Lean Manufacturing – Explained

by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management

What is Lean Manufacturing?Lean manufacturing is a principle applied in the development and production of products where more products are produced using less.The key elements of Lean Operations are: eliminate waste, involve everyone, continuous improvement,...

Life Cycle Costing – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is Life Cycle Costing?This is a method of determining the total cost of ownership (TCO) of equipment. Restated, it involves the identification and documentation of the total costs incurred during an asset’s lifetime. For example, one could estimate the...

Kano Analysis – Explained

by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing

What is a Kano Analysis?It is a theory used in the development of the product and the fulfilling of the customer needs. This theory was invented by Professor Noriak Kano in the 1980s. It categorized customer needs into five classes.How does a Kano Analysis Work?The...

Inter-American Development Bank – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

What is the Inter-American Development Bank?The Inter-American Development Bank (IDB) was established in 1959 as a cooperative bank to advance the social and economic development of its member countries in the Caribbean and Latin America. It belongs to 47 member...

Labor Surplus Area – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

What is the Labor Surplus Area?Labor Surplus Area is commonly known as LSA. It can be defined as civil jurisdiction. In previous 2 calendar years, the average yearly unemployment rate was figured 20% and sometimes more than this percentage. This is the highest...

Landing Page – Explained

by TheBusinessProfessor | Feb 23, 2025 | SEO, Social Media, Direct Marketing

What is a Landing Page?A web page that is used in PPC (Pay Per Click) campaigns or such other types of online advertising is known as the Landing Page. But as per the view of experts in the field of digital marketing, it is a page of a website which is technically not...

Lookback Period – Explained

by TheBusinessProfessor | Feb 23, 2025 | Business Taxation

What is a Lookback Period?Lookback period is the timeframe which tax authorities use to investigate either a company pays the employment tax or not. This tax is levied on the accurate depositing schedule. This time period starts on 1st July and ends on 30th June of...

Group of Seven (G-7) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Global Business, International Law & Relations

What is the Group Of Seven (G-7)?The group of seven, also known as the G-7, is a forum formed by the seven most economically-advanced nations of the world. The group was formed in 1975, comprising six countries namely Germany, France, United States, Italy, United...

General Agreement on Tariffs and Trade (GATT) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Global Business, International Law & Relations

What is the General Agreement On Tariffs And Trade (GATT)?The General Agreement on Tariffs and Trade (GATT) is a multilateral trade agreement signed by 23 countries for promoting international free trade. The Council for Trade in Goods (Goods Council), a sub-group in...

Golden Rule (Economics) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy

What is Golden Rule in Economics?In modern economics, the Golden Rule is an economic policy that says, a government must only borrow money for investing and not for funding the regular expense. That means a government should borrow money only to invest them for the...