The cost advantage that a firm obtains due to expansion is called economies of scale. Any size firm expanding its scale of operation may utilize it. Purchasing, managerial, financial and marketing are the common ones.
Economies of scale play a role in a natural monopoly. A natural monopoly is defined as a firm which enjoys [...]

Exxon Mobil Corporation, the largest oil company in the United States surges past the analysts’ estimates having a posted net income pf $14.83 billion and sets a national record for quarterly profit
The leading oil company cited that from $9.41 billion or $1.70 per share to $14.83 billion or $2.86 per share in their third-quarter net [...]

In recent news, Hong Kong officials say that they have found high levels of melamine in a batch of eggs imported from China, the same industrial chemical that has been found in milk supplies exported by the same country.
This adds to a growing list of products found to be tainted with melamine which indicates that [...]

According to Business Processing Association of the Philippines (BPAP) executive director Maria Jamea Garcia, Philippines is well positioned to corner a 10 % share of the global outsourcing and offshoring market by 2010, with a likely revenues of $13 billion adding direct employment of almost 1 million workers.
Mindanao continues to develop business environment that can [...]

Symbol/Acronym

Meaning

ANOVA

Analysis of variance

COPQ

Cost of poor quality

DFSS

Design for six sigma

DOE

Design of experiments

Dpm (DPM)

Defects per million

FMEA

Failure mode and effect analysis

LCL

Lower control limit

LSL

Lower specification limit

PSM

Program safety management

ROI

Return on investment

RPN

Risk priority number

SOP

Standard operating procedure

SPC

Statistical process control

UCL

Upper control limit

USL

Upper specification limit

MPIW

Mistake proofing improvement worksheet

e

Base of natural logarithm (2,718)

μ

Population mean

∑

Summation

σ

Population standard deviation

σ2

Population variance

n

Sample size

N

Population size

p

Probability or sample proportion

r2

Sample coefficient of determination

s

Sample [...]

When trust is low, organizations decay, relationships deteriorate and divisive politics, turf wars and in-fighting escalate. The results are low profitability and dissatisfaction. An employee’s commitment to his or her organization’s vision and strategy plummets, product quality declines, customers leave, employee turnover skyrockets and noncompliance increases. The following are some ways six sigma can help [...]

The hidden factory is the hidden cost of a process, due to unaccounted and unrelated costs associated with the standard process. Examples are inspection, delays, rework, and extra processing. The hidden factory deals with throughput in the process and tries to calculate the probability of an item passing through the process the first time without [...]

Sigma (σ) is the Greek letter associated with standard deviation. However, in six sigma it takes on various definitions and interpretations, such as, a metric of comparison, a benchmark comparison, a vision, a philosophy, a methodological approach, a symbol, a specific value, or a goal. All of these present the holistic definition of what six [...]