What Is the Meaning of "Operations Control

question 127

Short Answer

What is the meaning of "operations control"?
Planning and organizing the flow of materials
Purchasing the right raw materials, in the right quantity, at the right price, and at the right time
Checking to ensure that production decisions are being implemented
Stocking items needed for production that are themselves produced within the firm
Monitoring production performance by comparing results with plans and schedules

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Definitions:

CIFP Course Materials

Comprehensive learning materials provided for the Certified Financial Planner (CIFP) program covering financial planning, investment strategies, and ethical practices.

Ordinary Annuity

A financial product where payments are made at the end of each period for a fixed amount of time.

Present Value

The current value of a future sum of money or stream of cash flows given a specified rate of return, often used in the discounting of future income streams or liabilities.

Compounded Annually

Interest that is calculated once a year and added to the principal, meaning each year's interest earns interest in subsequent years.