Economics & Principles of Management

TEAM WORKING

DEFINITION
Specific form of group made up of individuals who work together in a coordinated effort.

CHARACTERISTICS
1. Share common identity 2. Have common goals and objectives 3. Share common leadership 4. Share successes and failures 5. Cooperate and collaborate 6. Have membership roles 7. Make decision effectively

BENEFITS To the organization

1. Increased productivity and quality 2. Increased employee morale 3. Reduced overhead

BENEFITS To individuals
1. Work become less stressful 2. Responsibility is shared 3. Greater feelings of self-worth 4. Rewards and recognition are shared

TEAM SELECTION CRITERIA

1. Personal attributes 2. Interpersonal behaviors 3. Communication skills 4. Administrative skills

TEAM MEMBERS ROLES

Interaction to carry out tasks where members settle into individual 'roles' by mutual consent. Such roles include both task and processes aspects of the team's interaction

ROLES
1. Giving information 2. Seeking information 3. Initiating 4. Standard setting 5. Clarifying 6. Summarizing 7. Consensus testing

DEFINITION OF DECISION MAKING

The process by which individuals or groups arrive at a decision, judgment, or conclusion through a process of deliberation

A DECISION-MAKING MODEL
1. Clarify the purpose of the decision 2. Establish criteria 3. Separate the criteria 4. Generate options 5. Compare options 6. Identify the risks of each option 7. Assess the risks of each option by ranking them 8. Make the decision

DECISION MAKING PROCEDURES

1. Decision by authority

2. Decision by minority
3. Decision by majority 4. Decision by consensus 5. Decision by unanimity

ADVANTAGES OF PARTICIPATORY DECISION MAKING 1. Increased information and knowledge 2. Increased diversity of views 3. Increased acceptance of the solution 4. Increased legitimacy

DEFINITION OF CONFLICT
Emotional disturbance resulting from a clash of opposing points of view or from an inability to manage those points of view with realistic or moral considerations

VIEW OF CONFLICT
1. Traditional perspective 2. Human relation perspective 3. Integrationist perspective

DEFINATION OF A TEAM MEETING

Act or process of coming to gather for a

common purpose

OBJECTIVE OF MEETING
1. To share information 2. To receive information 3. To generate new ideas 4. To analyze and solve problem 5. To reach group decisions 6. To explain problems or goals and gain support 7. To make recommendations 8. To motivate employees

PREPARE THE AGENDA

1. The topics to be discussed 2. The person responsible for each topic 3. The time allocated for each topic 4. The topic category

PROBLEM SOLVING SEVEN-STEP PROCESS

Step 1: Define the problem Step 2: Identify the desired future state Step 3: Identify the forces acting on the problem Step 4: Analyze the forces acting on the problem Step 5: Plan a strategy Step 6: Develop an action plan Step 7: Evaluate

Economics & Principles of Management

SUPPLY CHAIN MANAGEMENT

Supply Chain Management

Supplier

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Mfg. Storage Dist. Retailer Customer

Supplier Storage

Supplier

Supply Chain Management

Supplier

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Storage Service

Customer

Supplier

Introduction
A supply chain is a sequence of organizations their facilities, functions and activities - that are involved in producing and delivering a product or service

Introduction
Supply chain management deals with linking the organizations within the supply chain in order to meet demand across the chain as efficiently as possible

Introduction
Supply chain management deals with linking the organizations within the supply chain in order to meet demand across the chain as efficiently as possible. In a supply chain, virtually all of the members serve as both customers as well as suppliers.

Importance of supply chain management

To gain efficiencies from procurement, distribution and logistics To make outsourcing more efficient

To reduce transportation costs of inventories

To meet competitive pressures from shorter development times, more new products, and demand for more customization

Importance of supply chain management

To meet the challenge of globalization and longer supply chains To meet the new challenges from ecommerce To manage the complexities of supply chains To manage the inventories needed across the supply chain

Supply chain management difficult

Different organizations in the supply chain may have different, conflicting objectives Manufacturers: long run production, high quality, high productivity, low production cost Distributors: low inventory, reduced transportation costs, quick replenishment capability Customers: shorter order lead time, high in-stock inventory, large variety of products, low prices Supply chains are dynamic - they evolve and change over time

