INDUSTRIAL ENGINEERING

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1 INDUSTRIAL ENGINEERING AND MANAGEMENT V. Ravi

2 Industrial Engineering and Management V. RAVI Associate Professor Department of Humanities Indian Institute of Space Science and Technology Government of India, Department of Space Trivandrum Delhi

3 INDUSTRIAL ENGINEERING AND MANAGEMENT V. Ravi 2015 by PHI Learning Private Limited, Delhi. All rights reserved. No part of this book may be reproduced in any form, by mimeograph or any other means, without permission in writing from the publisher. ISBN The export rights of this book are vested solely with the publisher. Published by Asoke K. Ghosh, PHI Learning Private Limited, Rimjhim House, 111, Patparganj Industrial Estate, Delhi and Printed by Mohan Makhijani at Rekha Printers Private Limited, New Delhi

4 Dedicated to Lord Balaji

6 Contents Preface Acknowledgements Part 1 Introduction to Industrial Engineering and Management 1. Introduction to Industrial Engineering 3 13 Introduction History of Industrial Engineering Phase I Pre-industrial Revolution Phase (Upto Early 1800s) Phase II Industrial Revolution Phase (Early 1800s to Late 1800s) Phase III Scientific Management Phase (Late 1800s to 1940) Phase IV Operations Research and Quantitative Techniques Phase (Late 1940s to Early 1980s) Phase V Automation and Computer Integrated Manufacturing Phase (Since Early 1980s) Primary Activities of Industrial Engineering Techniques of Industrial Engineering Applications of Industrial Engineering Applications in Manufacturing Sector Applications in Service Sector Functions of an Industrial Engineer Production and Operations Management Objectives of Production Management Framework of Production and Operations Management 11 Review Questions Development of Management Thought Introduction Classical Management Approach Frederick Winslow Taylor s Scientific Management Henri Fayol s Administrative Management Max Weber s Bureaucratic Management 17 v xix xxi

7 vi Contents 2.2 Neo-classical Approach to Management Hawthorne Experiments and Human Relations Approach Behavioural Science Approach to Management Modern Approaches to Management Social Systems Approach Quantitative Approach to Management Decision Theory Approach to Management Systems Approach to Management Contingency or Situational Approach to Management Contributions of Peter Drucker to Management 23 Review Questions Functions of Management Introduction Management Functions Planning Organising Staffing Directing Motivating Controlling Coordination Communication Roles of Manager Interpersonal Roles Informational Roles Decisional Roles Management and Administration Management: A Science or An Art Management as a Science Management as an Art Managerial Skill Mission, Vision and Objectives of Organisation Management by Objectives Process of Management by Objectives Benefits of Management by Objectives Limitations of Management by Objectives Universality of Management Arguments for Universality Arguments Against Universality 35 Review Questions Organisation Structure Introduction Organising Necessity of Organising Essential Features of Good Organisation Process of Organisation Principles of Organisation 38

8 Contents vii 4.2 Span of Control Formal and Informal Organisation Types of Organisation Structures Line, Military or Scalar Organisation Functional Organisation Line and Staff Organisation Project Organisation Matrix Organisation Committee Organisation Departmentation 47 Review Questions Types of Business Organisations Introduction Types of Ownership Sole Proprietorship Partnership Joint Stock Company Cooperative Organisations (Societies) Public Sector Organisations 56 Review Questions Personnel Management Introduction Meaning of Personnel Management Principles of Personnel Management Manpower Planning Recruitment and Selection of Manpower Internal Sources of Recruitment External Sources of Recruitment Method of Scientific Selection of Employees Induction and Follow Up Training and Development of Manpower Various Methods for Training of Workers Supervisory Training Methods Executive Training and Developmental Methods On-the-job Training Methods Off-the-job Training Methods 67 Review Questions 68 Part 2 Financial Aspects Related to Business 7. Financial Management Introduction Functions of Financial Management Executive Financial Functions Routine Financial Functions 72

9 viii Contents 7.2 Capital Fixed Capital Working Capital Sources of Finance Shares Preference Shares Equity Shares (Ordinary Shares) Deferred Shares Debentures Kinds of Debentures Ploughing Back of Earning (Internal Financing) Loans from Banks Types of Assistance Security for Providing Assistance Trade Credit Public Deposits Financial Institutions Financial Institutions in India 80 Review Questions Management Accounting Introduction Meaning and Uses of Management Accounting Important Accounting Terminology Accounts Rules of Debit and Credit Book-Keeping Profit and Loss Statement Balance Sheet Cash Book Elements of Cost Cost of Material Cost of Labour Expenses Estimation of Selling Price of a Product Financial Ratios and Their Significance Liquidity Ratios Leverage Ratios Operational Ratios Profitability Ratios Budget and Budgetary Control Types of Budgets Budget on the Basis of Level of Activity Budget on the Basis of Type of Expenditure Master Budget 95 Review Questions 95

10 Contents ix 9. Breakeven Analysis Introduction Breakeven Analysis and Point Profit/Volume Ratio Angle of Incidence and Margin of Safety Breakeven Chart Constructing a Breakeven Chart Managerial Uses of Breakeven Chart Limitations of Breakeven Chart 100 Review Questions Depreciation Introduction Meaning and Factors of Depreciation Classification of Depreciation Problems Depreciation Due to Physical Conditions Depreciation Due to Functional Conditions Methods of Calculating Depreciation Straight-line or Fixed Installment Method Diminishing Balance Method Sinking Fund Method Annuity Method Insurance Policy Method Machine Hour Basis Method Sum of the Years Digit Method 109 Review Questions Equipment Replacement Policy Introduction Equipment Replacement Factors Responsible for the Replacement of Equipment Replacement Analysis and its Methods Payback Period Method Annual Cost Method Total Life Average Method Present Worth Method Percentage Rate of Return Method Discounted Rate of Return MAPI Method Replacement Models Replacement of Items that Deteriorate with the Passage of Time Replacement of Items that Fail Completely and are Expensive to be Replaced 119 Review Questions 121

11 Industrial Engineering And Management 30% OFF Publisher : PHI Learning ISBN : Author : RAVI, V. Type the URL : Get this ebook

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