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Ebook3w

"Bill of material: A list of the items and the number of each required to make a given product. Blockchain technology: Refers to a decentralized “public ledger” of all transactions that have ever been executed. It is constantly expanding, as “completed” blocks are added to the ledger with each new transaction. Business process management (BPM): A unified system that has the power to integrate and optimize a company’s sprawling functions by automating much of what it does. CAD/CAM systems: Linked computer systems that combine the advantages of computer-aided design and computer-aided manufacturing. The system helps design the product, control the flow of resources needed to produce the product, and operate the production process. Computer-aided design (CAD): The use of computers to design and test new products and modify existing ones. Computer-aided manufacturing (CAM): The use of computers to develop and control the production process. Computer-integrated manufacturing (CIM): The combination of computerized manufacturing processes (such as robots and flexible manufacturing systems) with other computerized systems that control design, inventory, production, and purchasing. Flexible manufacturing system (FMS): A system that combines automated workstations with computer- controlled transportation devices—automatic guided vehicles (AGV)—that move materials between workstations and into and out of the system. E-procurement: The process of purchasing supplies and materials online using the internet. Electronic data interchange (EDI): The electronic exchange of information between two trading partners. Enterprise resource planning (ERP): A computerized resource-planning system that incorporates information about the firm’s suppliers and customers with its internally generated data. Manufacturing resource planning II (MRPII): A complex computerized system that integrates data from many departments to allow managers to more accurately forecast and assess the impact of production plans on profitability. Materials requirement planning (MRP): A computerized system of controlling the flow of resources and inventory. A master schedule is used to ensure that the materials, labor, and equipment needed for production are at the right places in the right amounts at the right times. Purchasing: The process of buying production inputs from various sources; also called procurement. Make-or-buy decision: The determination by a firm of whether to make its own production materials or to buy them from outside sources. Outsourcing: The purchase of items from an outside source rather than making them internally."