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In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...
Two more factors, the legal and environmental factor, are defined within the PESTLE analysis. [5] To explain these environmental factors, it is necessary to say that most of the factors depend on each other and that they change over the years. Consequently, when one factor changes it also affects the others.
Market environment and business environment are marketing terms that refer to factors and forces that affect a firm's ability to build and maintain successful customer relationships. The business environment has been defined as "the totality of physical and social factors that are taken directly into consideration in the decision-making ...
Environmental governance refers to the processes of decision-making involved in the control and management of the environment and natural resources. International Union for Conservation of Nature (IUCN), define environmental governance as the "multi-level interactions (i.e., local, national, international/global) among, but not limited to, three main actors, i.e., state, market, and civil ...
The situation analysis looks at both the macro-environmental factors that affect many firms within the environment and the micro-environmental factors that specifically affect the firm. The purpose of the situation analysis is to indicate to a company about the organizational and product position, as well as the overall survival of the business ...
Industrial process control (IPC) or simply process control is a system used in modern manufacturing which uses the principles of control theory and physical industrial control systems to monitor, control and optimize continuous industrial production processes using control algorithms.
Manufacturing process management (MPM) is a collection of technologies and methods used to define how products are to be manufactured. MPM differs from ERP/MRP which is used to plan the ordering of materials and other resources, set manufacturing schedules, and compile cost data.
The application of Lean in product development and manufacturing are different. Some aspects may look similar, but they are not! Be wary of an expert with experience in lean manufacturing who claims to know product development." [7] The most common high-level concepts associated with lean product development are: Creation of re-usable knowledge ...