Explain, in Your Own Words, What a Flexible Manufacturing System

question 29

Essay

Explain, in your own words, what a flexible manufacturing system is. List the benefits of flexible manufacturing systems.

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Definitions:

Schedule

A plan that outlines tasks, events, or activities, along with their intended times and dates, often used for organization and time management.

Trade-In Allowance

The value that a seller gives to a buyer for an asset exchanged as part of a purchase of a new asset.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was put into use, reducing its carrying value on the balance sheet.

Commercial Substance

A concept in accounting indicating that a transaction significantly affects the economic situation of the involved parties through a change in cash flows or the value of assets and liabilities.