After reading this article you will learn about:- 1. Meaning of Sampling Inspection 2. Advantages of Sampling Inspection 3. Classification. Meaning of Sampling Inspection: Sampling inspection is a technique to determine whether a lot or population should be rejected or accepted on the basis of the number of defective parts found in a random sample drawn from the lot. If [...]
After reading this article you will learn about:- 1. Concept of Large-Scale Production 2. Characteristics of Large-Scale Production 3. Causes 4. Classification 5. Disadvantages. Concept of Large-Scale Production: Large scale production or mass production means the production of items on large scale employing very specialized machines and processes. All specialized machines and processes are arranged in operation sequence to suit [...]
Laws of Returns occupy a central position in production. It has been seen that an entrepreneur increases the quantity of various factors of production in order to increase the output of his factory so as to earn higher profits. The returns due to these additions in the factors of production are not always fixed. Sometimes returns increase due to increase [...]