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Definition of benchmarking
the process of investigating how others do something better so that the investigating company can imitate,
benchmarking that focuses on practices and how the best-in-class companies achieved their results
benchmarking in which an end product or service is examined; the focus is on product/service specifications and performance results
the process of combining information technology to create new and more effective
The time that elapses between receipt of payment from a customer and the
relative costs and benefits that result from a specific course
A conception of the way a stock's price changes that assumes that the price takes on all
the method of cost assignment that computes an average cost per equivalent
Refers to the time it takes the receiver of a check to process the payment and
Statistical assumptions about the behavior of security prices. For
a manufacturing process that simultaneously
the method of cost assignment that uses FIFO to compute a cost per
the ability of a worker to monitor
The process of determining the prices of the assets in the marketplace through the
A series of linked activities that result in a specific objective. For example, the
an assessment about the number of processes through which a product flows
A method of costing for continuous manufacture in which costs for an accounting compared are compared with production for the same period to determine a cost per unit produced.
A costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products.
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
Process flow production
A production configuration in which products are continually
a flowchart or diagram indicating every step
the total units produced during a period
process quality yield
the proportion of good units that resulted from the activities expended
the actual time consumed performing the
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
Purchased In-Process Research and Development
Unfinished research and development that is acquired from another firm.
Material that has been reworked and returned to stock.
statistical process control (SPC)
the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations
strict FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the
Earnings after removing the effects of nonrecurring or nonoperating items.
weighted average method (of process costing)
the method of cost assignment that computes an average cost per
Any items being converted into finished goods or released from
Inventory that has been partially converted through the
an intentional underestimation of revenues
The process of ensuring that actual financial results are in line with targets – see variance
The process of determining prospectively whether strategies are likely to achieve the target
The process of shifting a function previously performed internally
the process of gathering information
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