After reading this article you will learn about:- 1. Definition and Concept of Standard Data 2. Types of Standard Data 3. Developing the Standard Data 4. Comparison with Individual Time Studies 5. Use. Definition and Concept of Standard Data: Standard data is a catalogue of 'normal time' values for different elements of jobs or for minute movements involved in different [...]
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 [...]
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 [...]