Macroeconomics – Explained

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

What is Macroeconomics?Macroeconomics is a field of economics that studies how market forces, such as unemployment rates, interest rates, inflation, government spending, and international trade, influence one or more nations’ economy.What are the Goals of...

Rätselvermehrung – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Ratselvermehrung?Rätselvermehrung is  an alternative creativity tool based on combining problems of different sorts to find solutions in an indirect way. Rätselvermehrung (or proliferation of the conundrum) is an ideation and creativity technique developed by...

Quality Costs – Explained

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

What are Quality Costs?Quality costs are defined as those costs associated with the non- achievement of product/service quality as defined the requirements established the organization and its contracts with customers and society. Quality cost is comprise of:  Cost of...

Technology Systems Used in Operations Management – Explained

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

What Technology Systems are Used in Operations? Firms utilize technological systems in the following ways in operations management: What are Machining Centers? These provide automatic control of a machine and automatic tooling changes. What are Numerically Controlled...

Failure in Operations – Explained

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

What is Failure in Operations? Failure in operations occurs when the state or condition of a steep in operations does not meet a desired or intended objective.What are the Types of Operational Failure? Design failure:Operations may look fine on paper but cannot cope...

Asset Maintenance (Operations) – Explained

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

What is Asset Maintenance?Asset Maintenance is a method of managing assets where asset utilization is at a level that minimizes operating cost while still delivering the desired service throughout its life cycle. What are the Types of Asset Maintenance?Asset...

Production Planning and Control – Explained

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

What is Production Planning? Production planning accounting for the manner and timing of every step in a series of separate operations to accomplish an objective. What are the Constraints on Production?The primary constraint on operations include:  Capacity...

Business Process Reengineering (BPR) – Explained

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

Update Table of Contents What is Business Process Reengineering (BPR)?What are the Elements of business process re-engineering?How to Implement Business Process Redesign? What is Business Process Reengineering (BPR)?Business process re-engineering (BPR) is the...

Push and Pull Production Systems – Explained

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

What are Push Production Systems?In a push production system a schedule pushes work on to machines which is then passed through to the next work centre. At each production stage a buffer stock is kept to ensure that if any production stage fails then the subsequent...

Total Preventative Maintenance – Explained

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

What is Total Preventative Maintenance (TPM)?Total Preventative Maintenance seeks to anticipate equipment failures through routine maintenance. TPM includes the following activities: Regular Maintenance activities – These activities are normally carried out the...