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4.02

key terms

TermDefinition
Bottom line a company's income after all expenses have been deducted from revenues
Holding cost the money it takes to keep inventory in stock
Inputs things such as employees, raw materials, equipment, & capital
Outputs goods & services
Inventory all the items, goods, merchandise, & materials held by a business for selling in the market to earn a profit
Inventory control the process of ensuring the amount of supply is available in a organization
Logistics refers to managing the flow of goods & services from production to consumption
Operations the day-to-day activities for continued business functioning
Purchasing the buying of goods & services for a business
Quality control ensuring the degree of excellence of a good or service
Routing selecting the sequence in which the steps of production need to be carried out
Scheduling an operations activity that establishes the timetable to be followed in production
Timing how long each step in the production process takes
Created by: destiny.s904
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