Concept

Standardization

Summary
Standardization or standardisation is the process of implementing and developing technical standards based on the consensus of different parties that include firms, users, interest groups, standards organizations and governments. Standardization can help maximize compatibility, interoperability, safety, repeatability, or quality. It can also facilitate a normalization of formerly custom processes. In social sciences, including economics, the idea of standardization is close to the solution for a coordination problem, a situation in which all parties can realize mutual gains, but only by making mutually consistent decisions. History Early examples Standard weights and measures were developed by the Indus Valley civilization. The centralized weight and measure system served the commercial interest of Indus merchants as smaller weight measures were used to measure luxury goods while larger weights were employed for buying bulkier items, such as food grains etc.
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