OM 374 Lecture Notes - Lecture 9: Mass Production, Batch Production, Job Production
20 May 2018
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buffer inventory level
inventory held to deal with uncertainty in customer demand and deliveries of supplies
lean production
a trerm for those techniques used by businesses to cut down on waste and therefore increase efficiency,
e.g reducing the time it takes for a product to be developed and become avaiable for sale.
kaizen
japanese term meaning "continuos"
just-in-time
production method that involves reducing or virtually eliminating the need to hold inventories of raw
materials or unsold inventories of the finished product. supplies arrive just at the time they are needed
job production
is where a single product is made at a time
batch production
is where a quantity of one product is made, than a quantity of another item will be produced
flow production
is where large quantities of a product are produced in a continuos process. it is sometimes referred to as
mass production
fixed costs
costs which do not vary with the number of items sold or produced in the short run. they have to be
paid whether the business is making any sales or not. they are also known as OVERHEAD COSTS
variable costs
costs which vary directly with the number of items sold or produced
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