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ADM 1100 > ADM 1100 > Flashcards

ADM 1100 Flashcards

1
Q

Other Developments in Layout Flexibility

A

Flexibility manufacturing process (FMS), soft manufacturing, movable factory

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2
Q

Scheduling Goods Operations

A

Master production schedule

Which products, when, what resources, what time period

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3
Q

Scheduling Service Operations

A

Low-contact services: based on desired completion dates and/or arrival

High-contact services:

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4
Q

Gantt Charts

A

A diagram of steps in the project and the time required for each

Can be used to check the progress

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5
Q

PERT Charts

A

Specifies the sequence and critical path of steps in a project

Can identify activities that will cause delay

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6
Q

Materials Management

A

Planning, organizing, and controlling the flow of materials from purchasing

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7
Q

Tools for Process Control

A

Worker training,

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8
Q

Materials Requirements Planning (MRP)

A

Computerized bill of materials estimates production needs

Resources are acquired and put into production only as needed

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9
Q

Manufacturing Resource Planning (MRP II)

A

Advanced version of MRP; ties all parts of the organization into production activities

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10
Q

Domestic Productivity

A

Productivity affects standard of living: employees (wages), investors (profits), customers (prices)

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11
Q

Manufacturing productivity is higher than service productivity

A

But service industries have made some recent gains from modern information technology that eliminates

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12
Q

TQM (total quality management)

A

Includes all activities and parts of the business (customers, suppliers, employees)

Leadership and customer focus are key

Requires highest level of commitment (no defects

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13
Q

Performance Quality: refers to the features of a product and how well it performs

A
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14
Q

Quality-Assurance Tools

A

Competitive product analysis

Value-added analysis

Statistical process control

Quality/cost studies

Quality-improvement teams

Benchmarking

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15
Q

Value-Added Analysis

A

Evalutation

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16
Q

Statistical Process Control (SPC)

A

SPC methods enable managers to analyze variations in production data

Detect when adjustments are needed to create products with high quality reliability

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17
Q

Process Variation

A

Change in employees, materials, work methods, or equipment that affects output quality

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18
Q

Control Chart

A
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19
Q

Quality/Cost Studies

A

Assesing

20
Q

Benchmarking

A

Compares the quality of a firm’s output with the quality of the output

21
Q

Supply Chain Management

A

Offers a competitive edge because companies are working together to improve the overall flow of goods

22
Q

Accounting

A

A comprehensive system for collecting, analyzing, and communicating financial information

23
Q

Bookkeeping

A
24
Q

International Financial Reporting Standards (IFRS)

A

Standard accounting rules

25
Q

Asset

A

Anything of economic value of owned by a firm or individual

26
Q

Liability

A

Any debt owed by a firm or an individual

27
Q

Owner’s Equity

A

Any positive difference between a firm’s

28
Q

The Accounting Equation

A

Assets = Liabilities + Owners’ Equity

29
Q

Current Assets: Cash

A

Things you can convert into cash within a year

30
Q

Current Assets: Accounts Receivable

A

Amounts owed to the firm by customers

31
Q

Current Assets: Inventory

A

Cost of merchandise acquired for sale but not yet sold

32
Q

Current Assets: Prepaid Expenses

A

Supplies on hand and rent (other bills) paid for coming period

33
Q

Fixed Assets

A

Have long-term use or value (ex. land, building, machinery, depreciation)

34
Q

Depreciation

A

Distributing the cost of a major asset over its lifetime, deducted yearly

35
Q

Finance Involves 4 key Responsibilities

A

Determine a firm’s long-term investments

Obtain funds to pay for those investments

Conduct the firm’s everyday financial activities

Help manage the risks that a firm takes

36
Q

Financial Statements: Intangible Assetes

A

Non-physical assets with economic value (difficult to calculate) (ex. patents, trademarks, franchise fees, copyrights)

37
Q

Financial

A
38
Q

Liabilities and Owner’s Equity

A

Current Liabilities: debts owed by the firm the must be paid

39
Q

Income Statement

A
40
Q

Operations

A

Cash flows from buying and selling of goods and services

41
Q

Investments

A

Cash flows from investment activities

42
Q

Financing

A

Cash flows from financing activities

43
Q

Revenue Recognition

A

The formal recording and reporting of revenues in financial statements once the earnings cycle is completed

44
Q

Matching

A

Expenses will be matched with revenues to show net income for an accounting period

45
Q

Budget

A

A detailed financial plan of estimates receipts and expenditures for a future period

An internal financial statement (usually 1 year)

Requires input from other departments

Compares actual vs. budget to signal problems

46
Q

Solvency Ratios (S)

A

Short term: current ratio

Long term:

47
Q
A

ADM 1100 (1 decks)

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