Accurate financial reporting is crucial for maintaining transparency and ensuring the trustworthiness of businesses and organizations. However, there are instances where financial statements may contain errors or misstatements
What is Capacity Planning? Capacity planning refers to determining what kind of labour and equipment capacities are required and when they are required. Capacity is usually planned on
What is Production Follow Up? Follow up or expediting or progressing is that branch of production control procedure which regulates the progress of materials and parts through production
Advantages of the Combined Materials (Stores) and Purchase Department The following are some of the advantages of combining materials and purchase departments in an organization. 1. Procurement at
What is Preventive Maintenance? Preventive maintenance consists of routine actions taken in a planned manner to prevent breakdowns. Lubrication and inspection are the two constituents of preventive maintenance.
Stages in Vendor Selection and Evaluation The following are the important stages in selection and evaluation of vendors. 1. Survey Stage All possible sources are explored and their
Factors Influencing Inventory Control There are a number of factors which can influence the inventory decisions. These can be broadly divided into the following categories: 1. Characteristics of
Codification of Materials One of the most important factors in dealing with the materials is the human element which cannot be ignored or bypassed in devising any method
Objectives of Demand Forecasting The objectives of demand forecasting can be divided into two categories, namely short-term objectives and long-term objectives. Short-term Objectives of Forecasting 1. Formulation of
Continuous Production System Continuous production system involves a continuous or almost continuous physical flow of materials. It makes use of special purpose machines and produces standardized items in
