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BE Unit 4.02
OP-189 Glossary
| 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 called 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 it is |
| 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 |
| 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:
josue.s974
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