Put Chad and Sean into the same decision situation and Chad almost always seems to take longer to come to a solution. Chadâ€™s final choices arenâ€™t necessarily always better than Seanâ€™s ,heâ€™s just slower in processing information .Additionally, if thereâ€™s an obvious risk dimension in the decision ,Sean seems to consistently prefer a riskier option than does Chad .What this illustrates is that all of us bring our individual style to the decisions we make.Read more
It needs no exaggeration to say that production makes significant contribution to societyâ€™s well being. The standard of living of people depends on production of goods and services. More the production, higher the standard of living of the people. Alexander Solzhenitsyn in hi novel August 1914 beautifully sums up the importance of production.Read more
Lets begin by describing how individuals should behave in order to maximize or optimize a certain outcome. we call this the rational decision- making process.Read more
Operations managers are required to make a series of decisions in the production function They plan, organize, staff, direct and control all the activities in the process of converting all the inputs into finished products. At each level, operating managers are expected to make decisions and implement them too.Read more
Government of India on 30th October,1975 announced a scheme of workers participation in management which consisted of establishment of Joint Councils and Shop council as part of its 20 point economic programs. The scheme envisages for the establishment of joint councils and shop councils in manufacturing and mining industries employing 500 or more employees in public, private and co-operative sectors.Read more
Industries everywhere has been striving hard to discover new work methods and techniques which could help produce goods of required quality at reasonable costs The search has resulted in finding techniques such as work simplification , job design, value analysis and the like All these are collectively called â€˜methods engineeringâ€™ or industrial engineeringâ€™.Read more
The marketer now outlines the broad marketing strategy. This section contains inputs on sales growth plan A marketer has the following options to achieve an increase in the firmâ€™s sales turnoverRead more
Managerial functions of personnel management involve planning, organizing, directing, and controlling. All these functions influence the operative functionsRead more
The most common form of group decision making takes place in interacting groups. In these groups, members meet face-to-face and rely on both verbal and nonverbal interaction to communicate with each other. But as our discussion of groupthink demonstrated ,interacting groups often censor themselves and pressure individual members toward conformity of opinion.Read more
1. Many Sellers: There are many sellers in monopolistic competitive market. A single seller is not big enough to influence the market. Each one may to a certain extent follow an independent policy in price and output matters without disturbing others.Read more
The level of technological development in the industry creates an opportunity for a marketer to develop new products. The consumer also tends to benefit from these developments. The Indian Automobile Industry provides an illustration in this regard. Until 1984, a prospective car buyer had to content with old obsoleteRead more
The manufacturing firms are classified are intermittent, continuous or composite production firms, depending on the length of processing time without set up changes.
Production control procedure is comparatively simpler in the continuous flow process operation than in intermittent, multi-operation production.