EduMind Inc

"The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency." - Bill Gates "Efficiency is doing things right; effectiveness is doing the right things." - Peter Drucker The term "efficiency" gained popularity in the late 1800s and early 1900s. The Time and Motion Study was used to find ways of improving efficiency at work. Time and motion study help in reducing and controlling costs, improving working conditions, and motivating people. The Time study was developed by Frederick Taylor. The Motion study was developed by Lillian Gilbreth and her husband Frank Gilbreth. It is interesting to note that Lillian Gilbreth is known as the first woman engineer and also as the mother of modern management. The Time study involves the continuous observation of the task with a timekeeping...

"Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years."- Warren Buffett "All models are wrong but some of them are useful" - George Box (Statistician) Make-or-Buy decisions happen when the company is going in for a new product line, or is running short of suppliers, or the capacity to produce is running down. The goal maybe to reach a global benchmark in product quality. So, make-or-buy analysis is made about whether internal production or external buying will help the company reach the goal. Manufacturing companies are very often encountered with a make-or-buy dilemma, but the same holds good for companies handling soft technologies such as software and customer service too. The Make-or-Buy analysis is performed at two levels:  - Strategic  - Operational The strategic angle is more long-term and broader than the operational angle. Factors such as competition, government regulations, core com...