CHAPTER 1 Recession - general slowdown in economic activity.

ctivity. Inflation - persistent increase in the general price level of goods and services Subsistence - action of maintaining or supporting oneself, especially at a minimal level. Ownership - legal title to certain things. Partnerships - relationship between individuals or groups. Cooperative organization - provide goods to members. Corporations - legally created business unit. Corporate combinations - two corporations, one management.

CHAPTER 2 Buck-passing shifting responsibility for someone Decentralization the process of redistributing people Diversification corporate strategy to increase market Facilitation state of being made easier Subcontracting assignment of obligations under contract

Organizations- individuals systematically united for work Types of organizations

Committees- formed to performed special duties Need for committees Basic principles of committee organization Weaknessses of committee

CHAPTER 3 Operations Analysis- the systematic examination of a tactic or procedure. Operations Research- is the scientific study and analysis of problems. Management Science- is the application of concepts to solve managerial problems Information- management of information from ONE or more sources. Servomechanism-automatic device that uses error-sensing Stenography-process of writing in shorthand Electronic Data Processing (EDP)- automated methods to process commercial data

CHAPTER 4 Business Barometer it summarizes economic cycles Enterprise a unit of economic organization Failure - related to lack of success Forecast - to predict as to occur Product center of an industrial enterprise Risk relating to chance of loss Subjective Method forecast that is more qualitative. Objective Method are quantitative in nature and lend themselves well to an abundance of data. Persistence Forecasting to use the latest observation as the forecast for the next period. Forecasting Charts used for interpretive purposes and for control. Correlation Analysis to determine how well an index relates to data of interest to the firm. Risk a potential of loss. Physical Properties companys assets and entitlements to property.

Labor Force actual number of people available for work. Insurance - equitable transfer of the risk of a loss.

CHAPTER 5 CAPITAL cash/credit needed to start an enterprise FIXED CAPITAL funds used for assets of an enterprise WORKING CAPITAL - funds used to cover its operations MONEY MARKET network of many markets TRADE CREDITS mainstay of intermediate and short term financing CREDIT INSTRUMENTS legal forms through which loans are made Fixed Cost- is expressed in constant per total Variable Cost- is expressed in constant per unit. Semi-Fixed Cost- mixed of Variable and fixed cost. Step Budget- a series of budgets set up

CHAPTER 6 Research seek of new scientific knowledge Development improvement of products using researches Industrial Research research for industrial improvements Basic Research for advancement of scientific knowledge Applied Research for discovery of scientific knowledge Free-lance inventors independent or one-man inventors SUBURBS OR SUBURBAN- A district lying immediately outside a city or town, especially a smaller residential community

Industrial Park - A portion of a city that is zoned for industrial use (as opposed to residential or commercial use). Industrial parks may contain oil refineries, ports, warehouses, distribution centers, chemical plants, plastics manufacturers, airports, food and beverage processors, and steel manufacturers, to name just a few examples. Some industrial parks offer tax incentives for businesses to locate there, such as tax increment financing.

Decentralization the spreading out of plants of a particular enterprise into a new locations Plant Layout compromise between the ideal or functional layout and limitations of plant site Assembly Line series of workstation at which already made parts are assembled General-Purpose machine- the most flexible and and constitute bulk of machine. Single Purpose machine- one job only. Automation- addition of handling and control equipment to automatic machine for automatic production of operation without human guidance and control

CHAPTER 8 BALANCED - both imports and exports are of an equal proportion EFFICIENCY - use of resources to maximize the production of goods and services INVENTORY - portion of business's assets ready for sale MANAGERIAL - relating to management or managers of a company or similar organization PRODUCTION - process of combining various inputs to make something for consumption PROFICIENT - competent or skilled in doing or using something Operations research discipline that help make better research. Matrix something resembling a mathematical matrix. Model analogy used to visualize something. Transportation method direct manual approach to solve a linear programming problems.

CHAPTER 9 Standard Industrial Standardization Technical Standards Operative Standards Product Standards Engineering-Design Standards Material Standards Quantity Standards Process Standards Equipment Standards Safety Standards Administrative-Practice Standards Progress-Time curve Metric System Reliability Engineering Value Engineering