One method of deciding or not a firm should accept an investment project is to determine the net present value of the project. The net present value (NPV) of a project is equal to the present value of the expected stream of net cash flows from the project, discounted at the firm’s cost of capital, [...]

Lean Production is a system of production developed in the production of automobiles. Originally developed for Toyota and by Toyota, it is also known as the Toyota Production System (TPS), and also the ‘just-in-time’ production system. This system of production owes its conception to an engineer Taiichi Ohno who was working with Toyota. He focused [...]

Value stream mapping is a ‘lean manufacturing’ system utilized to understand the flow of information and products to the customer. The system originated in the Toyota factory where it was termed as ‘material and information flow mapping’. This terminology is used in the process/processes that need improvement. This is a helpful method that can be [...]

Assertiveness is the ability to honestly share your beliefs, opinions, feelings, and rights without anxiety. This means that you should be able to share your thoughts without feeling worried, nervous, or guilty. If you sense that you are not in a job setting that values honesty, you need to consider whether you want to commit [...]

There is only one way to attain engaged employees: make them feel important. That should be easy because they are important! After all, if an employee is not important, it means they are not contributing to the success of the company and then, by definition, they should not be an employee. It therefore makes sense [...]

Companies are seeking business process management solutions in a time when the traditional boundaries of their organizations have become increasingly porous to include suppliers, partners, and customers as integrated parts of their operations. At the same time, web-based software has continued to evolve in its capabilities and reach, and companies have increasingly adopted cloud-based services [...]

The location of an industrial plant plays a vital role in determining its success. Management should weigh the pros and cons of the location in terms of cost and revenue as each location might influence these variables in different proportions. Let us try to understand the need for a new facility location. Entrepreneurs interested in [...]

Managerial economics is concerned with various micro and macro economic tools and the analysis of which can be used in managerial decision making to solve business problems. Micro economic tools that are used in this subject include demand analysis, production and cost analysis, break-even analysis, pricing theory and practice, technical progress, location decisions and capital [...]

Several years ago I met a fellow who after ten years of dedication to his religious ideals decided to "take things to a higher level" and study in preparation for priesthood. Unfortunately, it was through his studies that his passion for his religion suffered. It seems that a great deal of his religious education focused [...]

We often refer to management as if it were another person. This is true whether we are an employee, customer, vendor, stakeholder, regulator, legislator, or another manager in the business. If management were a human person, it could have the five senses: sight, hearing, taste, touch, and smell. These senses coupled with the mental ability [...]