define time and speed study in business?
Answers
When a customer wants to purchase some products, then he usually compares the prices with those of similar products, which are being manufactured by other producers. Therefore, to give competitive quotations, estimation of accurate labour cost is very essential as it has got large effect on the price.
If the prices are higher, then, the manufacturer may not get supply orders and if these are lower, then losses may occur. Thus exact estimation of time is very essential for correctly pricing. As labour cost depends upon time estimation, therefore, time must be estimated correctly as far as possible.
Secondly, whenever a customer contracts for the purchase of certain products then he desires that the products should reach to him at a promised date which is only possible when manufacturer is aware of the time to be taken by the product during manufacture. Therefore, to find the correct manufacturing time for product, time study is performed by the Time Study Engineer.
Speed can be thought of as the rate at which an object covers distance. A fast-moving object has a high speed and covers a relatively large distance in a given amount of time, while a slow-moving object covers a relatively small amount of distance in the same amount of time.
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