Accidental Project Manager

An accidental project manager is a person who is placed into the role by organizational necessity and chance, rather than by design or through choice of career path. Usually this type of project manager comes up through the ranks. For instance, a strong carpenter becomes the project manager on a whole house building project. They  Full Article…

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5S

5S is an important part of Lean Manufacturing. The 5S methodology focuses on effective work place organization and standardized work procedures. The five S’s are based on Japanese words that begin with “S”: Seiri, Seiton, Seiso, Seiketsu and Shitsuke. Several attempts have been made to translate the Japanese 5S’s to English words beginning with S.  Full Article…

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Gross Profit (Gross Margin)

Gross Profit (also called gross margin or gross profit rate) is the difference between revenue and cost. This is how much money you have left after you have subtracted the direct costs from the selling price. 1 It identifies the amount available to cover other operating expenses. Generally, it is calculated as the selling price  Full Article…

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Margin

Margin is the percentage of the final selling price that is Gross Profit. References 1. How Much Should I Charge; Pricing Basics for Making Money Doing What You Love. Maxrohr; 1 edition (May 1999) 0966571916How Much Should I Charge; Pricing Basics for Making Money Doing What You Love by Ellen Rohr

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Markup

A markup is what percentage of the cost price do you add on to get the selling price. Markup is the difference between the cost of a good or service and its selling price. A markup is added on to the total cost incurred by the producer of a good or service in order to  Full Article…

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