Blog
Inventory management refers to the process of efficiently and effectively overseeing the acquisition, storage, tracking, and utilization (ASTU) of an organization’s goods or products. It involves maintaining the right quantity of items at the right time (RQ@RT) to meet customer demands while avoiding overstocking or stockouts. The primary objectives of inventory management are to: Ensure […]
Some of us avoid negotiation, some fear negotiation because they equate it with conflict. They consider it as a clash of the wills, they see it as a fight to the finish, where the biggest bully wins all the marbles. To them, negotiation is confrontation, and they hate confrontation. But in fact, negotiation is anything but […]
Iron Ore Magnetite (Fe3O4, 72.4% Fe) Hematite (Fe2O3, 69.9% Fe) Fed directly into iron-making blast furnaces. Pig Iron Iron ore is the raw material used to make pig iron, An intermediate product obtained by smelting iron ore in a blast furnace with a high-carbon fuel and reductant such as coke, usually with limestone as a flux. Pig iron contains at least 92% […]
Forecasting Models – Forecasting models are one of the many tools businesses use to predict outcomes regarding sales, supply and demand, consumer behavior and more. Four common types of forecasting models Time series model Econometric model Judgmental forecasting model The Delphi method Time series model This type of model uses historical data as the key […]
A few ways by which a vendor can be evaluated are listed below- Categorical Method Weighted point Method Cost Ratio Method