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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. |
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gisela.f538
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