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Showing posts with the label business profitability

Top 5 Best Creative Problem-Solving Techniques for Students.

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This post first appeared on Ayi Post. If you are a student, creative problem-solving techniques should be of high interest to you. Because in school, you're constantly solving problems, ranging from tackling tricky examination questions to managing group projects and finding time for everything including your personal well-being.  You might have realized that all school related problems are solved by memorizing formulas or following a rubric. Sometimes, you need to think differently. And that’s where creative problem-solving techniques come in. What are creative problem solving techniques? These are methods to help you generate fresh ideas, approach challenges from new angles, and find solutions when the “usual” ones- the ones you’re familiar with - don’t work. In this post, we’ll explore the top five best creative problem-solving techniques for you as a student, share real examples and tips you can start using today. Let’s  dive in.  Why do students need creative problem...
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What is optimizing product mix?

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 People set up businesses to make profits.  Often, profits are outcomes of judicious allocations of scarce resources to competing products and services. It’s not always easy to make profits when a business has competing products, screaming for scarce resources. A business in such a situation has to use a reliable formula to ensure survival, continuity and growth. The most reliable formula is the one that helps the business to take appropriate optimal product mix decision. What is optimal product mix decision? Optimal product mix decision is following the process that helps a business to identify the appropriate product mix that maximizes total contributions to the business by the available limited resources. The application of optimal product mix approach is determined by the nature of the constraints (scarce resources). What are the basic constraints? They are basically two: 1. Single constraint and, 2. Multiple constraints. (A) A single constraint or a key limiti...
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