Production & Operations
The five factors of production.
What are land, labor, capital, entrepreneurship, and knowledge?
Production that changes materials chemically or physically.
What is process manufacturing?
Inventory method keeping only short-term supplies.
What is Just-in-Time (JIT) inventory?
Recording and summarizing financial transactions.
What is accounting?
Shows assets, liabilities, and owner’s equity.
What is a balance sheet?
The goal of operations management.
What is to efficiently turn resources into goods and services?
Production that puts parts together.
What is the assembly process?
System focused on using fewer resources and reducing waste.
What is lean manufacturing?
Accounting used by internal managers.
What is managerial accounting?
Shows revenues and expenses over time.
What is an income statement?
Difference between production and operations management.
What is production makes goods, operations handles goods and services?
Production type with long, steady runs.
What is a continuous process?
Ensuring products meet customer expectations.
What is quality control?
Accounting used by investors and creditors.
What is financial accounting?
Costs that rise as production increases.
What are variable costs?
Making unique products for each customer.
What is mass customization?
Technology combining CAD and CAM.
What is Computer Integrated Manufacturing (CIM)?
First step in building a PERT chart.
What is analyzing and sequencing tasks?
Basic accounting equation.
What is Assets = Liabilities + Owner’s Equity?
Costs that stay the same month to month.
What are fixed costs?
Physical arrangement of resources for production.
What is facility layout?
Layout where teams build complex products.
What is a modular layout?
The longest sequence of tasks in a project plan.
What is the critical path?
Formula for profit.
What is Revenue – Expenses = Profit?
Debt vs. ownership difference on a balance sheet.
What is liabilities vs. owner’s equity?