Prototype means ‘Primitive form’ or ‘First impression’. Prototype is the very first or primary real-world version of a concept or an idea. It represents the real form of final product in part or full. Prototype is made to experiment with the viability of a concept in real world. There might be a great idea in … Read more
Turnkey contract is typically a construction contract under which a contractor is employed to plan, design and build a project or an infrastructure and do any other necessary development to make it functional or ‘ready to use’ at an agreed price and by a fixed date. In trunkey contracts, most of the time employer provides … Read more
EPC stands for ‘Engineering, Procurement and Construction’. EPC contract is a type of construction contract between parties where the contractor is responsible for all the engineering, procurement, and construction activities to deliver the completed project to the employer or owner. Role of an EPC contractor The EPC contractor is responsible for: Detail engineering or design … Read more
Project is a limited-time venture, planned with a set of tasks to achieve the desired goal or goals which are not available now. The desired goal could be a product, service, result, business model or a strategy. In today’s competitive and technological advanced business environment it could be anything. Project and routine operations are not … Read more
Supply Chain Management (SCM) is the comprehensive management of sourcing raw materials, product development, production process, logistics, distribution channel along with the information and services required to reach the ultimate consumer with finished products. The main focus of supply chain management is to maximize the value addition and minimize the cost of goods sold. To … Read more
