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4.02

OP-189

TermDefinition
bottom line a business's net income; the decisive point
computer-aided design(CAD) the use of technology and software to create, test, and rework products in the virtual world before spending money to produce them in the physical world
computer-aided engineering(CAE) see computer-aided design
computer-aided manufacturing(CAM) a process in which computers are used to collect and store data and to instruct automated manufacturing equipment in the production process
computer-integrated manufacturing(CIM) an operating system that integrates technology and software throughout the entire production process from start to finish
finished goods inventory the producer's inventory of completed products that are ready to be marketed; also known as finished products inventory
holding cost the money it takes to keep inventory in stock
inputs the specific economic resources used in producing goods and services
international organization for standardization(ISO) the world's largest developer of voluntary international standards for production, services, and good practice
inventory all the stock that a business has on hand
inventory control tracking the amount, kind, and value of inventory that a business has on hand
logistics refers to managing the flow of goods and services from production to consumption
net income money remaining after operating expenses are subtracted from gross profit
operating system the process a business uses to manufacture a good or provide service; consists of people, materials, equipment, and information
operations the day-to-day activities for continued business functioning
outputs the goods and services produced as the result of combining inputs
partially finished goods inventory the producer's inventory of products that works in progress
process the way in which an activity is carried out
procurement the buying of goods and services for a business; also known as purchasing
purchasing the buying of goods and services for a business; also known as procurement
quality the degree of excellence of a good or service-how good it is
quality assureance process businesses use to prevent defective products from being created, not just to eliminate or correct them after they've already been produced
quality control ensuring the degree of excellence for a good or service
quality inspection a process businesses use to check for defects after products have been produced
raw materials inventory the producer's inventory of materials needed to make its product
routing the activity that determines the sequence of the steps for production
scheduling the activity that establishes the timetable to be followed in production
service business a type of business that performs intangible activities that satisfy the wants of consumers or industrial users
stockout costs costs associated with running out of needed inventory; considered in terms of lost money and sales, lost productivity, and lost customer satisfaction
timing in the production process, determining when materials will arrive at a certain destination and how long they will stay there
value the amount of satisfaction a good or service will provide a customer
Created by: sabria.j297
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