After reading this article you will learn about:- 1. Meaning of Sampling Inspection 2. Advantages of Sampling Inspection 3. Classification. Meaning of Sampling Inspection: Sampling inspection is a technique to determine whether a lot or population should be rejected or accepted on the basis of the number of defective parts found in a random sample drawn from the lot. If [...]
This article throws light upon the six steps involved in method study. The steps are: 1. Select 2. Record 3. Critical Examination 4. Develop 5. Install 6. Maintain. Step # 1. Select: Select the work worth studying and define the objectives to be achieved. An objective may be to reduce the manufacturing cost, or to reduce bottlenecks or to reduce [...]
Laws of Returns occupy a central position in production. It has been seen that an entrepreneur increases the quantity of various factors of production in order to increase the output of his factory so as to earn higher profits. The returns due to these additions in the factors of production are not always fixed. Sometimes returns increase due to increase [...]