Definition of continuous improvement

continuous improvement

an ongoing process of enhancing employee task performance, level of product quality, and level of company service through eliminating nonvalue-added activities to reduce lead time, making products
(performing services) with zero defects, reducing
product costs on an ongoing basis, and simplifying products
and processes

kaizen

the Japanese word for continuous improvement
kaizen costing
a costing technique to reflect continuous efforts
to reduce product costs, improve product quality,
and/or improve the production process after manufacturing
activities have begun

total quality management (TQM)

a structural system for creating organization-wide participation in planning and implementing a continuous improvement process that exceeds
the expectations of the customer/client; the application
of quality principles to all company endeavors; it is also known as total quality control

Continuous compounding

The process of accumulating the time value of money forward in time on a
continuous, or instantaneous, basis. Interest is earned continuously, and at each instant, the interest that
accrues immediately begins earning interest on itself.

Continuous random variable

A random value that can take any fractional value within specified ranges, as
contrasted with a discrete variable.

Land improvements

The cost of improvements to land owned by the company, such as fencing and outdoor lighting.

Leasehold improvements

The cost of improvements made to property that the company leases.

Continuous Compounding

The process of continuously adding interest to a principal plus
interest amount and calculating the resulting compound amount

Continuous Discounting

The process of calculating the present value of a stream of future
cash flows by discounting over a continuous period of time

continuous budgeting

a process in which there is a rolling
twelve-month budget; a new budget month (twelve months
into the future) is added as each current month expires

continuous loss

any reduction in units that occurs uniformly
throughout a production process

Leasehold improvement

This is any upgrade to leased property by a lessee that will be
usable for more than one year, and which exceeds the lessee’s capitalization limit.
It is recorded as a fixed asset and depreciated over a period no longer than the life
of the underlying lease.

Farm Improvement and Marketing Cooperatives Loans Act

See here

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