07Oct 2018 by Reese Bannister

8 Advantages of Value Analysis / Engineering

Management
Benefits and advantages of value analysis are as follows:1. It helps to keep management abreast of the latest technology and other developments because value analysis aims at examining new methods and techniques of doing things with a view to reducing the cost and increasing the value of the item.2. It ensures the fullest possible use of resources because it aims at eliminating all unnecessary costs. images source: i.ytimg.com ADVERTISEMENTS: 3. It creates proper atmosphere for increased efficiency because it aims at a continuing search for improvement in efficiency.4. It is a powerful tool for cost reduction because its basic objective is the identification of unnecessary costs in a product or service and efficiently eliminating them without impairing its quality and efficiency.5. It induces the creative ability of the staff because…
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07Oct 2018 by Reese Bannister

6 Important Steps to develop a well defined Procedure of Value Analysis

Tech & Engineering
Lowrence D Miles of General Electric Company, who is known as the Father Of Value Analysis & Engineering has developed a well defined procedure of value analysis. It involves the following steps (Fig.17.1). STEP-I — Specify the work: Very often people at the top in an organisation are likely to say “this is the only method to make this item. We have tried other method but failed. The best way to taking such a situation is to be very specific and not to make a vague statement. ADVERTISEMENTS: People at the top will be influenced by the specific proposal and it is possible that the right manufacturing process may be developed after careful examination. Hence, generalities are to be avoided because they serve only to prevent changes and protect the…
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07Oct 2018 by Reese Bannister

8 Major Rating Plans are utilized for Vendor Rating

Accounting
After the trial orders are executed, it becomes necessary for the buyer to rate the vendors to enable him to determine how he should apportion his requirements among the vendors.In other words, the basic responsibility of the materials manager is not only to locate the sources but also to preserve them through continuous rating. A vendor’s performance in meeting the quality, delivery and price standards set by the buyer has to be assessed in a systematic manner. Techniques of Vendor Rating: The purchase organizations watch his enlisted suppliers continuously and take requisite corrective action. Following rating plans are utilized for vendor rating: ADVERTISEMENTS: (a) Categorical plan(b) Weighted point plan(c) Cost ratio method(d) Eavaston’s vendor selection ADVERTISEMENTS: (e) Forced decision matrix(f) Service cost ratio(g) Bell quality rating system ADVERTISEMENTS: (h) IBM…
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07Oct 2018 by Reese Bannister

‘Testamentary Guardian’ – Section 9 of Hindu Minority and Guardianship Act 1956

Marriage
A testamentary guardian is one who is appointed by a will of the natural guardians of the minor. Father who is the natural guardian of his minor children can appoint guardian for them who are known as testamentary guardians. Section 9 of the Hindu Minority and Guardianship Act, 1956, relates to the testamentary guardians and their powers. Image Source: azizilaw.com ADVERTISEMENTS: Under old Hindu Law a testamentary guardian appointed by father could function even though when the mother was alive. But according to Section 9, even though the father has appointed a guardian if the mother is alive, she would be his guardian, and she also can appoint under her will a guardian of her own choice.But if the mother does not appoint any guardian, the appointment of the guardian…
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07Oct 2018 by Reese Bannister

What is the Role of ‘De Facto Guardian’ under Hindu Law?

Management
A minor child when he has no legal guardian, some nearer relation takes the responsibility of the management of his property and on his application to the court as guardian, if the court appoints him, he becomes the court guardian. Image Source: thompsonfamilyalbum.comHowever, such person, if he does not make application to the court, but manages the property of minor, he is referred to as de facto guardian. He is also referred to as de facto manager of the property, because a de facto guardian of a minor, is neither a legal guardian nor a testamentary guardian and nor a guardian appointed by the court, but he is a person, who himself, has taken over the management of the affairs of the minor, as if he were a natural guardian.…
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07Oct 2018 by Reese Bannister

4 Important Stages in Vendor Selection Process

Trade
Reputed suppliers are intangible assets to any organisation. As they are not only suppliers of materials but are also extremely important sources of information with regard to market conditions, price trends and the general industrial climate. It is, therefore, natural that many organisations have accepted source selection as a corporate policy. image source: strategyandconsulting.comThis helps in bringing about a fair competition among the suppliers and supply failures are kept at a minimum. Source development is also important for import substitution, cost reduction and quality improvement. ADVERTISEMENTS: Source development needs are dependent on factors such as make or buy decisions, amount of sub-contracting, break even points at manufacturing and plant capacity. It should however, be remembered that source selection, development and presentation is a continuing activity.Stages in Vendor Selection/Procedure of Source…
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07Oct 2018 by Reese Bannister

14 Advantages of Store Management and Codification

Accounting
14 Advantages of Store Management and Codification are explained below:1. Rational codification is of utmost importance in order to locate incoming and outgoing materials quickly and accurately, to provide necessary information concerning the exact whereabouts of the materials and to supply correct and timely data to the concerned departments. It is, therefore, clearly desirable that the goods in the store house should be arranged in the sequence of the stores’ coding system, as far as practicable. image source: i.ytimg.com ADVERTISEMENTS: 2. By codification long description of materials is avoided. Names of materials are simplified by choosing symbols which are simple, clear and free from duplication. Moreover, by it secrecy can be maintained which is the essential part for the smooth functioning of the business.3. Coding system also simplifies mechanical recording…
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07Oct 2018 by Reese Bannister

6 Important Objectives of Proper System of Stores Codification

Essays
One of the best methods of unique identification is codification. It is very useful for stores department. It saves lot of time and energy and is of great help in simplification, standardization, identification and classification of stores’ items or inventories. Today, we live in a coded world. We have telegraphic codes, assesses codes, trunk dialing codes and life insurance payees codes. image source: i.ytimg.comThe codification process could be obtained by the nature of items in grouping all items of the same metal content, say ferrous, non-ferrous etc. The system of codification could be built by the end use of items, that is, items grouped according to maintenance, spinning, weaving, packing, foundry, machine shop etc. ADVERTISEMENTS: The codification could be thought of on the basis of source of purchasing where items…
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07Oct 2018 by Reese Bannister

What are the Effects of Adoption under Present Hindu Law?

Marriage
According to the present law the adopted child is deemed to have merged with the family of the adoptive parents after severing all his or her relations with the natural family and he acquires all the rights and privileges with respect to marriage inheritence, partition, in the adoptive family. Image Source: yeattslawfirm.comHe is divested of all the rights in the natural family, from the date of adoption. It is presumed as if he had been born in the adoptive family. Under the Smriti law the adoption had the following two purposes:— ADVERTISEMENTS: (a) To perform the funeral, rites of the adoptive parents;(b) To perpetuate the family lineage of the adoptive father.Thus primary object of adoption was to extend spiritual benefit and the secondary object was to continue the lineage of…
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07Oct 2018 by Reese Bannister

What are the Conditions for a Hindu Male to Take a Son or Daughter in Adoption?

Law
The capacity of a male Hindu regarding Adoption is as follows:According to Section 7 any male Hindu who is of sound mind and is not a minor, that is, he has completed the age of 18 years, has the capacity to take a son or daughter in adoption. Image Source: fifamilyservices.org ADVERTISEMENTS: In case he has a wife living, he shall not adopt except with the consent of his wife. The consent may be dispensed with if the wife has finally renounced the world or has ceased to be a Hindu (by conversion to any religion other than Hinduism, Jainism, Budhism, Sikhism) or if she has been declared to be of unsound mind by a court having jurisdiction to pass a declaratory decree to that effect.This section has effected an…
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