The term '24/7' denotes the continuous operation or availability of a service, activity, or resource for 24 hours a day, seven days a week without interruption.
An industrial process that continuously receives raw materials and processes them through to completed units. Hospital healthcare is a 24-hour-a-day, 7-day-a-week continuous process.
A refinement of the Economic Order Quantity (EOQ) model that accounts for circumstances where goods are produced in batches.
A decision model that determines the optimum order size for purchasing or manufacturing an item in stock, balancing ordering and holding costs.
Engineered capacity refers to the maximum output that a system, facility, or entity can achieve when it is designed and operated under optimal conditions. It takes into account the inherent abilities of the system as well as external factors like technological improvements, management practices, and resource availability.
Expected Actual Capacity refers to the forecasted production or service output that a company anticipates under normal conditions, taking into account scheduled downtime, maintenance, and other operational factors.
Facilities Management involves the process of operating corporate- or government-owned property that is occupied and used for the corporation's or government's own purposes.
Labour hour rate refers to the cost of one hour of labour, which includes direct and indirect costs tied to the labour force.
Administration of the line functions of an organization; management of all activities that contribute directly to an organization's output.
The comprehensive plan for scheduling the delivery of required supplies and materials at destinations as needed.
Maintenance refers to the necessary care and management of equipment and operations, involving the regular checking, servicing, and repairing of machinery to forestall total breakdowns and ensure the consistent performance of a system.
Optimum capacity is the level of output of manufacturing operations that produces the lowest cost per unit.
Practical Capacity is the highest activity level at which a factory can operate efficiently, considering unavoidable losses of productive time such as vacations, holidays, and equipment repairs. It is also known as maximum practical capacity.
Production control involves planning, routing, scheduling, dispatching, and inspecting the operations or items being manufactured to ensure efficiency and quality in the production process.
Production planning is the administrative operation that ensures material, labor, and other resources necessary for the production process are available when and where needed in the required quantities.
An in-depth look at organizations primarily focused on the production of goods and services, their operations, and their strategic significance.
A range of business software packages provided by The Sage Group Ltd. As well as accounting, book-keeping, and payroll functions, these typically include applications for financial control, operations management, project costing, and customer relationship management.
Scheduled production refers to the planning and timetabling of the production process for specific products, detailing when and how each production sequence is to occur.
Scheduling is the process of planning and deciding the timetable of events, including when and where certain activities will take place. It is a crucial aspect of time management and resource allocation across various fields such as project management, operations, transportation, and personal planning.
The time taken to prepare a machine, process, or operation to carry out production. It may involve such operations as tool setting, calibration, and the initialization of the production process.
In standard costing, the standard direct labour cost is derived from the standard time allowed for the performance of an operation and the standard direct labor rate for the operators specified for that operation.
Standard production cost refers to the estimated costs of products and operations, calculated based on predetermined performance and cost levels, providing a benchmark against which actual production costs can be compared.
Sub-optimization refers to the process of utilizing resources or strategies to less than their maximum potential, which results in achieving less than the optimal output or outcome.
Theoretical Capacity refers to the maximum output that could be achieved by an organization or machinery without interruptions or inefficiencies.
The Theory of Constraints (TOC) is a systematic approach that aims to identify and eliminate bottlenecks in a production system. It aims to increase profits while simultaneously reducing stock levels and operating expenses.
Upkeep refers to the necessary care and management of equipment and operations. This involves maintaining mechanical equipment and organizational systems to prevent deterioration and ensure smooth functioning.
