AJAX progress indicator
  • benchmarking
    Measuring products or processes against industry standards, an essential part of total quality management
  • capacity utilization
    The degree to which an organization's output capabilities are being deployed or utilized
  • cost driver
    The factor that is viewed as causing costs to be incurred within an organization
  • database
    An information storehouse, usually electronic, that can be queried to extract data meeting certain parameters. Enables singular data entry and multiple data output.
  • direct costs
    A cost easily traced to a specific job; generally direct material and direct labor
  • indirect costs
    A cost not easily traced to a specific job; generally categorized as factory or manufacturing overhead
  • job cost sheet
    A document representing a compilation of cost data for a specific job
  • just in time inventory
    Raw materials are received from supplies just as they are needed in the production process
  • Kaizen
    Japanese term used to describe a blitz like approach to study processes and install efficiency within an organization
  • Kanban
    Japanese term which means some form of signal that a particular inventory is ready for replenishment
  • lean manufacturing
    Indicative of an environment where waste has been trimmed; entails a focus on standardization, speed, and quality, without compromising responsiveness to customer demand
  • materials requisition form
    Form showing what material has been removed from the raw materials stock and put into production
  • overapplied overhead
    Applied overhead exceeds the actual amount; usually viewed as a favorable outcome, because less has spent than anticipated for the level of achieved production
  • overhead application rate
    A rate used to apply manufacturing overhead to output; estimated factory overhead for a period divided by the estimated application base
  • Six Sigma
    A trademarked quality management system developed by Motorola; driven by pursuit of statistical results that reflect near perfection in production and processing
  • transfer pricing
    The system of setting prices at which goods are exchanged between affiliated units; usually involving cross-border transactions
  • underapplied overhead
    Applied overhead is less than the actual amount; usually viewed as a unfavorable outcome, because more has spent than anticipated for the level of achieved production