Supply chains and vertical integration

For any organization vertical integration involves either taking on more of the supplier activities (backward) and/or taking on more of the distribution activities (forward) An example of backward vertical integration would be a peanut butter manufacturer that decides to start growing peanuts rather than buying peanuts from a supplier An example of forward vertical integration would be a peanut butter manufacturer that decides to start marketing their peanut better directly to grocery stores In supply chains, some of the supplying and some of the distribution might be performed by the manufacturer

Supply chains and vertical integration

The significance of vertical integration in the supply chain is that the activities that are performed by the manufacturer are typically more easily managed than those which are performed by other organizations Therefore, the degree of vertical integration can have an impact on the structure and relationships between members of a supply chain

Strategic issues
Strategic - long term and dealing with supply chain design Determining the number, location and capacity of facilities Make or buy decisions Forming strategic alliances

Tactical issues
Tactical - intermediate term Determining inventory levels Quality-related decisions Logistics decisions

Operating issues
Operating - near term Production planning and control decisions Goods and service delivery scheduling Some make or buy decisions

Key issues in supply chain management

Distribution network configuration How many warehouses do we need? Where should these warehouses be located? What should the production levels be at each of our plants? What should the transportation flows be between plants and warehouses?

Key issues in supply chain management

Inventory control Why are we holding inventory? Uncertainty in customer demand? Uncertainty in the supply process? Some other reason? If the problem is uncertainty, how can we reduce it? How good is our forecasting method?

Key issues in supply chain management

Distribution strategies Direct shipping to customers? Classical distribution in which inventory is held in warehouses and then shipped as needed? Cross-docking in which transshipment points are used to take stock from suppliers deliveries and immediately distribute to point of usage?

Key issues in supply chain management

Supply chain integration and strategic partnering Should information be shared with supply chain partners? What information should be shared? With what partners should information be shared? What are the benefits to be gained?

Key issues in supply chain management

Product design Should products be redesigned to reduce logistics costs? Should products be redesigned to reduce lead times? Would delayed differentiation be helpful?

Key issues in supply chain management

Information technology and decision-support systems What data should be shared (transferred) How should the data be analyzed and used? What infrastructure is needed between supply chain members? Should e-commerce play a role?

Key issues in supply chain management

Customer value How is customer value created by the supply chain? What determines customer value? How do we measure it? How is information technology used to enhance customer value in the supply chain?

SCOR model - Supply Chain Operations Reference Model

On-time delivery performance Lead time for order fulfillment Fill rate - proportion of demand met from on-hand inventory Supply chain management cost Warranty cost as a percentage of revenue Total inventory days of supply Net asset turns

Creating an effective supply chain

Develop strategic objectives and tactics Integrate and coordinate activities in the internal portion of the supply chain Coordinate activities with suppliers and customers Coordinate planning and execution across the supply chain Consider forming strategic partnerships

SCM - Inventory Management Issues

Manufacturers would like to produce in large lot sizes because it is more cost effective to do so. The problem, however, is that producing in large lots does not allow for flexibility in terms of product mix.

Retailers find benefits in ordering large lots such as quantity discounts and more than enough safety stock. The downside is that ordering/producing large lots can result in large inventories of products that are currently not in demand while being out of stock for items that are in demand.

SCM - Inventory Management Issues

Ordering/producing in large lots can also increase the safety stock of suppliers and its corresponding carrying cost. It can also create whats called the bullwhip effect. The bullwhip effect is the phenomenon of orders and inventories getting progressively larger (more variable) moving backwards through the supply chain. This is illustrated graphically on the next slide

Bullwhip effect
Demand forecasting Many firms use the min-max inventory policy. This means that when the inventory level falls to the reorder point (min) an order is placed to bring the level back to the max , or the order-up-to-level. As more data are observed, estimates of the mean and standard deviation of customer demand are updated. This leads to changes in the safety stock and order-up-to level, and hence, the order quantity. This leads to variability.

Lead time As lead time increases, safety stocks are increased, and order quantities are increased. More variability.

Bullwhip effect
Batch ordering. Many firms use batch ordering such as with a min-max inventory policy. Their suppliers then see a large order followed by periods of no orders followed by another large order. This pattern is repeated such that suppliers see a highly variable pattern of orders. Price fluctuation. If prices to retailers fluctuate, then they may try to stock up when prices are lower, again leading to variability. Inflated orders. When retailers expect that a product will be in short supply, they will tend to inflate orders to insure that they will have ample supply to meet customer demand. When the shortage period comes to an end, the retailer goes back to the smaller orders, thus causing more variability.

