Just-in-time (JIT) production/ procurement, also known as “lean manufacturing” or “Toyota Production System (TPS)”, is a relatively modern technique of…
Accurate record keeping is very helpful in various aspects of running a business and this historical data, if properly recorded,…
Economic order quantity is a mathematical model which helps in identifying the optimum level of order size which will result…
Some entities are inventory intensive such as manufacturing and retailing concerns, whereas some are not, but in most of the…
In the modern age of competitive businesses, every aspect of the business is critical for the survival and progression of…
All businesses need to purchase items for their business activities and it is very important to have a proper procurement…