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Finished goods. A good purchased as a "raw material" goes into the manufacture of a product. A good only partially completed during the manufacturing process is called "work in process". When the good is completed as to manufacturing but not yet sold or distributed to the end-user, it is called a "finished good". [1]
Final good. A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike an intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good. When used in measures of national income and output, the term "final goods" includes only ...
Final product. In production, a final product or finished product is a product that is ready for sale, [1] distinguishable from a business's work in progress, which is not yet complete or ready for sale. For example, oil is the final product of an oil company. The farmer sells his vegetables as his final product, after they have been through ...
An automobile engine is an example of an intermediate good, and is used in the production of the final good, the assembled automobile. Intermediate goods, producer goods or semi-finished products are goods, such as partly finished goods, used as inputs in the production of other goods including final goods. [1]
Assembly line. An assembly line, often called progressive assembly, is a manufacturing process where the unfinished product moves in a direct line from workstation to workstation, with parts added in sequence until the final product is completed. By mechanically moving parts to workstations and transferring the unfinished product from one ...
In Food processing, complying product has to come from a process to comply, in comparison to discrete manufacturing where a finished product is inspected to comply. An example how the process approach complements a process industry is implementation of ISO 22000 as a Food Safety Management System (FSMS). The process approach involves the ...
Supply chain management is a cross-functional approach that includes managing the movement of raw materials into an organization, certain aspects of the internal processing of materials into finished goods, and the movement of finished goods out of the organization and toward the end consumer.
Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. [nb 1] Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or ...