Methods for coping with the bullwhip effect

Centralizing demand information occurs when customer demand information is available to all members of the supply chain. This information can be used to better predict what products and volumes are needed and when they are needed such that manufacturers can better plan for production. However, even though centralizing demand information can reduce the bullwhip effect, it will not eliminate it. Therefore, other methods are needed to cope with the bullwhip effect.

Methods for coping with the bullwhip effect

Reducing uncertainty. This can be accomplished by centralizing demand information. Reducing variability. This can be accomplished by using a technique made popular by WalMart and then Home Depot called everyday low pricing (EDLP). EDLP eliminates promotions as well as the shifts in demand that accompany them. Reducing lead time. Order times can be reduced by using EDI (electronic data interchange). Strategic partnerships. The use of strategic partnerships can change how information is shared and how inventory is managed within the supply chain. These will be discussed later.

Techniques for improving inventory management

Cross-docking. This involves unloading goods arriving from a supplier and immediately loading these goods onto outbound trucks bound for various retailer locations. This eliminates storage at the retailers inbound warehouse, cuts the lead time, and has been used very successfully by WalMart and Xerox among others. Delayed differentiation. This involves adding differentiating features to standard products late in the process. For example, Bennetton decided to make all of their wool sweaters in undyed yarn and then dye the sweaters when they had more accurate demand data. Another term for delayed differentiation is postponement.

Techniques for improving inventory management

Direct shipping. This allows a firm to ship directly to customers rather than through retailers. This approach eliminates steps in the supply chain and reduces lead time. Reducing one or more steps in the supply chain is known as disintermediation. Companies such as Dell use this approach.

Strategic Partnering (SP)

Strategic partnering (SP) is when two or more firms that have complementary products or services join such that each may realize a strategic benefit. Types of strategic partnering include: Quick response, Continuous replenishment, Advanced continuous replenishment, and Vendor managed inventory (VMI)

Strategic Partnering (SP)

In quick response SP vendors receive point-of-sales (POS) data from retailers. The data are then used to synchronize production and inventory management at the supplier. Although the retailer still prepares and submits individual orders to the supplier, the POS data is used to improve forecasting and scheduling. In continuous replenishment SP vendors again receive POS data and use them to prepare shipments at previously agreed to intervals as well as to maintain agreed to inventory levels. This approach is used by WalMart.

Strategic Partnering (SP)

In advanced continuous replenishment SP suppliers will gradually decrease inventory levels at the retailers location as long as they can still meet service levels. The result is that inventory level are continuously improved. Kmart uses this approach. In vendor managed inventory SP the supplier will decide on the appropriate inventory levels for each of the products it supplies and the appropriate inventory policies to maintain these levels.

Strategic Partnering (SP)

Criteria Types Decision Maker Inventory Ownership New Skills Employed by vendors

Quick Response Continuous Replenishment Advanced Continuous Replenishment VMI

Retailer

Retailer

Forecasting Skills

Contractually Agreed to Levels

Either Party Either Party

Forecasting & Inventory Control

Contractually agreed to & Continuously Improved Levels

Forecasting & Inventory Control

Vendor

Either Party

Retail Management

Requirements for an effective SP

Advanced information systems Top management commitment Mutual trust

Steps in SP implementation
Contractual negotiations Ownership Credit terms Ordering decisions Performance measures Develop or integrate information systems Develop effective forecasting techniques Develop a tactical decision support tool to assist in coordinating inventory management and transportation policies

Advantages of SP
Fully utilize system knowledge Decrease required inventory levels Improve service levels Decrease work duplication Improve forecasts

Disadvantages of SP
Expensive technology is required Must develop supplier/retailer trust Supplier responsibility increases Expenses at the supplier also often increase

Third party logistics (3PL)

Third party logistics (3PL) involves the use of an outside company to perform part or all of a firms materials management and product distribution function.

Economics & Principles of Management

ACTIVITY BASED MANAGEMENT

Activity-Based Management
The use of activity analysis to help management make decisions

 Approach to management that aims to maximize the value adding activities while minimizing or eliminating non-value adding activities. The overall objective of ABM is to improve efficiencies and effectiveness of an organization in securing its markets. It draws on activity based-costing (ABC) as its major source of information and focuses on (1) reducing costs, (2) creating performance measures, (3) improving cash flow and quality and, (4) producing enhanced value products.

