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B.E 4.02

Unit 4.02 Key Terms

TermDefinition
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 a business has on hand
Inventory Control Tracking the amount, the kind, and the value of inventory a business has on hand
Logistics Refers to managing the flow of goods + services from production to consumptions
Operations The day-to-day activities for continued business functioning
Outputs In 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 Production activity that determine the sequence of steps in production process
Scheduling Production activity that establishes the timetable to be followed in production
Timing In production process, determining when materials will arrive at certain place + how long they'll stay there
Created by: ashley.g739
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