Terms To Learn

This chapter and the Glossary at the end of the text contain definitions of the following important terms:

1. backflush costing
2. carrying costs 
3. economic order quantity (EOQ)
4. enterprise resource planning (ERP) system
5. inventory management
6. just-in-time (JIT) production
7. just-in-time (JIT) purchasing
8. lean accounting
9. lean production
10. manufacturing cells
11. materials requirements planning (MRP) system
12. ordering costs
13. purchase-order lead time 
14. purchasing costs
15. reorder point
16. safety stock
17. sequential tracking (p. 827)
18. shrinkage costs
19. stockout costs 
20. trigger point
21. value streams