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Definition
| Rejects the notion of "Good Enough" or "acceptable" and challenges employees and managers to continuously experiment with new and improved business practices. |
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Term
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Definition
| The process of setting goals and making plans to achieve them. |
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| Controllable or Not Controllable Cost |
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Definition
| Costs that are classified based upon an employee's level of responsibility. |
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Definition
| Expenditures incurred in the process of converting raw materials to finished goods. |
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Definition
| A product, process, department or customer to which costs are assigned. |
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Definition
| The understanding, by employees, of their customer's changing needs and wants, and the alignment of the management practices accordingly. |
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Definition
| (Value-Added Time or Process Time) / (Cycle Time) |
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Term
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Definition
| Process Time + Inspection Time + Move Time + Wait Time |
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Term
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Definition
| Costs traceable to a single cost object. |
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Definition
| The efforts of employees who physically convert materials to finished product. |
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Definition
| The wages and salaries for direct labor that are separately and readily traced through the manufacturing process to finished goods. |
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Definition
| Tangible components of a finished product. |
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Term
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Definition
| The expenditures for direct materials that are separately and readily traced through the manufacturing process to finished goods. |
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Term
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Definition
| All manufacturing costs that are not direct materials or direct labor. |
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Term
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Definition
| Costs that cannot be separately traced to finished goods. |
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Definition
| Completed products ready for sale. |
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Term
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Definition
| A cost that does not change with changes in the volume of activity (within a range of activity known as an activity's "relevant range"). |
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Term
| Goods In Process Inventory |
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Definition
| The process of being manufactured but not yet complete. |
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Term
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Definition
| Costs that cannot be traced to a single cost object. |
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Term
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Definition
| Dan's crazy-ass term that really means "I'm way smarter than both of you put together." |
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