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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 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 | A process in which computers are used to collect and store data and to instruct automated manufacturing equipment in production process |
| Computer-integrated manufacturing | An operating system that integrates technology and software throughout the entire production process form 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 sock |
| Inputs | The specific economic resource used in producing goods and services |
| International Organization for Standardization (ISO) | The worlds largest developer of voluntary standards for products , services, and good practices |
| 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 the gross profit |
| Operating Systems | The process a business uses to manufacture a good or provide a service; consist of people, places , materials, equipment, and information |
| 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 goods or services for a business-how good it is |
| Quality Assurance | A process businesses use to prevent defective products form being created ,not just 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 producers inventory of materials needed to make its product |
| Routing | The activity that determines the sequence of 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 consumers or industrial users |
| Stockout cost | Cost associated with running out of needed inventory; considered in terms of lost money and sales, lost productivity , and lost customers 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:
Kenron.m201
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