Economies of Scope Economies of scope occur when a company can produce a larger quantity of a product or service at a lower cost per unit than it could produce a smaller quantity. This is because the company can spread the fixed costs (such as overhead costs and equipment costs) over a larger number of […]

ISO 9000 is an international standard for quality management systems (QMS). It is a set of guidelines that helps organizations ensure that they consistently provide products and services that meet customer requirements and expectations. Key Principles of ISO 9000: Customer Focus: Organizations focus on meeting customer needs and expectations. Process Approach: Organizations use standardized processes […]

Definition: Bandwidth is a measure of the rate of data transfer or the speed of information flow. It refers to the range of frequencies of electrical signals that can be transmitted over a communication channel. Units: The unit of bandwidth is Hertz (Hz) or Megaertz (MHz). One Hertz is equal to one cycle per second. […]

Social Capital Social capital is a concept that describes the resources that individuals derive from their social networks and relationships. It includes the networks of relationships, shared norms, values, and beliefs that exist within a particular community or society. Key Components of Social Capital: Structural capital: The formal structure of social networks, such as the […]