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4.02
OP-189
| 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 the 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 production, 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 service; consists of people, 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 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 it is |
| quality assureance | 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 for 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 the 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:
sabria.j297
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