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Key terms production

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  • 1. Production Key Terms Production Methods • Batch Production: The production of a similar or identical good in batches with production stopped to allow changes before the next batch is made. • Cell Production: A firm uses production teams to make part or all of a specific product. It is sometimes called team working because they are self sufficient. • Flow production: The manufacturing of identical goods in large numbers on a continuous production line, sometimes called mass production. • Job Production: Producing a single one-off product or service to meet the individual requirements of the customer. • Lean Production: A method of being efficient and cutting out waste in a production system. Stock • Stock Control: A method of assessing when stock has to be re- ordered. • Stock: The mixture of raw materials, components, parts and fin- ished goods a business needs in order to operate. • Stock Turnover: The time that it takes for goods to be sold and replaced. Production Key Terms Production Methods • Batch Production: The production of a similar or identical good in batches with production stopped to allow changes before the next batch is made. • Cell Production: A firm uses production teams to make part or all of a specific product. It is sometimes called team working because they are self sufficient. • Flow production: The manufacturing of identical goods in large numbers on a continuous production line, sometimes called mass production. • Job Production: Producing a single one-off product or service to meet the individual requirements of the customer. • Lean Production: A method of being efficient and cutting out waste in a production system. Stock • Stock Control: A method of assessing when stock has to be re- ordered. • Stock: The mixture of raw materials, components, parts and fin- ished goods a business needs in order to operate. • Stock Turnover: The time that it takes for goods to be sold and replaced.
  • 2. Production Key Terms Production • Division of Labour: When the production process is split up into different tasks and each worker performs one of those tasks. This can be called specialisation. • Just in time (JIT): A strategy involving the supply of stocks to the producer just in time for their use in the production process. • Productivity: A measure of the efficiency or work rate of the workforce. • Quality Control: Checks are made on the final products for possible defects. • Research & Development: Trying out new ideas and developing new technology to come up with better products. • Total Quality Management: Everyone in the workplace is encouraged to aim for higher quality in every- thing they do. • Value Added: The difference between the value paid for the inputs used in production and the value of a firm’s output. Production Key Terms Production • Division of Labour: When the production process is split up into different tasks and each worker performs one of those tasks. This can be called specialisation. • Just in time (JIT): A strategy involving the supply of stocks to the producer just in time for their use in the production process. • Productivity: A measure of the efficiency or work rate of the workforce. • Quality Control: Checks are made on the final products for possible defects. • Research & Development: Trying out new ideas and developing new technology to come up with better products. • Total Quality Management: Everyone in the workplace is encouraged to aim for higher quality in every- thing they do. • Value Added: The difference between the value paid for the inputs used in production and the value of a firm’s output.