Activity-Based Management

Just-in-Time Inventory
No materials are purchased and no products are manufactured until they are needed. The primary goal of a JIT production system is to reduce or eliminate inventories at every stage of production.

Key Features of the JIT Approach

Smooth, uniform production rate Pull method of production Purchase is small lot sizes Quick, inexpensive setups High quality of materials Effective preventive maintenance Teamwork Multiskilled workers

JIT Purchasing
Long-term contracts with suppliers Only a few suppliers Minimal inspection of materials Parts delivered in small lots

Flexible Manufacturing System

An integrated system of computer-controlled machines and automated material-handling equipment, which is capable of producing a variety of technologically similar products.

Flexible Manufacturing System

Computer- numerically-controlled machines Computer-aided manufacturing system

Computer-aided design system Automated material-handling system

Computed- integrated manufacturing system

Eliminate Non-Value-Added Activities and Costs

Identify Activities Identify Non-Value-Added Activities.

Understand Activity Linkages, Root Causes, and Triggers.

Establish Performance Measures. Report Non-Value-Added Costs.

Customer Profitability Analysis

Customer profitability analysis uses activity-based costing to determine

the activities, costs, and profit associated with serving particular

customers

Customer Profitability Analysis

Required special packaging Orders small quantities

Demand fast service Orders frequently

Often changes orders

Achieving Cost Reduction

Activity Reduction Activity Selection Reduce Non-Value-Added Costs Activity Sharing Activity Elimination

Target Costing
Design a product, and the manufacturing process, so that the product can be manufactured at a cost that will enable the firm to make a profit when the product is sold at an estimated market-driven price.

Benchmarking
The continual search for the most effective method of accomplishing a task, by comparing existing methods and performance levels with those of other organizations.

Re-engineering
The complete redesign of a process, with an emphasis on finding creative new ways to accomplish an objective.

Theory of Constraints
A management approach seeking to maximize long-run profit through proper management of organizational bottlenecks or constrained resources

Keys to Successfully Implementing ABM

1. Organizational Culture 2. Top-Management Commitment 3. Change Champion

4. Change Process
5. Continuing Education

Other Cost Management Issues in the New Manufacturing Environment

Product Life-Cycle Costs Justifying Investments in Advanced Manufacturing Systems Performance Measurement

Economics & Principles of Management

CREATIVITY

Definition
The ability to produce new and useful ideas through the combination of known principles & components in novel and non obvious ways

Steps involved in creative process

Saturation Preparation Frustration & incubation Inspiration & illumination

verification

Problems solved by creative tool

Creative tools to devise creative and imaginative

solutions to problems

SCAMPER tool
S Substitute components , materials , people C Combine mix, integrate A Adapt alter, change function M- Modify increase or decrease in scale P- Put to another use E Eliminate remove elements, simplify R Reverse - use of reversal

Reframing matrix
To look at business problems from a number of different viewpoints

Mind mapping tool

A mind map consists of a central word or concept with 5 to 10 main ideas that relate to that word , similar to a creating a spider web

DO IT process for creativity

D- Define the problem O Open mind and apply creative techniques I Identify best solution T T ransform

Steps involved in simplex tool

Problem finding Fact finding Problem definition Idea finding Selection and evaluation Planning Sell data Action

Brainstorming
8 to 12 people meeting for less than an hour to develop a long list of 50 or more ideas or solutions by focusing a problem

Vertical thinking
One thinks with some known conditions and then applies steps of reasoning aimed at reaching goal

Lateral thinking
One is not considered to follow completely the formal deduction process. One has an inspiration or flash and sees a new angle on the problem

Economics & Principles of Management

ENTREPRENUER RESOURCE PLANNING

Definition
A cross-functional enterprise system driven by an integrated suite of

software modules that supports the

basic internal business processes of a company (or Transactional Backbone)

Detailed Definition
A business strategy and set of industry-domainspecific applications that build customer and shareholder communities value network system by enabling and optimizing enterprise and interenterprise collaborative operational and financial processes

ERP Application Componentts

ERP Beneffiitts
Quality and Efficiency Decreased Costs

Decision Support
Enterprise Agility Security (Firewall & VPN)

Causes of ERP Faillures

Business mangers and IT professionals underestimate the complexity of the planning, development, and training needed Failure to involve affected employees in the planning and development phases Trying to do too much too fast in the conversion process Failure to do enough data conversion and Testing

Historical system architectures

Historically, companies created islands of automation. A hodge-podge of various systems that operated or managed various divergent business processes. Sometimes these systems were integrated with each other and sometimes they werent. Sometimes they were loosely interfaced and sometimes they were more tightly interfaced.

