Output - ANSWERSRepresents the final good or service that is produced for the customer
Output - ANSWERSWorth less to the consumer that the total cost of the inputs
Ethics - ANSWERSthe sense of what is right and wrong that guide behavior. Fraud, wrong doing, dishonesty, etc.
Input - ANSWERS...
C720 OA Prep Terms 100% Correct!!
Output - ANSWERSRepresents the final good or service that is produced for the customer
Output - ANSWERSWorth less to the consumer that the total cost of the inputs
Ethics - ANSWERSthe sense of what is right and wrong that guide behavior. Fraud, wrong doing,
dishonesty, etc.
Input - ANSWERSPeople, Capital, Material, Energy
Output - ANSWERSServices, Goods
Sustainability - ANSWERSthe ethical issues an organization faces to balance financial performance while
maintaining social responsibility standards and a responsible environmental profile
VIRAL: Value | Inimitable | Rare | Aptitude | Lifespan
SWOT analysis - ANSWERStechnique for analyzing an organization's strengths, weaknesses,
opportunities, and threats.
Productivity - ANSWERSration of outputs achieved divided by the inputs consumed to achieve those
outputs
Inventory - ANSWERSgoods available for sale and raw materials used to produce those goods
6 types of inventory - ANSWERSraw material | work in process (WIP) | finished goods | replacement
parts inventory | supplies | transportation (pipeline)
perpetual inventory system - ANSWERScontinuously monitors inventory levels. AKA continuous review
system. requires human input (cashier, etc)
periodic inventory system - ANSWERSrandomly monitors inventory levels AKA fixed order interval
system. Not expensive to implement or maintain
Perpetual Inventory System - ANSWERS- requires exact inventory balance
- big businesses
- high value/volume
- accurate financial statements
- expensive to implement/maintain
EOQ - Economic Order Quantity - ANSWERS- inventory that doesn't require production
- demand is constant and known
- cost per unit doesn't depend on order quantity
- retail or stores with finished goods
EPQ - Economic Production Quantity - ANSWERS- inventory used in production
- incremental ordering and depletion of inventory is OK
- AKA production order quantity
- manufacturing and production companies
quantity discount model - ANSWERSdiscount in price for ordering above a specified amount
transportation discounts - ANSWERSoffered on shipping cost for ordering above a specific amount
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