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Chapter 18 Glossary - Glossary Chapter 18 Continuous...

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Glossary Chapter 18 Continuous improvement Concept requiring every manager and employee continually to look to improve operations. Control Process of monitoring planning decisions and evaluating the organization's activities and employees. Controllable costs Costs that a manager has the power to control or at least strongly influence. Conversion costs Expenditures incurred in converting raw materials to finished goods; includes direct labor costs and overhead costs. Cost object Product, process, department, or customer to which costs are assigned. Customer orientation Company position that its managers and employees be in tune with the changing wants and needs of consumers. Cycle efficiency (CE) A measure of production efficiency, which is defined as value-added (process) time divided by total cycle time. Cycle time (CT) A measure of the time to produce a product or service, which is the sum of process time, inspection time, move time, and wait time; also called throughput time.
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