A
Problems like facility location and layout, materials requirement planning, purchasing, inventory control, quality control is dealt with what type of management?
Operations management
The part of production that physically or chemically changes materials
Process manufacturing
Production process in which a minimum of inventory is kept and parts, supplies, and other needs are delivered just in time
Just in time inventory control
Tailoring products to meet the needs of a large number of individual customers
Mass customization
Consistently producting what the customer wants while reducing errors before and after delivery
Quality
The creation of goods using land, labor, material, capital, entrepreneurship, and knowledge
Factors of Production
Long production runs turn out finished good over time
Continuous processes
The part of production that puts together components
Assembly process
Production runs are short and the producer adjusts machines frequently to make different products
Intermittent processes
Modular layout, assembly line layout and fixed-position layout are all examples of ——-
Facility layout
all the activities managers engage in to help firms create goods
Production management
A specialized area in management that converts or transforms resources into goods and services
Operations Management
Use of computers in the design of products
Computer aided design
Use of computers in the manufacturing of products
Computer-aided manufacturing (CAM)
Physical arrangement of resources, including people, to most efficiently produce goods and provide services
Facility layout
What is a method for analyzing the tasks necessary to complete a given project and estimating the time needed
PERT
Recording, classifying, summarizing, interpreting of financial events and transactions in an organization to provide interested parties needed financial info
Accounting
Summary of all the financial transactions that have occurred over a particular period
Financial statements
1) The value of the study the firm controls
2) the debt claims against the stuff
1) assets
2) liabilities
How quickly an asset can be converted into cash
Liquidity
Story of transactions (revenues and selling costs) over a specific time period
Income statement
Costs that change with the level of sales activity (labor used, material, cost of keeping inventory)
Variable costs
assets, loans, retained earnings, wonders equity, inventory, Plant & equipment, accounts receivable, accounts payable are all included on what sheet
Balance sheet
Owners claims and the value that they have in a company
Owners equity
Costs of being in business that month (selling expenses and administration expenses)
Fixed costs