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Definition of service time

Service Time Image 1

service time

the actual time consumed performing the functions
necessary to provide a service



Related Terms:

Break-even time

Related: Premium payback period.


Cash flow time-line

Line depicting the operating activities and cash flows for a firm over a particular period.


Concentration services

Movement of cash from different lockbox locations into a single concentration
account from which disbursements and investments are made.


cycle time

the time between the placement of an order to
the time the goods arrive for usage or are produced by
the company; it is equal to value-added time plus nonvalue-
added time


Debt service

Interest payment plus repayments of principal to creditors, that is, retirement of debt.



Debt-service coverage ratio

Earnings before interest and income taxes plus one-third rental charges, divided
by interest expense plus one-third rental charges plus the quantity of principal repayments divided by one
minus the tax rate.


Debt service parity approach

An analysis wherein the alternatives under consideration will provide the firm
with the exact same schedule of after-tax debt payments (including both interest and principal).


Service Time Image 2

employee time sheet

a source document that indicates, for each employee, what jobs were worked on during the day and for what amount of time


Full-service lease

Also called rental lease. Lease in which the lessor promises to maintain and insure the
equipment leased.


grade (of product or service)

the addition or removal of product
or service characteristics to satisfy additional needs, especially price


idle time

the amount of time spent in storing inventory or
waiting at a production operation for processing


Index Portfolio Rebalancing Service (IPRS)

Index Portfolio Rebalancing service (IPRS) is a comprehensive investment service that can help increase potential returns while reducing volatility. Several portfolios are available, each with its own strategic balance of Index Funds. IPRS maintains your personal asset allocation by monitoring and rebalancing your portfolio semi-annually.


Information services

Organizations that furnish investment and other types of information, such as
information that helps a firm monitor its cash position.


inspection time

the time taken to perform quality control activities


Internal Revenue Service

A federal agency empowered by Congress to interpret and enforce tax-related laws.


Just-in-time inventory systems

Systems that schedule materials/inventory to arrive exactly as they are
needed in the production process.


Service Time Image 3

just-in-time (JIT)

a philosophy about when to do something;
the when is “as needed” and the something is a production,
purchasing, or delivery activity


Just-in-time (JIT)

A cluster of manufacturing, design, and delivery practices designed to
continually reduce all types of waste, thereby improving production efficiency.



Just-in-time manufacturing

The term for several manufacturing innovations that
result in a “pull” method of production, in which each manufacturing workstation
creates just enough product for the immediate needs of the next workstation in the
production process.


just-in-time manufacturing system

a production system that attempts to acquire components and produce inventory only as needed, to minimize product defects, and to
reduce lead/setup times for acquisition and production


just-in-time training

a system that maps the skill sets employees
need and delivers the training they need just as they need it


lead time

see cycle time


Market timer

A money manager who assumes he or she can forecast when the stock market will go up and down.


McNamara-O'Hara Service Contract Act of 1965

A federal Act requiring federal contractors to pay those employees working on a federal contract at
least as much as the wage and benefit levels prevailing locally.


Non-financial services

Include such things as freight, insurance, passenger services, and travel.


Overtime

A pay premium of 50 percent of the regular rate of pay that is earned
by employees on all hours worked beyond 40 hours in a standard work week


processing time

the actual time consumed performing the
functions necessary to manufacture a product


Service Time Image 4

Product/service mix

See sales mix.



Real time

A real time stock or bond quote is one that states a security's most recent offer to sell or bid (buy).
A delayed quote shows the same bid and ask prices 15 minutes and sometimes 20 minutes after a trade takes place.


service company

an individual or firm engaged in a high or moderate degree of conversion that results in service output


service department

an organizational unit that provides one or more specific functional tasks for other internal units


Service Revenue

Revenue recognized from the provision of services as opposed to the sale of
products.


Short-term investment services

services that assist firms in making short-term investments.


Time Clock

A device used to stamp an employee’s incoming or outgoing time
on either a paper document or an electronic record.


Time decay

Related: theta.


Time deposit

Interest-bearing deposit at a savings institution that has a specific maturity.
Related: certificate of deposit.


Time Deposit

See term deposit.


Time draft

Demand for payment at a stated future date.


