Examlex
UML stands for
Ordering Costs
Expenses associated with placing orders for goods or services, including cost of paperwork, communication, and transportation.
Just-in-Time Inventory
Just-in-Time Inventory is an inventory management strategy that aims to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.
Total Quality Management
Total Quality Management (TQM) is an organization-wide approach focused on continuous improvement and meeting customer satisfaction through systematic problem-solving and team-based collaborative efforts.
Operations
Activities involved in the day-to-day functions of a business that are necessary for it to run efficiently and effectively.
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