STUDY TO ENLIGHTEN YOURSELF
WHAT IS WORK STUDY Under Scientific management, the management is responsible for determining the task for every employee which he performed in standardized working conditions. The standard work may be determined through proper investigation and taking into account average worker abilities. According to Taylor, the best way of doing the work is that which requires…
SCIENTIFIC MANAGEMENT Scientific Management is defined as Application of science for each and every element of management. It means application of the scientific methods, tools and techniques by the managers to manage each operation effectively and efficiently. The Principles of Scientific Management insists on replacing the Rule of Thumb by the science which means decisions…
PRINCIPLES OF SCIENTIFIC MANAGEMENT Scientific Management is defined as Application of science for each and every element of management. It means application of the scientific methods, tools and techniques by the managers to manage each operation effectively and efficiently. The Principles of Scientific Management insists on replacing the Rule of Thumb by the science which…
14 PRINCIPLES OF MANAGEMENT BY HENRI FAYOL Henry Fayol was the Frenchman who introduced the General Principles of Management for the first time during his job as Junior Engineer in a Coal Mining and Iron Foundry Company. 14 Principles of management by Henri Fayol has emerged as a theoretical framework for the managers to enhance…
OVERHEAD Overhead is the aggregate of indirect material costs, indirect labor costs and indirect expenses. These are those costs which cannot be allocated accurately but can be apportioned and absorbed to the cost centers or cost units. Overheads costs are also known as ‘ Supplementary costs’, ‘Non-productive costs’, ‘Indirect costs’ etc. ACCORDING TO BLOCKER AND…
INCENTIVE PLANS FOR EMPLOYEES Incentive Plans for employees are the plans formulated to influence and motivate the workers to achieve the set targets to get the reward. The incentive is given to the worker by paying some bonus or premium in addition to their normal wages. Under an incentive plan, normally a standard time is…
STORE LEDGER Store ledger is maintained under Perpetual Inventory system by costing office and deals with the quantities and values of materials received, issued and balance in hand. It is an assemblage of cards or sheets, which are maintained to keep a record of quantity and cost of material received, transferred and remained in stock….
MEANING Bin card is the record maintained under the perpetual inventory system by the stores department and shows the quantities of materials received, issued and balance in hand after each receipt and issue. It is also known as stock card or bin tag. Bin Card helps to monitor the total inventory process. This card is…
PRICING OF MATERIALS Pricing of materials refers to valuation of materials issued by the stores department for the production process. Pricing of materials should be done by adopting the method which is suitable for nature of materials and business itself. The methods applied for pricing of materials are as follows: 1.COST PRICE METHOD Cost price…
MEANING Perpetual Inventory System refers to a system of maintaining such records as will reflect the receipts, issues and balance of all items of materials in store all the times. It is a material control technique. ACCORDING TO ICMA (Institute of Cost and Management Accountants), UK “Perpetual Inventory System is a system of records maintained…
