Vocabulary for Describing Manufacturing and Industrial Management
- Assembly Line – A production process in which a product is manufactured by moving it from one workstation to another, with each station performing a specific task.
- Bill of Materials (BOM) – A comprehensive list of all the components, raw materials, and parts required to manufacture a product.
- Capacity Planning – The process of determining the optimal production capacity of a manufacturing facility to meet demand.
- Continuous Improvement – A management philosophy focused on making incremental improvements to processes, products, and services over time.
- Cost of Goods Sold (COGS) – The cost of the raw materials, labor, and overhead required to produce a product.
- Design for Manufacturability (DFM) – The process of designing a product with the goal of making it easy and cost-effective to manufacture.
- Factory Layout – The physical arrangement of equipment, machinery, and workstations within a manufacturing facility.
- Just-in-Time (JIT) – A production strategy in which raw materials, components, and finished goods are manufactured and delivered just as they are needed in the production process.
- Lean Manufacturing – A production philosophy focused on maximizing efficiency and minimizing waste in all aspects of the manufacturing process.
- Mass Production – A production method in which a large number of identical products are manufactured using specialized machinery and assembly lines.
- Material Requirement Planning (MRP) – A software-based system used to manage the production of goods, including the scheduling and tracking of raw materials, components, and finished products.
- Outsourcing – The practice of contracting with a third-party vendor to perform some or all of the manufacturing processes for a product.
- Process Flow – The sequence of steps and operations involved in the production of a product.
- Production Planning – The process of determining the optimal production schedule and resource allocation for a manufacturing facility.
- Quality Control (QC) – The process of inspecting and testing products to ensure that they meet established standards for quality and performance.
- Total Quality Management (TQM) – A management philosophy focused on continuously improving the quality of products, services, and processes.
- Work-in-Progress (WIP) – The raw materials, components, and partially completed products that are currently in the production process.