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RIP
In recent years, Japanese companies such as Mitsubishi, NEC, Fujitsu, and Sony began turning to Americans to manufacture Japanese products. While Sony, Panasonic, and other Japanese giants still excel at cranking out high- quality consumer electronics products such as camcorders and TVs by the millions, it's a different story in industries with short product cycles, which require factories that must build what customers order instead of churning out products in anticipation of demand. Japan's great strength, repetitive manufacturing, is becoming its greatest weakness. This production-on-demand form of management cannot depend on JIT. Instead the American companies rely on raw-in-process inventory, or RIP. RIP calls for keeping a reasonable quantity of varied raw materials or components on hand to meet changing customer demand.
-Refer to RIP. What kind of inventory are Americans who manufacture NEC, Fujitsu, and Sony products maintaining?
Average Wage
The median wage earned by workers, calculated by dividing the total payroll by the number of wage earners.
Personal Prejudice
An individual's preconceived opinion or bias against something or someone without reasonable justification.
Firm Profits
The financial gain a company receives after subtracting all its costs from its total revenue.
Earnings Ratio
Typically refers to the price-to-earnings (P/E) ratio, which measures a company's current share price relative to its per-share earnings.
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