Time premium

Also called time value, the amount by which the option price exceeds its intrinsic value. The
value of an option beyond its current exercise value representing the optionholder's control until expiration,
the risk of the underlying asset, and the riskless return.


Time to maturity

The time remaining until a financial contract expires. Also called time until expiration.


Time until expiration

The time remaining until a financial contract expires. Also called time to maturity.


Time value of an option

The portion of an option's premium that is based on the amount of time remaining
until the expiration date of the option contract, and that the underlying components that determine the value of
the option may change during that time. time value is generally equal to the difference between the premium
and the intrinsic value. Related: in-the-money.


Time value of money

The idea that a dollar today is worth more than a dollar in the future, because the dollar
received today can earn interest up until the time the future dollar is received.


Time-weighted rate of return

Related: Geometric mean return.


Timecard

A document or electronic record on which an employee records his or
her hours worked during a payroll period.


timeline

representation of the amounts and timing of all
cash inflows and outflows; it is used in analyzing cash flow
from a capital project


times interest earned

A ratio that tests the ability of a business to make
interest payments on its debt, which is calculated by dividing annual
earnings before interest and income tax by the interest expense for the
year. There is no particular rule for this ratio, such as 3 or 4 times, but
obviously the ratio should be higher than 1.


Times-interest-earned ratio

Earnings before interest and tax, divided by interest payments.


Times Interest Earned Ratio

A measure of how well a company is able to meet its interest
payments based on the cash generated by its operations. It is
calculated by dividing the earnings before interest and taxes by the
total interest charges incurred by the firm.


transfer time

the time consumed by moving products or
components from one place to another


Turnaround time

time available or needed to effect a turnaround.


Uniformed Services Employment and Reemployment Rights Act of 1994

A federal act that minimizes the impact on people serving in the Armed Forces
when they return to civilian employment by avoiding discrimination and increasing
their employment opportunities.


Co-insurance

In medical insurance, the insured person and the insurer sometimes share the cost of services under a policy in a specified ratio, for example 80% by the insurer and 20% by the insured. By this means, the cost of coverage to the insured is reduced.


Consumer Price Index (CPI)

An index calculated by tracking the cost of a typical bundle of consumer goods and services over time. It is commonly used to measure inflation.


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


Credit

Buying or selling goods or services now with the intention of payment following at some time in
the future (as opposed to buying or selling goods or services for cash).


direct labor

the time spent by individuals who work specifically
on manufacturing a product or performing a service;
the cost of such time


flexible manufacturing system (FMS)

a production system in which a single factory manufactures numerous variations
of products through the use of computer-controlled
robots
focused factory arrangement
an arrangement in which a
vendor (which may be an external party or an internal corporate
division) agrees to provide a limited number of
products according to specifications or to perform a limited
number of unique services to a company that is typically
operating on a just-in-time system


Government National Mortgage Association (Ginnie Mae)

A wholly owned U.S. government corporation
within the Department of Housing & Urban Development. Ginnie Mae guarantees the timely payment of
principal and interest on securities issued by approved servicers that are collateralized by FHA-issued, VAguaranteed,
or Farmers Home Administration (FmHA)-guaranteed mortgages.


Gross domestic product (GDP)

The market value of goods and services produced over time including the
income of foreign corporations and foreign residents working in the U.S., but excluding the income of U.S.
residents and corporations overseas.


non-value-added (NVA) activity

an activity that increases the time spent on a product or service but that does not increase its worth or value to the customer


Operating cycle

The average time intervening between the acquisition of materials or services and the final
cash realization from those acquisitions.


operations flow document

a document listing all operations
necessary to produce one unit of product (or perform
a specific service) and the corresponding time allowed
for each operation


Overhead rate

The rate (often expressed per hour) applied to the time taken to produce a product/service, used to allocate production overheads to particular products/services based on the time taken. May be calculated on a business-wide or cost centre basis.


Routing

A list of all the labour or machining processes and times required to convert raw materials into finished goods or to deliver a service.


Start-up Costs

Costs related to such onetime activities as opening a new facility, introducing
a new product or service, commencing activities in a new territory, pursuing a new class of customer,
or initiating a new process in an existing or new facility.


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
are typically the points at which the process produces "errors", which can be defective goods or poor service



 

 

 

 

 

 

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