ERP Key Characteristics

Integration Seamless integration of all the information flowing through a company financial and accounting, human resource information, supply chain information, and customer information

ERP Key Characteristics

Packages Enterprise systems are not developed in-house Life cycle is differentMapping organisational requirements to the processes and terminology employed by the vendor and Making informed choices about the parameter setting. Organisations that purchase enterprise systems enter into longterm relationships with vendors Organisations no longer control their own destiny.

ERP Key Characteristics

Best Practices ERP vendors talk to many different businesses within a given industry as well as academics to determine the best and most efficient way of accounting for various transactions and managing different processes. The result is claimed to be industry best practices. The general consensus is that business process change adds considerably to the expense and risk of an enterprise systems implementation. Some organisations rebel against the inflexibility of these imposed business practices.

ERP Key Characteristics

Some Assembly Required Only the software is integrated, not the computing platform on which it runs. Most companies have great difficulty integrating their enterprise software with a package of hardware, operating systems, database management systems software, and telecommunications suited to their specific needs. Interfaces to legacy systems Third-party bolt-on applications Best of Breed Strategy

ERP Key Characteristics

Evolving Enterprise Systems are changing rapidly Architecturally: Mainframe, Client/Server, Webenabled, Object-oriented, Componentisation Functionally: front-office (i.e. sales management), supply chain (advanced planning and scheduling), data warehousing, specialised vertical industry solutions, etc.

Implement an ERP System

To support business goals Integrated, on-line, secure, self-service processes for business Eliminate costly mainframe/fragmented technologies Improved Integration of Systems and Processes Lower Costs Empower Employees Enable Partners, Customers and Suppliers

Implement an ERP System

Obtain the right mix of people, processes and technology

Requirement for implementation ERP Systems

People
Project Structure Should be aligned to processes

Process
Implementation Process (outlined in detail) Adapt your processes to those of the ERP.

Technology
Hardware Software Integrated Systems

Process
1. Definition and Analysis Hold discussions with various functional personnel to establish the actual number of systems operating at client site, what they are used for, why and how often Produce the Project Scoping Document outlining current situation, proposed solution and budgeted time

Process
2. Design Prepare various functional reports - specifies current scenario and wish list Prepare Design document which specifies how the system is going to work Prepare test scripts to be followed on system testing Map out the interface paths to various modules

Process
3. Build Configure system as per set up document specifications i.e. transfer conceptual model into reality Test system to verify accuracy (preliminary tests)

Process
4. Transition Train users on their specific areas Assist in test data compilation and system testing by users Finalise the Live system and captured opening balances

Process
5. Production Official hand holding

Effectiveness assessment
Business and Technical Direction recommendations

Technology
Technology is an enabler, not the driver (it is there to assist the organization to achieve business goals)

It is a means to an end, not the end

Economics & Principles of Management

STRATEGIC MANAGEMENT

Why Strategic Management?

Strategic management provides the route map for the firm. It lends a framework, which can ensure that decisions concerning the future are taken in asystematic and purposeful way. Strategic management also serves as a hedge against uncertainty, a hedge against totally unexpected developments on the business horizon. It lends a frame of reference for investment decisions. It aids the concentration of resources on vital areas of best potential. It offers a methodology by which the firm could anticipate and project the future and be internally equipped to face it. It helps to develop processes, systems, mechanisms and managerial attitude that are essential for this purpose

Defining Strategy
Chandler defined strategy as: "The determination of the basic long term goals and objectives of an enterprise and the adoption of the courses of action and the allocation of resources necessary for carrying out this goals". Andrews defined strategy as: "The pattern of objectives, purposes, goals and the major policies and plans for achieving these goals stated in such a way so as to define what business the company is in or is to be and the kind of the company it is or it is to be".

