Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BE 4.02
OP-189 VOC
| Term | Definition |
|---|---|
| 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 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 products, 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 a service; consists of people, places, 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 are 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 is it |
| Quality assurance | A 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 of 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 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:
demetria.n316
Popular Management sets