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 [...]
After reading this article you will learn about:- 1. Concept of Large-Scale Production 2. Characteristics of Large-Scale Production 3. Causes 4. Classification 5. Disadvantages. Concept of Large-Scale Production: Large scale production or mass production means the production of items on large scale employing very specialized machines and processes. All specialized machines and processes are arranged in operation sequence to suit [...]
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 [...]