Hierarchy of strategy
Corporate strategy

Business strategy

Functional strategy

Levels Of Strategy
Corporate level Business level Functional level

Corporate strategy
Corporate strategy is one, which decides what business the organization should be in, and how the overall group of activities should be structured and managed. Porter has described it as the overall plan for a diversified business. The strategies are then evolved for each strategic business unit and strategic business area.

Strategic business unit

As the number and diversity of products increases the structure is likely to be centered upon division called Strategic Business Unit (SBU). SBU are responsible individually for developing, manufacturing and marketing their own product or group of products

Functional Strategy
Strategy that is related to each functional area of business such as production, marketing and personnel is called functional strategy. It is Designed and managed in a coordinated way so that they interrelate with each other and at the same time collectively allow the competitive strategy to be implementedproperly.

Strategic Management Process

Environmental scanning: If an organization understands the environment in which it operates, half the problem is solved. This requires an analysis of what is happening outside the organization and an evaluation of current resources (strength and weaknesses) and an assessment of opportunities and threats present in the environment. Environment could be classified as external and internal.

Strategic Management Process

External: The external environment consists of variables that are outside the organization and not typically within the short-run control of top Management.They may be general forces and trends within the overall societal environment, which consists of socio cultural, economic, technological, political and legal force. There may be specific forces called task environment that operates within the organization's specific which includes suppliers, employers, competitors, trade association, communities, creditors, customers, special interest groups, Government and shareholders. The method widely used to analyze the external environment is Porters Five-Forces Model. This method involves analyzing the

Strategic Management Process

Internal: The internal environment of a corporation consists of variables (strengths and weaknesses) that are within the organization and are not usually within the short run control of top management. This includes the corporation's culture,structure and resources. One of the widely used method for internal analysis of the firms is Value Chain analysis which assess the strengths and weaknesses that divides a business into a number of linked activities, each of which may produce value to the customers.

Strategic Management Process

Strategy formulation Strategy formulation is the development of long range plans for the effective management of environmental opportunities and threats in light of corporate strengths and weaknesses. It includes defining the corporate mission, specifying achievable objectives, developing strategies and setting Policy guidelines. It begins with situational analysis. The simplest way is to Analyze through is SWOT analysis. This is the method to analyze the strengths And weakness in order to utilize the threat and to overcome the threat. SWOT is the acronym for Strength, Weakness, Opportunities and Threats. The TOWS matrix illustrates how the external opportunities and threats facing a particular corporation can be matched with that companys internal strengths and weaknesses to result in four sets of possible strategic alternatives

Mission
An organizations mission is the purpose or the reason for the organization existence. A well conceived mission statement defines the fundamental, unique purpose that sets a company apart from other firms of its type and identifies the scope of the company's operation in terms of the products offered and markets served. A mission statement may be defined narrowly or broadly in scope. A broadly defined mission statement keeps the company from restricting itself to one field or product line, but it fails to clearly identify what it makes or which product/market it plans to emphasize. A narrow mission very clearly states the organizations primary business, but it may limit the scope of the firm's activities in terms of product or service offered, the technology used and the market served.

Objectives
Objectives are the end result of planned activity. They state what is to be accomplished by when and should be quantified if possible. The achievement of corporate objective should result in the fulfillment of a corporate mission. In contrast to an objective, a goal is an open ended statement of what one wants to accomplish with no quantification of what is to be achieved and no time criterion for completion. The areas in which a company might establish its goals and objective are profitability, growth, shareholder's wealth, utilization of resources etc.

Economics & Principles of Management

TIME MANAGEMENT

Economic Order Quantity

EOQ, or Economic Order Quantity, is defined as the optimal quantity of orders that minimizes total variable costs required to order and hold inventory

How to use EOQ

The EOQ tool can be used to model the amount of inventory that we should order each month

How EOQ Works

How EOQ Works

Keeping inventory on hand

Interest
Insurance

Taxes
Theft Obsolescence Storage Costs

Time and Motion Study

A time and motion study would be used to reduce the number of used to reduce the number of motions in performing a task in motions in performing a task in order to increase order to increase productivity

Time and Motion Study:Defined

A method created to determine the correct time it takes to complete a correct time it takes to complete a certain task A method to establish the one best way to perform a task

Steps involved in TIME STUDY

Select the job to be studied

Select the worker to be studied studied (Qualified Worker) Conducting Stop Watch TIME STUDY

Motion Study
Science of eliminating wastefulness, Find the scheme of least waste waste methods of labour. Technique for making minute analysis.