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Mass Production: Meaning, 10 Main Advantages and Disadvantages

Mass Production: Meaning, 10 Main Advantages and Disadvantages

Mass production is the process of manufacturing goods in large quantities. These products are usually standardized products that are made using assembly lines or automation technology. Mass production is considered the most efficient production type to manufacture a large number of similar products. Generally, mass production involves several assembly lines and various people are involved …

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Procurement Management Plan: Meaning and 06 Main Components

Procurement Management Plan: Meaning and 06 Main Components

The procurement management plan can be considered as a part of the project management plan. The procurement management plan is the plan that is necessary to purchase or acquire the products or services that are necessary during the project and how the business is planning to acquire the necessary products and services. A procurement management …

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Mass Customization: Meaning, 10 Main Advantages, and Disadvantages

Mass Customization: Meaning, 10 Main Advantages, and Disadvantages

Mass customization is identified as the process of delivering customized goods and services to the market with the intention of satisfying a specific customer’s needs. This is a modern business concept that is also known as made-to-order or built-to-order. It is a technique used by marketing and manufacturing departments of many mass production organizations that …

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04 Main Components of Knowledge Management

04 Main Components of Knowledge Management

Knowledge Management is one of the modern topics in the growing business world. It is the process of creating, structuring, sharing, using, and managing the knowledge, information, and experience within an organization. The main purpose of knowledge management is to improve the efficiency of organizational activities and preserve the knowledge within the business organization. The …

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08 Main Elements of a Quality Management System (QMS)

08 Main Elements of a Quality Management System (QMS)

Maintaining a quality management system (QMS) is important for a business to survive and grow in the business industry in the long run. Quality management systems can help businesses to meet their customer requirements as well as regulatory requirements while maintaining continuous growth and improvement in their operations. A quality management system (QMS) is considered …

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Shares: Meaning and 02 Main Types of Shares Available for Investors

Shares: Meaning and 02 Main Types of Shares Available for Investors

Shares are considered units of equity ownership in a business corporation. When owners establish a corporation, they may decide to issue shares to investors as a method of collecting capital. These shares can be ordinary shares or preference shares. The raised capital from issuing equity shares is used for operations and growth of the business …

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Debentures: Meaning and Types of Debentures in the Market

Debentures: Meaning and Types of Debentures in the Market

Debentures are considered as a type of bond or a debt instrument that is not secured by collateral. It is similar to most bonds but usually pays interest payments periodically. These payments are known as coupon payments. Since there is no collateral backing, debentures usually rely on the creditworthiness and the positive reputation of the …

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Employee Encouragement: How to Create a Long and Healthy Business Relationship with Employees

Employee Encouragement: How to Create a Long and Healthy Business Relationship with Employees

Employee encouragement is one of the most discussed topics in the current human resources industry. Since the business world has identified the importance of human resources for the success of any business, managing a healthy relationship with the employees has become the main priority for many businesses. It is also identified that employee encouragement plays …

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