Business Economics

Business Economics is the part of economic theory which focuses on business enterprise and inquires into the factors contributing to the diversity of organisational structures and to the relationships of firms with labour, capital and product markets.

Business economics is concerned with economic issues and problems related to business organisations, their management and strategies.

It tries to explain, why corporate firms emerge and exist, how they expand, the role of entrepreneurs, the significance of organisational structure, the relationship of firms with their employees, their stakeholders, the providers of capital, the customers and the government, the interactions between firms and the business environment.

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The Intuitive Lowest Cost Method

The Intuitive Lowest Cost Method Or The Minimum Cell Cost Method The Intuitive Lowest Cost Method is a cost based approach to finding an initial solution to a transportation problem. It makes allocations starting with the lowest shipping costs and moving in ascending order to satisfy the demands and supplies of all sources and destinations. This straightforward approach uses the following steps. Identify the cell with the lowest cost. Allocate as many units as possible to that cell without exceeding the supply or demand. Then cross out the row or column or both that is exhausted by the above assignment. Move on to the next lowest cost cell and allocate the remaining units. Repeat the above steps as long as all the demands and supplies are not satisfied. When we use the Intuitive Approach to the Bengal Plumbing problem, we obtain the solution as below. Transportation Matrix for Bengal Plumbing From \ To Warehouse E Warehouse F War...

Vogel's Approximation Method (VAM)

The Vogel's Approximation Method In addition to the North West Corner and Intuitive Lowest Cost Methods for setting an initial solution to transportation problems, we can use another important technique - Vogel's Approximation Method (VAM). Though VAM is not quite as simple as Northwest Corner approach, but it facilitates a very good initial solution, one that is often the optimal solution. Vogel's Approximation Method tackles the problem of finding a good initial solution by taking into account the costs associated with each alternative route, which is something that Northwest Corner Rule did not do. To apply VAM, we must first compute for each row and column the penalty faced if the second best route is selected instead of the least cost route . To illustrate the same, we will look at the Bengal Plumbing transportation problem. Transportation Matrix for Bengal Plumbing From \ To Warehouse E Warehouse F Warehouse G Factory Capacity Plant A...

Gate Valve

A Gate Valve is also know as Sluice Valve, is a valve that opens by lifting a round or rectangular gate/ wedge out of the path of the fluid. Gate valves are primarily designed to start or stop flow, and when a straight-line flow of fluid and minimum flow restriction are needed. In service, these valves generally are either fully open or fully closed. Construction of a Gate Valve Gate valves consists of three main parts: body, bonnet, and trim. The body is generally connected to other equipment by means of flanged, screwed or welded connections. The bonnet, which containing the moving parts, is attached to the body, usually with bolts, to permit maintenance. The valve trim consists of the stem, the gate, the disc or wedge and the seat rings. Discs of Gate Valve Gate valves are available with different disks or wedges. The most common types of Discs are : Solid Wedges Solid wedge is the most commonly used disk by its simplicity and strength. A valve ...

Autobiography of a Corporate Slave

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