Flexible Manufacturing Systems (FMS)

• Medium-sized businesses make up about one-third of the US economy.

• The Acceptable Quality Level (AQL) is the worst quality level allowed for a product.

• An affiliate is a company in which a minority stake is owned by a larger company.

• The agency theory attempts to explain and resolve disputes about the respective priorities between principals and their agents.

• Annual General Meeting (AGM) – the annual meeting of the interested shareholders of the company.

• Evaluation costs are the fees a company pays for discovering defects in its products before they are delivered to customers; they are a form of quality control.

• The articles of association can be seen as a user manual for the company, defining its purpose and outlining the methodology for carrying out the necessary day-to-day tasks.

• Assembly to order (ATO) is a business strategy in which products are quickly produced from components after order confirmation.

A cession is a transfer of rights or property from one person to another.#

• Assortment strategy is a strategic sales tool for the retail industry, optimizing the range of products offered for sale.

• Attrition occurs when the workforce in a company is reduced as people leave and are not replaced.

• The Balanced Scorecard is a performance metric used to define, improve, and monitor various business functions and results.

• In a horizontal financial analysis, the figures for the first reporting period serve as the basis for comparing subsequent periods.

• Batch processing is a method of automating and processing multiple transactions as a single group.

• Best practices are operating standards or ethical principles that provide the best course of action in a given situation.

• The Board of Governors is a group of people appointed to oversee the activities of an organization, including financial matters.

• A standard language is a single text that can be found in various standard documents such as contracts.

• Traditional business refers to a traditional business that has a physical store or stores where customers browse and shop in person.

• A brown bag meeting is an informal meeting that takes place in the workplace, usually at lunchtime.

• When a company or government agency buys or leases existing manufacturing facilities to launch new manufacturing activities, this is called an investment in existing facilities.

• Burnout rate is the rate at which a new company uses up its start-up capital before it generates positive cash flow.

• Sales contracts stipulate how the partner’s share in the business can be transferred in the event of the death or departure of the partner.

• Cloud computing is the provision of various services over the Internet, including data storage, servers, databases, networks, and software.

• The Code of Ethics sets out the ethical principles of the organization and the best practices to be followed with respect to honesty, integrity and professionalism.

• Commercial activities refers to commercial activities - business operations aimed at making a profit.