MIS Test #3 Ch 6 Part C
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economic order quantity (EOQ)
The quantity that should be reordered to minimize total inventory costs.
reorder point (ROP)
A critical inventory quantity level that calls for more inventory to be ordered for an item when the inventory level drops to the reorder point or critical level.
material requirements planning (MRP)
A set of inventory-control techniques that help coordinate thousands of inventory items when the demand of one item is dependent on the demand for another.
just-in-time (JIT) inventory
An inventory management approach in which inventory and materials are delivered just before they are used in manufacturing a product.
computer-assisted manufacturing (CAM)
A system that directly controls manufacturing equipment.
computer-integrated manufacturing (CIM)
Using computers to link the components of the production process into an effective system.
flexible manufacturing system (FMS)
An approach that allows manufacturing facilities to rapidly and efficiently change from making one product to making another.
A process that ensures that the finished product meets the customers’ needs.
An information system that supports managerial activities in product development, distribution, pricing decisions, promotional effectiveness, and sales forecasting.
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