, Production Scheduling and Lean Management. However, … [Read more...] about Just-in-Time Manufacturing

Cash Budget

June 30, 2022 by Anjali J Leave a Comment

Definition: Cash Budget is a precise statement depicting anticipated projections about the cash receipts and payments for a specific time period. It is a type of functional budget that is useful for cash management in the organization. A cash budget is essential for companies and is referred to as the "Nervous System of Budgetary Control". Also, it is alternatively known as … [Read more...] about Cash Budget

Zero-based Budgeting

June 25, 2022 by Anjali J Leave a Comment

Definition: Zero-based Budgeting or ZBB is an analytical budgeting method where the preparation of a budget begins by assuming the base as Zero. In this, the overall process starts from scratch every time while preparing budgets. In 1962, Peter Phyer introduced this approach of ZBB. It turned out to be an excellent tool in the field of management. This approach uses … [Read more...] about Zero-based Budgeting

Budgetary Control

June 21, 2022 by Anjali J Leave a Comment

Definition: Budgetary Control is a system of control that focuses on cost management with the help of budgets for Departmental and Organizational levels. It begins with budget preparation as per employees' responsibilities, thereafter comparing the actual and planned outcomes and ends with variance analysis followed by a review. In brief, we can understand it as a road map … [Read more...] about Budgetary Control

Flexible Budget

June 15, 2022 by Anjali J Leave a Comment

Definition: Flexible budget is the one that changes with the level of Activity/Output rather than for any specified activity level. It includes the preparation of multiple budgets that depict budgeted costs for various activity levels. The flexible budget supersedes the limitations of a fixed budget. Because it is a practical approach that is suitable for dealing with … [Read more...] about Flexible Budget

Total Quality Management

June 10, 2022 by Anjali J 2 Comments

Definition: Total Quality Management (TQM) is a modern production tool that is focused on providing premium consumer satisfaction through constant improvement in the organization's processes. In simple words, TQM is serving customers at their best by maintaining quality at each organizational level.   The total in TQM refers to all the activities undertaken … [Read more...] about Total Quality Management

Total Productive Maintenance

June 6, 2022 by Anjali J Leave a Comment

Definition: Total Productive Maintenance (TPM) is a lean maintenance concept that maximizes effectiveness by continuous maintenance and improvements in the equipment. It is a combined effort made by the entire organization. TPM develop a maintenance-free framework by identifying the losses and eliminating them. It will lead to a considerable decrement in the maintenance … [Read more...] about Total Productive Maintenance

Maintenance Planning

June 1, 2022 by Anjali J Leave a Comment

Definition: Maintenance Planning is a controlling function that formulates strategies to keep the Capacities and Facilities as per intended working conditions up to their useful life. It helps Minimize Costs, achieves Higher Production Efficiency, and reduces Ideal Time. The manufacturing units produce final products using their resources and assets. These assets are the … [Read more...] about Maintenance Planning

Aggregate Planning in Operations Management

May 27, 2022 by Anjali J Leave a Comment

Definition: Aggregate Planning in Operations Management determines production and resource allocation strategies to meet the uncertain and fluctuating future demand at minimum production cost for the Intermediate Time Horizon. Here, the word 'Aggregate' signifies the product lines and families. And 'Planning' covers the series of activities to be taken in order to meet the … [Read more...] about Aggregate Planning in Operations Management

Consumer Decision Making Process

May 19, 2022 by Anjali J 1 Comment

Definition: The Consumer Decision Making Process is the sequential interrelated steps explaining the approach of the consumers in making buying decisions. Also, it involves an in-depth analysis of the consumers’ purchase behaviour. We can also refer to it as the Buyer Decision-Making Process. It is the traditional model depicting the process of Consumer Decision-Making. … [Read more...] about Consumer Decision Making Process

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