front 1 Average costs, | back 1 Cost of producing a single unit of output |
front 2 Batch production | back 2 Producing goods in batches where all products must pass through one stage of production before moving onto the next |
front 3 Buffer Inventory | back 3 supply of inputs held as a reserve in case of unexpected changes in demand or supply. |
front 4 Capital Intensive | back 4 High quantity of capital input compared to labour input |
front 5 Effectiveness | back 5 achieving business objectives by using inputs productively to meet customers’ needs. |
front 6 Efficiency, | back 6 Making the best possible use of resources. Maximising outputs from inputs. |
front 7 Flow production, | back 7 Constantly producing large quantities of identical goods |
front 8 Inventory, | back 8 Stock of work in progress, raw materials, and finished products held by a business |
front 9 Job production, | back 9 Producing a unique product, one at a time. |
front 10 Just in time (inventory management), | back 10 is an inventory management method where supplies arrive exactly when needed in the production process |
front 11 Labour intensive | back 11 High quantity of labour input compared to capital input |
front 12 Lead Time | back 12 Time taken between placing an order and receving delivery. |
front 13 Lean Production, | back 13 Production of goods and servies with maximum efficiency and minimum waste |
front 14 Process Innovation | back 14 is the implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software |
front 15 Production, | back 15 The process of converting inputs like (raw materials and components) into finished products |
front 16 Productivity, | back 16 Measure of efficiency by caluclated by dividing output by input |
front 17 Reorder Level | back 17 Inventory level at which a company would place a new order |
front 18 Total Costs, | back 18 Fixed costs plus variable costs |
front 19 Transformation Process | back 19 activity or group of activities that takes one or more inputs, transforms and adds value to them, and provides outputs for customers or clients. |
front 20 Value Added | back 20 Value-added is the difference between the price of product or service and the cost of producing it. |
front 21 Sustainability | back 21 production systems that prevent waste by using the minimum of non-renewable resources so that levels of resources will remain available for the long term. |
front 22 Mass Customisation | back 22 market goods and services that are modified to satisfy a specific customer's needs. Mass customization is a marketing and manufacturing technique that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production. |
front 23 Just in Case (Inventory Management) | back 23 Just in case (JIC) is an inventory strategy where companies keep large inventories on hand. This type of inventory management strategy aims to minimize the probability that a product will sell out of stock. |
front 24 Supply chain management | back 24 Supply chain management is the management of the flow of goods and services and includes all processes that transform raw materials into final products. |
front 25 Capacity Utilisation | back 25 "Capacity utilization rate measures the percentage of an organization's potential output that is actually being realized. The formula for finding the rate is: (Actual Output / Potential Output ) x 100 = Capacity Utilization Rate" |
front 26 Outsourcing | back 26 Making an agreement with another business to undertake a part of the production process rather than doing it within the business using the firm’s own employees. |