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EDMM 1500 Exam 1 2024 QUESTIONS WITH COMPLETE ANSWERS_.pdf
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EDMM 1500 Exam 1 2024 QUESTIONS WITH COMPLETE ANSWERS_.pdf
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8/17/24, 7:35 AMEDMM 1500 Exam 1
Jeremiah
Terms in this set (14)
The conversion of raw materials into a product.
It encompasses:
1. the design of a product
2. the selection of raw materials
Manufacturing 3. the sequence of processes needed to manufacture the final product.
Examples:
~ Tree > Lumber > Furniture
~ Component parts of a ball point pen
Materials
Tooling
Factors to Manufacturing Costs? Labor
(40% of selling price) Fixed Costs
Capital Costs
Overhead
Old Style Manufacturing Subordinate to Marketing & Finance
World- class manufacturing and continuous development of new products are essential
New Style Manufacturing
to business longevity.
1. to produce a quality product
~ good, service, idea
~ to enable products
Why do manufacturing industries exist? 2. to be productive
~ how much we should make vs making it for less
~ input/output
3. to make a profit
EDMM 1500 Exam 1
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