The earned value management system (EVMS) is a method of tracking cost and schedule performance using work breakdown structure/earned value (WBS/EV) techniques. Formerly called C/SCSC (Cost/Schedule Control Systems Criteria) by the contract industry, an understanding of WBS basics is essential for any US contractor wishing to be selected for new major systems contracts over a certain funding threshold.
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Whether you’re familiar with the world of accounting or not, understanding the basic concepts and principles of accounting functions can give you an essential edge in the competitive manufacturing sector. This in-depth guide, complete with glossary, takes you through the step-by-step process of cost accounting for manufacturers—from prototype manufacturing, shipping, and full production, through to financial reports.
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Most project-oriented businesses are faced with poorly designed, archaic computer systems that have inadequate project reporting and accounting structures. This can limit the information provided to project managers for project reporting. However, properly designed work breakdown structure (WBS) systems give cost and general accounting the ability to rely on a simpler chart of accounts, while providing more project management flexibility.
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Lean manufacturing is a management philosophy, enabled and supported by various techniques, to eliminate non-value adding activity. However, aerospace and defense (A&D) government regulations impose very different business practices from those followed in the commercial sector. Can lean manufacturing principles really work in A&D? The answer: it depends on the architecture of the enterprise resource planning (ERP) system.
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For many years, business intelligence (BI) has proven to be invaluable for enhancing database information in the retail and banking sectors. But to be truly useful in the manufacturing sector, the manufacturing environment’s existing technology information structure needs to continually inform the BI system. This can now be accomplished more efficiently by embedding BI into the enterprise software itself.
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The process of implementing a new enterprise solution is incredibly complex. This process can send your organization down a long road of beneficial—and sometimes painful—change. The good news, though, is that if the implementation is done right the first time, you won’t have to travel that road again. The key question: how do you do it right?
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