Flashcard Set Preview
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Batch production: manufacturing technique of creating a group of components at a workstation...
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Specialization: A method of production where a business or area focuses on the production of...
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Cell production: are a flow of production split into a number of self-contained units.
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Capital intensive: A business process or an industry that requires large amounts of money
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Flow production: involves a continuous movement of items through the production process
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Primary sector: involves changing natural resources into primary products
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Mass production: is the production of large amounts of standardized
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Tertiary sector: activities where people offer their knowledge and time to improve
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Production process: The way that businesses create products and services
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Contribution: A payment exacted for a special purpose
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Margin of safety: is the difference between the intrinsic value of a stock and...
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Lead time: is the latency (delay) between the initiation and execution of a process
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Float: The total number of shares publicly owned and available for trading
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Trademarks: is a distinctive sign or indicator used by an individual, business...
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Patents: is a set of exclusive rights granted by a state
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Copyrights: is a set of exclusive rights granted to the author or creator of an original...
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Sunk costs: A cost that has been incurred and cannot be reversed
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Variable costs: are expenses that change in proportion to the activity of a business
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Innovation: the introduction of something new
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Labor intensive: A process or industry that requires a large amount of labor to produce its...
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Quality circles: is a volunteer group composed of workers
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Nodes: is a connection point, either a redistribution point or a communication endpoint...
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Fixed costs: are business expenses that are not dependent on the level of goods or services...
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Zero defects: is a way of thinking and doing that reinforces the notion that defects are not...
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Dummy activities: is a simulated activity of sorts
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