There are both fixed and variable expenses associated with a production process. The fixed cost is comparable to a one-time payment, but the variable cost refers to ongoing overhead expenses. Every company’s top priority should be to locate cost-cutting opportunities so they may increase their profits and gain a competitive advantage in their industry. The …
Toyota Motor Corporation first launched the 5S Methodology in Japan in the 1970s. To streamline the Just-In-Time production process, they adopted this methodology. The Just-In-Time approach to inventory management ensures that necessary commodities arrive just in time. This lowers the cost of carrying inventories. The 5S Methodology is currently employed on a global scale. This …
American psychologist Frederick Irving Herzberg, along with Bernard Mauser and Barbara Snyderman, developed Herzberg’s Two Factors Theory of Motivation in 1968. According to Herzberg, two major factors influence an employee’s work performance. These two factors are employee satisfaction and dissatisfaction, which affect employee productivity. The two factor theory is widely used today as it helps …
A company can be private or public. A private company is owned by a single person or a closed group, and it has less regulation than a public entity. On the other hand, as it says in its name, a public company is publicly owned and must follow tougher regulations. Private Company The ownership of …