Waste Minimization Techniques in Production Processes
Minimization Methods
Minimization techniques and procedures can vary significantly across production processes. They don’t necessarily require advanced technologies or large capital investments. Many techniques involve simple changes in material handling and good housekeeping practices.
Four Main Groups of Minimization Techniques
- Inventory Management
- Modification of Production Processes
- Volume Reduction
- Recycling and Recovery
Inventory Management
This involves establishing proper control of raw materials,
Read MoreOperations Management: Efficiency, Productivity, and Supply Chain Optimization
Chapter 1: Introduction to Operations Management
Operations management is the management of processes that create goods and/or provide services. Efficiency measures the amount of resources used to produce one unit of output. Effectiveness measures the extent to which an operation is achieving its intended goals.
Production of Goods and Services
- Goods: Tangible outputs such as automobiles, mined materials, or constructed structures.
- Services: Acts such as a doctor’s examination, auto repair, lawn care,
Capitalism, Alienation, and the Proletariat: A Marxist Analysis
Capitalism, Alienation, and the Proletariat
Capital and Money
Capital is money used to multiply money; money begets money. This is the foundation of the capitalist system. Capital is a different kind of money than the wage a proletarian worker receives in return for their labor. Capital allows capitalists to meet their needs and replenish their forces to continue working. The capitalist uses money to sell what they produce; the proletarian’s money is impotent. The difference between income and capital
Read MoreUnderstanding Microeconomics, Mixed Economies, and National Income
Importance of Microeconomics
Microeconomics focuses on individual economic units like consumers, firms, and markets. Its importance lies in:
- Resource Allocation: Analyzes supply and demand for optimal resource distribution.
- Pricing Mechanism: Explains how prices are determined, aiding businesses and consumers.
- Consumer and Producer Behavior: Studies decision-making based on limited resources.
- Market Structure Analysis: Evaluates different market types and their impact.
- Government Policy and Regulation:
International Trade & Economic Integration: A Comprehensive Guide
1. GATT, WTO, and Their Principles
GATT
The General Agreement on Tariffs and Trade (GATT) was an intergovernmental agreement designed to promote the liberalization of international trade by regulating trade relations among its contracting parties.
WTO
The World Trade Organization (WTO) is the institution responsible for ensuring the development and liberalization of world trade. It enforces the agreements of the Uruguay Round and resolves trade disputes. The WTO operates on the principle of most-favored
Read MoreFinancial Concepts Explained: A Comprehensive Guide
Discount Factor and Interest Rate
If the one-year discount factor is equal to 0.94340, the interest rate must be equal to 6%.
Equation: 1 / 0.94340 – 1 = 0.05995 ≈ 6%
Balance Sheet Analysis
The following example shows a balance sheet for a certain company (all quantities are in million dollars).
Net Working Capital
Net Working Capital = Total Current Assets – Total Current Liabilities
Net Working Capital in 2006
2006 Net Working Capital = 2006 Total Current Assets – 2006 Total Current Liabilities