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  2. Process optimization - Wikipedia

    en.wikipedia.org/wiki/Process_optimization

    Process optimization is the discipline of adjusting a process so as to make the best or most effective use of some specified set of parameters without violating some constraint. Common goals are minimizing cost and maximizing throughput and/or efficiency. Process optimization is one of the major quantitative tools in industrial decision making.

  3. Supply chain optimization - Wikipedia

    en.wikipedia.org/wiki/Supply_chain_optimization

    Typically, supply-chain managers aim to maximize the profitable operation of their manufacturing and distribution supply chain. This could include measures like maximizing gross margin return on inventory invested (balancing the cost of inventory at all points in the supply chain with availability to the customer), minimizing total operating expenses (transportation, inventory and ...

  4. Manufacturing process management - Wikipedia

    en.wikipedia.org/wiki/Manufacturing_process...

    Manufacturing process management (MPM) is a collection of technologies and methods used to define how products are to be manufactured. MPM differs from ERP/MRP which is used to plan the ordering of materials and other resources, set manufacturing schedules, and compile cost data.

  5. Process costing - Wikipedia

    en.wikipedia.org/wiki/Process_costing

    Process costing is an accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process. [1] Costs are assigned to products, usually in a large batch, which might include an entire month's production. Eventually, costs have to be allocated to individual units of product.

  6. DMAIC - Wikipedia

    en.wikipedia.org/wiki/DMAIC

    The purpose of this step is to measure the specification of problem/goal. This is a data collection step, the purpose of which is to establish process performance baselines. The performance metric baseline(s) from the Measure phase will be compared to the performance metric at the conclusion of the project to determine objectively whether ...

  7. Operational analytical processing - Wikipedia

    en.wikipedia.org/wiki/Operational_analytical...

    The main characteristic that distinguishes operational analytics from other types of analytics is that it is analytics on the fly, [1] which means that signals emanating from various parts of a business are processed in real-time to feed back into instant decision-making for the business. This is sometimes referred to as "continuous analytics ...

  8. Manufacturing cost - Wikipedia

    en.wikipedia.org/wiki/Manufacturing_cost

    Manufacturing cost is the sum of costs of all resources consumed in the process of making a product. The manufacturing cost is classified into three categories: direct materials cost, direct labor cost and manufacturing overhead. [1] It is a factor in total delivery cost. [2]

  9. Business process management - Wikipedia

    en.wikipedia.org/wiki/Business_process_management

    The Workflow Management Coalition, [6] BPM.com [7] and several other sources [8] use the following definition: Business process management (BPM) is a discipline involving any combination of modeling, automation, execution, control, measurement and optimization of business activity flows, in support of enterprise goals, spanning systems, employees, customers and partners within and beyond the ...