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4.02

4.02 KEY TERMS

TermDefinition
BOTTOM LINE a businesses net income; the decisive point
HOLDING COST the money it takes to keep inventory
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 day to day activities for continued business functioning
OUTPUTS in the operations function - goods and 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, determining when materials will arrive at a certain destination and how long they will stay there
Created by: laisha.g710
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