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Description. Product service systems, put simply, are when a firm offers a mix of both products and services, in comparison to the traditional focus on products. As defined by (van Halen, te Riele, Goedkoop) [2] "a marketable set of products and services capable of jointly fulfilling a user's needs", PSS can be realized by smart products .
A functional organizational structure is a structure that consists of activities such as coordination, supervision and task allocation. The organizational structure determines how the organization performs or operates. The term "organizational structure" refers to how the people in an organization are grouped and to whom they report.
A cross-functional team (XFN), also known as a multidisciplinary team or interdisciplinary team, [1] [2] [3] is a group of people with different functional expertise working toward a common goal. [4] It may include people from finance, marketing, operations, and human resources departments. Typically, it includes employees from all levels of an ...
LA Gear is an example of company that uses product departmentalization. Its structure is based on its varied product lines which include women’s footwear etc. Customer departmentalization - Grouping activities on the basis of common customers or types of customers. Jobs may be grouped according to the type of customer served by the organization.
Holacracy is a method of decentralized management and organizational governance, which claims to distribute authority and decision-making through a holarchy of self-organizing teams rather than being vested in a management hierarchy. [1] [2] Holacracy has been adopted by for-profit and non-profit organizations in several countries. [3]
Concurrent engineering ( CE) or concurrent design and manufacturing is a work methodology emphasizing the parallelization of tasks (i.e. performing tasks concurrently), which is sometimes called simultaneous engineering or integrated product development ( IPD) using an integrated product team approach. It refers to an approach used in product ...
A structured product, also known as a market-linked investment, is a pre-packaged structured finance investment strategy based on a single security, a basket of securities, options, indices, commodities, debt issuance or foreign currencies, and to a lesser extent, derivatives . Structured products are not homogeneous — there are numerous ...
Rational choice theory refers to a set of guidelines that help understand economic and social behaviour. [1] The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith. [2] The theory postulates that an individual will perform a cost–benefit analysis to determine whether an ...