Vocab
How happy the people who are purchasing your product are with your business
Customer Satisfaction
This term refers to the process of converting raw materials into finished goods.
manufacturing
a branch of computer science that uses algorithms, data, and computational power to simulate human intelligence in machines
AI
large quantities of standardized products are produced using assembly line techniques
Mass Production
Revenue - Total Costs
Costs associated with making a single unit
variable costs
This machine is commonly used to cut, shape, and finish materials in manufacturing processes.
What is a lathe?
The use of technology to perform tasks without human intervention
Automation
a single, custom product is made, typically tailored to specific customer requirements
One-Off Production
Total Variable Costs
company's methods for assessing product quality and, if necessary, improving it
Quality Control
This lean manufacturing technique focuses on reducing waste while maximizing productivity.
Kaizen
The interconnection of everyday devices to the internet, allowing them to send and receive data.
IoT (Internet of Things)
Strategy Used to create the Model T
Production Line
Revenue
Price Per Unit * Number of Units Sold
Technique or strategy used to minimize risk
Risk Mitigation
This inventory management strategy aims to reduce holding costs by receiving goods only as they are needed in the production process.
ust-In-Time (JIT) manufacturing
3-d printing is referred to as this in manufacturing
Additive Manufacturing
producing a set number of products at a time
Batch Production
Inventory Turnover
COGS / Average Inventroy
The relationship between an organizations inputs and outputs
Operation Efficiency
This key performance indicator measures how many times a company's inventory is sold and replaced over a specific period.
What is inventory turnover?
A highly digitized and connected production facility that uses advanced technologies to improve manufacturing processes
Smart Factory
operates continuously to produce high volumes of the same products
Continuous Production
Break Even Point
Fixed costs / (Pricer per unit - variable cost per unit)