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4.02 Vocab

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 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 The day-to-day activities for continued business functioning.
outputs In the operations function - goods or 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 process, determining when materials will arrive at a certain destination and how long they will stay there.
Created by: Maliya G
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