This podcast is brought to you by IISCM.
An economy and its activities can be better understood and well planned by using a business classification system. Fhyzics business classification system has four levels.
Level-1: An economy is divided into sectors. They are primary, secondary, tertiary and quaternary. Indicated as P, S, T and Q based on the first character of the sectors.
Level-2: Each sectors are divided into domains such as agriculture, manufacturing, banking etc. Indicated as three-character abbreviation such as MFG for manufacturing, BNG for banking etc.
Level-3: Each domain is further divided into sub-domains such as cement, sugar, automobile manufacturing etc. Indicated as three-character abbreviation such as CEM for cement and SUG for sugar etc.
Level-4: Sub-domains are classified with specialization such as self-driven automobile manufacturing, payment banks etc. Indicated as three-digit numbers.
A White Cement manufacturing facility is specified as SMFGCEM007. This 10-character nomenclature of this particular facility clearly denotes the following:
S indicates that it is a secondary sector
MFG indicates that it falls under manufacturing
CEM indicates that it is a cement manufacturing unit
007 indicates that it specializes in white cement
Fhyzics Standard Operating Procedure development is based on this business classification system. In summary, Fhyzics business classification system has the following four parts:
Level-1 as Sectors
Level-2 as Domains
Level-3 as Sub-Domains
Level-4 as Specializations
You can find more details on Fhyzics Business Classification System in our website www.IISCM.org.