Intro to Business Chapter 9

a manufacturing process that lowers the cost required to produce a large number of identical or similar products over a long period of time

a process in operations management in which raw materials or components are combined to create a finished product

a process in operations management in which raw materials are broken into different component parts

a set of activities intended to identify new ideas that have the potential to result in new goods and services

a group of similar products that differ only in relatively minor characteristics

the process of creating a set of specifications from which a product can be produced

all the activities involved in obtaining required materials, supplies, components, and parts from other firms

the process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock-out costs

the process of ensuring that materials and other resources are at the right place at the right time

a process in which people must do most of the work

a process in which machines and equipment do most of the work