Key Differences

Know the Differences & Comparisons

Difference Between Strict Liability and Absolute Liability

While both strict and absolute liability arises from keeping or bringing hazardous products or carrying out dangerous activities which may harm another person, even when precautions are taken. In both cases, there is no need to prove the negligence of the defendant. The difference between strict liability and absolute liability is based on the fact whether the defence of a mistake of fact is there. In the case of absolute liability, a mistake of fact is not considered a defence. Basically, … [Read more...]

Difference Between TQM and TPM

TPM is a subset of TQM. TPM is a method that deals with the maintenance of equipment. It helps in reaching perfect production with no breakdowns, no defects, no small stops and no mishaps. It focuses on proactive and preventive maintenance. This will magnify the operational efficiency of the equipment. But, TQM is a proven approach that assures the survival of the organization even in cut-throat competition. It is a philosophy derived from ideas introduced by quality Gurus, over the years. It … [Read more...]

Difference Between Planning and Scheduling

Prior to initiating any work, planning is necessary because when things are well-planned desired results can be achieved. Similarly, for production, planning beforehand is important as it provides us with the parameters to implement control on the activities and suggests if there are any discrepancies. Production planning entails thinking in advance about what to do and how to do something. However, scheduling involves the allocation of resources or production facilities to process work … [Read more...]

Difference Between Audit Report and Audit Certificate

An audit certificate ratifies the truth and correctness of a fact, figure or statement. On the contrary, an audit report contains a statement of fact or expression of opinion about the truth and fairness of the fact, figures and statements. Once the auditing process is complete, the auditor must prepare a report in a summarized form. This is what we call an audit report. The audit submits this report to the person or body who appoints him. But in general, the auditor submits it to the … [Read more...]

Difference Between Product-Based and Service-Based Companies

Think of all the electronic items or skincare products that you have in your house, the companies that produced those products are all product-based companies. Look it another way, think of the broadband service, electricity service or gas service that you avail at your home, the companies that render those services are all service-based companies. So, we could say that the companies that sell any tangible item to their clients are Product-Based Companies. On the other hand, Service-Based … [Read more...]

Difference Between Civil and Criminal Liability

A civil lawsuit begins when a person or an enterprise fails to perform any obligation owed to another person. The aggrieved party gets monetary compensation as damages for the loss suffered by him. The loss can be physical, mental or monetary. And the liability that arises in the case of a civil lawsuit is nothing but a civil liability. But, in the case of a criminal lawsuit, it is not the victim who initiates the case rather the government prosecutes on behalf of the victim. And when the … [Read more...]

Difference Between Agent and Servant

It is quite impossible for a person to perform all the business transactions, on his own. He/She needs someone for help, because of lack of time and business complexity. In such cases, people hire another person to perform work for them on their behalf. Such persons are Agents. The contractual agreement between principal and agent is the contract of the agency. The word 'agent' is often confused with 'servant'. A servant is one who serves others. The tasks performed by servants include - … [Read more...]

Difference Between Liquidated Damages and Penalty

In general, one party pays the amount of compensation for the loss incurred to the other party when there is a failure in the performance of the contract. So, sometimes, parties mutually decide the amount to be payable as compensation. If the amount so specified indicates a fair and genuine pre-estimate of the damages, that may take place because of the breach, it is liquidated damages. However, if the amount is not proportionate to the damages. Then, the court treats it as a penalty. Basic … [Read more...]

Difference Between DMAIC and DMADV

DMAIC expands to Define, Measure, Analyse, Improve and Control, whereas DMADV is an abbreviation for Define, Measure, Analyse, Design and Verify. Keeping aside the initial three letters of the two methodologies which have common meanings, the primary difference between them lies in the manner in which the last two steps take place. This means that if the firm is using DMAIC, the improvement and control steps emphasizes determining the means to readjust and control the process. In DMADV, the … [Read more...]

Difference Between Value Analysis and Value Engineering

Value Analysis (VA) involves the implementation of a set of techniques relating to cost reduction and cost prevention to the existing product to improve its value. On the other hand, Value Engineering (VE) is the implementation of a similar set of techniques relating to a new product at the time of its design. These two are modern methods relating to product cost optimization. Many industries have adopted these techniques. These aim to improve the value provided to the customer. These mainly … [Read more...]