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Cluster theory is a theory of strategy.. Alfred Marshall, in his book Principles of Economics, published in 1890, first characterized clusters as a "concentration of specialized industries in particular localities" that he termed industrial districts.
It is common among consumer goods, for example, to have concept generation centered in one locale, product testing and refinement in another, and manufacturing and distribution in still others. Elements of development, production and distribution are being more and more completed beyond the borders of historical clusters.
A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters are considered to increase the productivity with which companies can compete, nationally and globally. Accounting is a part of the business cluster.
Factory overhead, also called manufacturing overhead, manufacturing overhead costs (MOH cost), work overhead, or factory burden in American English, is the total cost involved in operating all production facilities of a manufacturing business that cannot be traced directly to a product. [1] It generally applies to indirect labor and indirect cost.
One example is the economic agglomeration in the Yangtze River Delta region in China. Because of the concentration of individuals and industry, the serious air pollution in the Yangtze River Delta has not only caused some extreme weather problems but has also increased some diseases. [18]
Location theory has become an integral part of economic geography, regional science, and spatial economics. Location theory addresses questions of what economic activities are located where and why. Location theory or microeconomic theory generally assumes that agents act in their own self-interest. Firms thus choose locations that maximize ...
Distributed manufacturing (DM) is a production model that decentralizes manufacturing processes, enabling products to be designed, produced, and distributed closer to end-users. This shift from centralized production to localized networks offers advantages such as increased flexibility, cost efficiency, and local empowerment.
A pre-determined overhead rate is normally the term when using a single, plant-wide base to calculate and apply overhead. Overhead is then applied by multiplying the pre-determined overhead rate by the actual driver units. Any difference between applied overhead and the amount of overhead actually incurred is called over- or under-applied overhead.