Unit 8 - Production Flashcards
the sequence of processes involved in the production and distribution of a commodity.
supply chain
a section of a company that is responsible for manufacturing products and services
production department
somebody involved with the planning, coordination and control of manufacturing processes.
production manager
a complete list of items such as property, goods in stock, or the contents of a building / the goods or merchandise kept on the premises of a shop or warehouse and available for sale or distribution
inventory/stock
a part or element of a larger whole, especially a part of a machine or vehicle.
component
a building or group of buildings in which goods are manufactured
plant
a particular place or position
location
the amount that something can produce
capacity
the amount of something produced by a person, machine, or industry
output
obtain (goods or a service) by contract from an outside supplier
outsourcing
the cost advantages that enterprises obtain due to size, throughput, or scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output
economies of scale
the time between the initiation and completion of a production process.
lead time
a place provided for a particular purpose
facility
a building or group of buildings where goods are manufactured or assembled chiefly by machine.
factory
business expenses that are not dependent on the level of goods or services produced by the business
fixed cost
the relations between management and workers in industry.
industrial relations
a reduction in the value of an asset over time, due in particular to wear and tear.
depreciation
the loss of other alternatives when one alternative is chosen.
opportunity costs
the process of passing out of use or usefulness
obsolescence
an economic model of price determination in a market
supply and demand
a deduction from the usual cost of something / deduct an amount from (the usual price of something)
a/to discount
denoting a manufacturing system in which materials or components are delivered immediately before they are required in order to minimize storage costs.
just-in-time delivery
the acquisition of goods, services or works from an outside external source
procurement
the state of being prosperous
prosperity
the minimum amount of money by which the expected return on a risky asset must exceed the known return on a risk-free asset, or the expected return on a less risky asset, in order to induce an individual to hold the risky asset rather than the risk-free asset.
risk premium
