Twenty-foot Equivalent Unit

A quantity of goods that can be transported in a truck.

Takt time is the average time between the start of production of one unit and the start of production of the next unit, when these production starts are set to match the rate of customer demand.

A physical product which can be touched and held, such as a can of beans, shampoo, house, motor vehicle, computer or pencil, etc., and which will be sold through a retail channel, whether that is through an actual store, or on-line.

Assets that have physical properties.

The maximum quantity of stock that is planned to be held at any time. Once the reorder level has been set and the reorder quantity received, the quantity held in stock will be the target inventory level. 

When a specific return on investment is set as an objective. 

Performance that is externally focused and concerns meeting the needs and expectations of outsiders such as customers, company colleagues or fans. It is assessed using measures such as quantity, quality and time.

Are groups that work closely together toward a common objective and are accountable to one another.

Tender means a proposal of an interested person or entity to supply goods, works or services, prepared in accordance with the terms and conditions set out by the Procurement Unit

Sector of the economy that provides services to customers.

Helping people to create a life they deserve, and spreading positive energy for entrepreneurs and dreamers by sharing a business model that has changed my life.

The action or crime of stealing.

The Theory of Constraints (TOC) takes a scientific approach to improvement. It hypothesizes that every complex system, including manufacturing processes, consists of multiple linked activities, one of which acts as a constraint upon the entire system (i.e. the constraint activity is the “weakest link in the chain”).

The Theory of Constraints (TOC) is a management philosophy developed by Dr. Eliyahu Moshe Goldratt. As we know, the strength of any chain, process, or system is dependent upon its weakest link and TOC will identify that link as the most important limiting factor (i.e. the constraint or the bottleneck) that stands in the way of achieving a goal. It then provides a systematic way to improve that constraint until it is no longer the limiting factor.

Manufacturing throughput time is the amount of time required for a product to pass through a manufacturing process, thereby being converted from raw materials into finished goods

A line that shows the time and the order in which events have happened.

Time-phased Order Point (TPOP) is a mechanism for calculating demand in a distribution environment where the gross requirements come from forecasts. TPOP calculates demand based on time periods rather than averaging out demand. This allows for variation in demand. The demand calculated by TPOP provides information for the Master Product Schedule (MPS).

Variable plus fixed costs.

TQM describes a structured, systematic and integrated management approach to long–term success through maximizing internal and external customer and supplier satisfaction. It is where all managers and employees of an organization use quantitative methods to participate together as a team and actively work to support each other in improving all the processes, products, services, and the culture (ethos) in which they work.

It is a management philosophy that looks to integrate all the organizational functions (marketing, finance, customer service, etc.) to continually improve on the delivery of customer needs and business objectives.

TQM is also referred to today as Business Excellence

A trade-off is a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and another must decrease. 

Is the most basic and oldest of all the economic systems, with little division of labour.

Easy to perceive or detect.

Transport modal refers the mode of transportation used for either passengers and/or products. Transport modes can include: road, air, rail, ocean-going transportation.

Mode of transport is a term used to distinguish between different ways of transportation or transporting people or goods. The different modes of transport are air, water, and land transport, which includes Rails or railways, road and off-road transport.

How much of a fund's assets are used towards administrative and other operating expenses. 

Is where the demand for a product in-creases over a period of time (greater than one year), until it is replaced by a new revision of the product or until the product no longer has consumer value.

Involving organizations that recognize each other as partners and, on a limited basis, co-ordinate activities and planning –such partnerships generally have a short term focus and involve only a few areas within each organization.

Involving organizations that have progressed beyond co-ordination to integration of activities, such partnerships have a longer term view of the partnership and involve multiple areas within both firms

Involving organizations sharing a significant level of operational and strategic integration in particular, each partner can make changes to the other’s systems without getting approval and such partnerships are of long term duration with no end in sight, each party viewing the other as an extension of its own firm.