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Definition
| is the logical, systematic flow of resources throughout the organization |
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| this component of the logistics function directs the focus of operations |
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| focuses on product improvement, its efforts involve investigating and developing new, innovative products and methods of producing those products |
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| plans the capital resources needed to support production |
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Definition
| is responsible for planning the specifications for products that will be manufactured |
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| is the form that specifies the components of a product, including descriptions and quantities of materials and parts needed |
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| describes the chain of events that constitute a product's production |
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Definition
| plans the timing for production activities, taking into consideration all the open sales orders, inventory needs, and the resources available |
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Definition
| authorize production activities for a particular sales order of forecasted need |
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Definition
| outlines the specific timing required for a sales order, including the dates and times designated for the production run |
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Definition
| is concerned with maintaining the capital resources used to support production, including production facilities and other fixed assets such as machinery, equipment, computers, and vehicles |
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Definition
| department is responsible for managing the placement and development of sufficient qualified personnel |
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Definition
| department is responsible for managing and recording the movement of inventory in the many different directions that it may go throughout the conversion process |
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Term
| economic order quantities |
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Definition
| the most efficient quantity of products to purchase |
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Term
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Definition
| include the basic components of the company's products, including anything from wood, metal, and nails to finished parts purchased as subassemblies |
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Term
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Definition
| is the issuance and movement of materials into the various production phases |
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Term
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Definition
| documents the descriptions and quantities of materials taken into production for a specified sale |
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Term
| work-in-process inventory |
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Definition
| when inventory is routed out of the shipping or storage area, it is no longer considered raw materials inventory |
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Term
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Definition
| when production is completed and inventory is prepared for disposition to the warehouse or to the customer |
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Term
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Definition
| are prepared at various stages of the production process in order to document the extent of work completed and the resulting level of inventory |
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Term
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Definition
| involves managing the holding area for finished goods awaiting sale |
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Term
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Definition
| is the term commonly used to refer to the major business activity in which a company engages; synonymous with production and manufacturing |
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Definition
| a follow-up to production where the products are inspected for quality before they are moved to the warehouse or shipping area |
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Definition
| refers to the additional procedures necessary to bring a product up to its required specifications |
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Term
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Definition
| are expected costs based on projections of a product's required resources |
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Term
| perpetual inventory systems |
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Definition
| involve recording purchases as raw materials inventory, recording all the components of work-in-process for inventories in various stages of production, and recording the total cost of sales for products completed and sold |
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Term
| periodic inventory systems |
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Definition
| involve updating the inventory and cost of sales accounts only at the end of the period |
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Term
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Definition
| represent the differences between actual costs and the standard costs applied |
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Term
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Definition
| determines the quantity of inventory on hand by actually counting all items on the premises and in other areas of the company's responsibility |
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Term
| physical inventory reconciliation |
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Definition
| the quantity determined via the physical inventory count must be compared with the perpetual records |
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Term
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Definition
| allows engineers to work with advanced graphics at electronic work stations to create 3-D models |
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Term
| computer-aided manufacturing |
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Definition
| involves the complete automation of the production process |
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Term
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Definition
| are computers that are programmed to perform repetitive procedures |
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Term
| materials resource planning |
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Definition
| involves the automated scheduling of production orders and movement of materials in the production process |
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Term
| manufacturing resource planning (MRP-II) |
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Definition
| considers all manufacturing resources, rather than focusing on materials |
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Term
| enterprise-wide resource planning (ERP) |
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Definition
| ERP systems integrate all of the conversion processes into a single software program while still meeting the needs of each functional area |
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Term
| computer-integrated manufacturing systems (CIMs) |
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Definition
| integrate all of the conversion processes to allow for minimal disruptions due to reporting requirements or inventory movement issues |
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Term
| just-in-time production systems |
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Definition
| are concerned with minimizing or eliminating inventory levels and the related costs of maintaining those inventories |
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Term
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Definition
| is the act of misstating financial information in order to improve financial statement results |
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Term
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Definition
| involves the inclusion of both variable and fixed costs in the determination of unit costs for ending inventories and cost of goods sold |
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