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4.02
OP-189
| Term | Definition |
|---|---|
| Bottom Line | A Business net income; the decisive point |
| Computer-aided design(CAD) | the use of technological 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 |
| Finish Goods Inventory | the producers Inventory of completed products That are ready to be Marked; 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 worlds largest developer of voluntary international standards for products , services, and good practice |
| Inventory | All the stock that business has on hand |
| Inventory control | Tracking the Amount, kind, and value of inventory that |
| 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 it is |
| Quality Assurance | A process business 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 preceded |
| Raw materials Inventory | The producers inventory of materials needed to make the 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 preforms intangible activities that satisfy the wants of customers or industrial users |
| Stock out 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:
nadia.p419
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