The International Organization for Standardization – ISO 9000 standard was developed owing to a need by organisations to assess the to assess the capability or maturity of their sub-contractors. The approach taken before the definition of the standard was that organisations who wished to have confidence in the capability of contractors developed their internal quality standard.
Difference between fundamental analysis and technical analysis can be understood from the following table:
Material Requirement Planning is a management tool that guarantees the availability of materials, components, and parts at the right time, facilitating the completion of finished products according to master production schedules.
Process selection refers to how an organization opts to produce its goods or deliver its services. Together with capacity planning, it helps an organization develop different approaches to meet the irregular demand patterns of customers.
Production planning and control can be considered the nervous system of the production operation. This function aims to efficiently utilize material resources, people, and facilities in any undertaking through planning, coordination, and controlling the production activities that transform raw materials into finished products or components in the most optimal manner.
Purchase management refers to the efficient, effective and economical purchasing of materials to be utilized by the organization for its manufacturing activities.