An organization that makes products that sell quickly and at a low cost.
Information about the customer’s views on a product or service.
The percentage of orders fulfilled from available stock within a set time.
Internal documents setting out how money is managed within the organization, including how budgets are set, who can authorize expenditure and, often, rules around what procurement processes must be used.
The amount of money that is either made or lost from an investment.
A twelve-month period of trading. Businesses’ financial years can start at any time as long as they run for a complete year.
Items that have been through the manufacturing process, are complete and are suitable for sale.
The process of checking a product manufactured for the first time to determine that it meets design and specification requirements.
Items purchased first are sold first, e.g., an electrical component sold out of inventory would be issued at the oldest or first price.
An inspection of an organization by an auditor employed by the organization (also known as an internal audit).
The 12 months between one annual settlement of financial accounts and the next; a term used for budgeting, etc. The fiscal year for the U.S. Government is October 1 to September 30; the fiscal year for the State of Minnesota is July 1 to June 30.
The product or service is capable of doing what it was designed to do.
State property that is in one of four categories: all non-expendable property having a normal life expectancy of more than two years and a value of $2,000 or more.
A cost that remains constant in the short term irrespective of production volumes.
A structure with few or no levels of management.
Circumstances that cannot be foreseen which prevent a contract from being fulfilled.
The process of using existing data to predict future demand for products or services.
A solicitation which requires a sealed response.
A joint venture between a person who wants to start a business and a person who already had a business idea registered. The franchisee buys the right to use the business idea from the franchisor. McDonald’s is a well-known franchise.
Deception intended to result in personal gain.
A group of countries who have abolished tariffs, quotas and other barriers to trade within the group.
The resistance that one surface or object encounters when moving over another.
Visible emissions released from sources other than stacks, e.g., dust blown from storage piles, road dust, emissions leaking from the sides of buildings or open areas in buildings.
A single delivery of goods that completely fills a container.
The amount of freight required to fill a truck by cubic meters / feet or mass.
Complete and working to full capacity, i.e., a factory would be built and producing goods.
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