Manufacturing Questions

Manufacturing work in growth is when manufacturing firm transforms material into the work in process which includes labor, raw material, and factory overhead. You can add all the below factors to know the amount of the manufacturing work in progress.

    Labor amount

    Raw material inventory costs

    Production price

    A price of ending work in process for the accounting period

In manufacturing group, software that can be useful for Material Management and Manufacturing ERP. Some of the organizations that provide the manufacturing software solution are Oracle ERP system, sap etc.

The primary goals of Six Sigma are to improve profits by eliminating variability, defects and waste that undermine customer loyalty i.e, increasing the customer satisfaction.

What is Six Sigma ?

Six Sigma is a systematic methodology that provides businesses with the tools to improve the capability of their business processes. This increase in performance and decrease in process variation leads to defect reduction and vast improvement in profits, employee morale and quality of product.

Key Elements of Six Sigma :

1. Strategy
2. Tactics
3. Culture.

A firm maximizes profit by operating where marginal revenue equals marginal cost. They use less of an input in producing more products to increse their profits.