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Management by Objectives

Management by Objectives (MBO) is a management strategy that involves setting clear, measurable goals for employees to achieve within a specific time frame. The approach encourages collaboration between managers and employees to establish these objectives, ensuring...

Incremental Cost

What is incremental cost? The incremental cost is the cost of producing an additional unit. Calculating this cost involves analyzing additional costs involved in production, such as raw material, for an additional unit of production. Understanding incremental costs...

Failure Mode Effects and Criticality analysis (FMECA)

What Is Failure Mode Effects and Criticality Analysis? FMECA is an approach to risk evaluation that can be done from the bottom up (Hardware) or from the top down (Functional). Inductive or data-driven analysis it links the following elements in a failure chain:...

Efficient Allocation of Resources

What is the Efficient Allocation of Resources? Efficient allocation of resources is a characteristic that can be found in an efficient economy, where the optimal distribution meets the wants and needs of the society. Allocative efficiency aims to use...

Dispersion

Dispersion Dispersion refers to the spreading or scattering of something in various directions, typically involving the distribution of particles, waves, or data points. It is a fundamental concept in various fields, including physics, statistics, and optics, where it...
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