Understanding Charges, Payments, and Financial Statements
Theory of Charge and Payment
It concerns the effect of trading assets without changing the accounting equation. Each transaction affects the balance and changes in equity values, without impairing the equality of the equation. In each of these transactions, at least two accounts are affected.
Understanding ‘Debit’ and ‘Credit’
- Debit (Should): Column in the Account Book that signifies payments charged to the owner. It is the left side of the T-account.
- The remaining balance is the account value recorded
Strategies for Business Competitiveness: Clusters, Benchmarking, and Outsourcing
Strategies for Business Competitiveness
Cluster Development
A cluster’s objective is to maximize competitiveness and entrepreneurial success by leveraging value chain networks. Clusters foster innovation by generating forward and backward linkages, creating synergy that promotes the productive sector and investment in research and development. Clusters are generally composed of SMEs.
Benchmarking
Benchmarking is a tool to achieve competitive behavior by providing metrics for variables, indicators, and
Read MoreToyota Production System: Mold Trading, Worker Motivation, and Quality
- Small misalignments produce defective parts.
- Larger misalignments mean pieces could be merged into molds.
Mold Trading in the West:
- Only specialists performed these changes.
- They were methodically executed.
- Cost at least 1 day of work.
- A set of presses for some parts meant the exchange of the mold would happen only once every three months.
Mold Trading at Toyota (Ohno):
- Beginning testing trade presses in the late 1940s and mid-1950s, Toyota changed the process in just 3 minutes.
- The workers themselves had
Product Classification: Types, Features, and Design
Product Classification
By Duration:
- Durable: Products that can be used many times for a long time, characterized by efforts to require a + cons.
- Perishable: Goods consumed quickly and frequently.
- Intangible: Intangible products that fail to separate from the supplier.
Frequency of Purchase:
- Current or Routine Products: Products you buy regularly.
- Momentum: Assets acquired unplanned, requiring information search.
- Emergency: Purchases made when there is an urgent need (e.g., umbrella).
- Specialty: Planned purchases
CRM, ERP, SCM, KMS, Blockchain, AI: Key Concepts & Applications
CRM, ERP, and SCM: A Comparison
CRM (Customer Relationship Management) is software that helps companies manage interactions with customers and clients. It typically includes tools for sales, marketing, and customer service.
ERP (Enterprise Resource Planning) is software that helps companies manage various business functions, such as finance, accounting, manufacturing, and supply chain management. The main goal is to improve and streamline internal business processes, which typically requires reengineering
Workshop Management: Safety, Procedures, and Organization
Here are detailed notes on Workshop Administrative and Management Structure:
workshop Administrative and Management StructurWoe
A well-organized workshop requires a structured administrative and management system to ensure smooth operations, effective utilization of resources, and the achievement of objectives. The structure typically consists of multiple levels of authority, each with distinct roles and responsibilities.
1. Organizational Hierarchy of a Workshop
A workshop’s administrative and management
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