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Jeremy decided to try another meeting because the project deadline was drawing closer and he was beginning to feel pressure to get something done with his group. He put the agenda out early and felt he was ready to lead the meeting. Shortly after the meeting began, one of his colleagues asked a question that didn't seem to relate to the issue at hand. Nonetheless, trying to be a good leader, Jeremy began to discuss the issues around this new question. Soon the group was in a heated discussion with each side seeming to stop at nothing to "win" the argument. In this meeting the group was engaged in
Lead Time
The time span between the initiation and completion of a process, such as the ordering of goods and their delivery.
Bill of Material
A comprehensive list detailing all the components, materials, and parts required to manufacture a product, including quantities and specifications.
Inventory
An accounting term referring to the goods and materials held by a business for the purpose of resale or production.
Lot-For-Lot
An ordering system where the exact quantity needed for production is ordered, minimizing inventory holding costs.
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