capabilitiesThe abilities a business has that result from its processes. Capabilities create value.

capacityThe level of productive output of an organization in a specified period of time.

constraint managementA framework for managing the constraints of a system in a way that maximizes the system's accomplishment of its goals.

costThe expenses associated with ownership.

craft productionProduction of goods by highly skilled and specialized artisans.

disruptive technologyA new technology that displaces an existing technology.

facilitiesThe buildings and structures that house various aspects of a business.

integrative management frameworkA management approach or “philosophy” that guides day-to-day decisions in a way that is consistent with a firm's profitability goals. Examples include lean systems, constraint management, and supply chain management.

inventoryMaterials used in the production of products and services. Examples include raw materials inventory, work-in-process inventory, and finished goods inventory.

lean systemsA productive system that functions with little waste or excess, usually with low inventory levels.

logisticsThe flow and storage of goods, services, and related information from production to consumption.

maquiladorasForeign-owned (typically U.S.-owned) manufacturing plants in Mexico.

mass productionHigh-volume production of standardized products.

processesOrganized tasks accomplished by grouping resources together.

profitabilityA measure of the productivity of money invested in a business, typically a ratio of net income to some input such as net sales or total assets.

qualityMeeting customer expectations.

strategyThe means by which a company positions itself for future profitability.

timelinessThe speed at which a business completes tasks and the degree to which it completes tasks on schedule and as promised.

valueThe amount a customer is willing to pay for a product or service, sometimes thought of as benefits divided by cost.

workforceThe employees required to produce a product or service.