Process Optimization

Business Process Re-engineering (BPR)
Business process re-engineering (BPR) is a strategic approach to improving organizational efficiency by fundamentally rethinking and redesigning business processes.
Cellular Layout
A cellular layout is an organization of a production facility where items with similar processing requirements are grouped together.
Critical Path Method (CPM)
The Critical Path Method (CPM) is a planning and control technique that optimizes the order of steps in a process given the costs associated with each step. It is widely used in the manufacturing industry to plan and control the complete process of material deliveries, paperwork, inspections, and production.
Quality Control (QC)
Quality Control (QC) is the process of ensuring that products are manufactured to consistently high standards of quality. This often involves inspecting goods at various points in their manufacture using either human or machine resources.
Turnaround Time
Turnaround time refers to the period required to complete a task or fulfill an order once it has been initiated.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.