This article throws light upon the top seven techniques used for measuring work. The techniques are: 1. Analytical Estimating 2. Predetermined Motion Time System (P.M.T.S) 3. Method-Time-Measurement (M-T-M) 4. Work Factor 5. Activity Sampling, Ratio-Delay Study or Work Sampling 6. Use of Time Study Data in Wage Incentive and Collective Bargaining 7. Ergonomics. Technique # 1. Analytical Estimating: Setting the [...]
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 [...]