Types of Inventories – Independent and Dependant Demand Inventories
Inventory Management deals essentially with balancing the inventory levels. Inventory is categorized into two types based on the demand pattern, which creates the need for inventory. The two types of demand are Independent Demand and Dependant Demand for inventories. Independent Demand An inventory of an item is said to be falling into the category of […]
Gaining Competitive Advantage with Decision Support Systems
Over the last five decades, Decision Support Systems (DSS) have come a long way. They have transformed from automated systems for simplifying calculations into highly sophisticated arrangements combining hardware, software and human intelligence for handling large volumes of data, studying different outcomes, indentifying new opportunities and implementing strategies effectively. In fact, decision support systems seem […]
Contract Logistics Cost Model
Warehousing Costing methods vary with the business models. While some warehouses using common shared facilities may be worked up based on transaction costs, dedicated and stand alone facilities would be on a different costing model. In this section, we shall go through the cost elements of a warehouse project briefly. Warehouse Cost elements are primarily […]
Why Project Managers Must be Prepared to Deal with Disruptions of All Kinds
Disruption is the Name of the Game We live in an age of disruption. Indeed, disruption is the norm rather than the exception and this means that firms, businesses, governments, and individuals have to be prepared to deal with disruptions of all kinds. Considering that project managers are tasked with executing specific projects in organizations […]
Measuring Process through Balanced Scorecards
The Harvard Business Review in 1992 took the business world by storm when Kaplan and Norton introduced the idea of balanced scorecard. They argued that even though strategic management was being pursued as an organization wide goal in companies worldwide, in effect they were doing a post-mortem of the business situation at hand. Measurement was […]
The method which is adopted to collect the sample obviously has large implications on the conclusions drawn from that sample. Mentioned below are the techniques which can be used for sampling populations as well as processes. A brief detail has been given so that you can understand the pros, cons and correct usages of each of these techniques:
The advantage of this strategy is that you have an additional dimension which is time. Studies can be done and cycles and patterns can be found out. The disadvantage is that planning one of these studies requires considerably more expertise than a random sampling plan.
Although there are many more types of sampling techniques that are available, the four listed above account for almost 80% of the types of samples that are used in studies. Hence a thorough understanding of these four will help improve your sampling endeavour.
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Characteristics of Data – Central Tendency and Dispersion
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Steps Involved in Conducting a Measurement System Analysis
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