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4.02 Key Terms
Term | Definition |
---|---|
Bottom line: | A business’s net income; the decisive point. |
Holding cost: | The money it takes to keep inventory in stock. |
Inputs: | In the operations function—resources utilized. |
Inventory: | All the stock that a business has on hand. |
Inventory control: | Tracking the amount, the kind, and the value of inventory that a business has on hand. |
Logistics: | Refers to managing the flow of goods and services from production to consumption. |
Operations: | The day-to-day activities for continued business functioning. |
Outputs: | In the operations function - goods or services. |
Purchasing: | The buying of goods and services for a business. |
Quality control: | Ensuring the degree of excellence of a good or service. |
Routing: | The production activity that determines the sequence of the steps in the production process. |
Scheduling: | The production activity that establishes the timetable to be followed in production. |
Timing: | In the production process, determining when materials will arrive at a certain destination and how long they will stay there. |