Importance & Functions of Production Management –

production management

Abstract:

Production management is concerned with the creation of products and services using a business model. They’re also relevant in service and manufacturing businesses. The application of management and concepts to the production function in a factory is referred to as production management.

Production management, in basic terms, entails the planning, coordinating, directing, and controlling of the manufacturing process. It holds a critical position at the heart of an enterprise, balancing the need to deliver value to the business (typically profit) with what consumers want and what’s technically and operationally feasible. This article aims to elaborate importance and functions of production management.

Read more

Production Management – Meaning | How it works?

production management

In its simplest meaning, production management means controlling, planning, organizing and directing, and executing the production activity. It can also be said as the supervision of the 6 Ms, namely Men, Methods, Material, Management, Money, Machine, Market. Production management is the efficient management of a production process.

Production management also entails decision making, such as how much costs shall be incurred in particular production practice, how much raw materials shall be supplied, what kind of machine usages shall be taken under consideration, the manpower that shall be needed for a smooth and hustle free production, etc. are to be decided by the production manager.

Read more

Effective Communication | 9 Unique skills to communicate effectively

effective communication

Communication shall work effective for those who shall work effectively for it.

What is Communication?

Communication is basically a process of conveying or sharing information through speech, writing, or some other means. It may also relate to a letter or message containing information or news, as well as the active conveying or exchanging of ideas and feelings.

Read more

Discounting Bill of Exchange | Meaning-Cum-Process

Discounting of Bill of Exchange

Goods or services are bought generally on credit whether it is traded locally or internationally. Therefore, maintaining a positive cash flow becomes a major challenge for suppliers.

Potential Buyers always demand trade credit from sellers while purchasing goods or services. Hence, discounting bill of exchange facilities the suppliers in the management of short-term capital for their business.

This article elaborates what exactly discounting of bill or bill discounting is and how does it work?

Read more

Government Banks in India – [List As of April – 2021]

government banks in india

Banks are the most significant components of the Indian financial system. There are typically two major types of banks in India eg. Public Sector Banks & Private Sector Banks.

Public Sector Banks are also known as Government Banks, hence, in this article, we will provide a complete list of government banks in India.

Read more