Vocabulary:

Component – any of the pieces or parts that make up a product or machine

Plant – collective word for all the buildings, machines, equipment and other facilities used in the production process

Location – geographical situation of a factory or other facility

Competitors (on the market), material flows, market share

Deteriorate – get worse

Depreciation – losing value

Opportunity costs

Set ups- newly established companies

Obsolescence – устаревание

Breakage – поломка

Meet demand спрос

Under-utilize workforce недостаток используемых труд ресурсов

Shortages, incorrect or defective shipments нехватка

By-products – additional, less profitable products

Retain staff (retention)=keep

Stipulate – обусловливать

Equity –капитал– the value of business activity

Disruptive – разрушительный

Procurement –приобретение– obtaining of supplies

Embedded – firmly fixed in something or part of something

Standard of living – the quality of people’s lives

Founder- someone who established a company

Exponential – increasing or decreasing more and more quickly as time passes

Prosperity – the state of being successful and having a lot of money

Stability – the situation when something is not likely to change

Risk premium –the potential cost of taking a chance

booming

UNIT 9 – LOGISTICS

Question 38: What is Just-in-Time production?

• A replenishment strategy: both production and suppliers are constantly reacting to the actual consumption of components rather than planning ahead.

Question 39: What is the difference between push and pull strategies?

• With a pull strategy, a company manufactures according to current demand текущий спрос, which is satisfied from inventory. When pieces are removed from stock, replacement are automatically ordered from suppliers. With push strategy, on the contrary, production is based on estimates of future demand and begins according to production lead time.

Vocabulary:

Accurate – correct, exact and without any mistakes точный

Estimate – a guess of what size or amount something might be оценка

Forecast – a statement of what is expected to happen in the future прогноз

Agile – able to move quickly and easily проворный

Logistics – designing and managing the flow of goods, information and other resources

Manual – done with the hands

Lean – (of production) using small quantities and avoiding any waste скудный

Replenish - to fill something up again пополнять

Conveyor belt (dopravní pás), loading dock (plošina), sweep into something (a truck)

Scan the bar codes, send a signal to the suppliers

Flowchart

Merchandise – goods

Load/ unload the truck

Prompt – make someone do something

Join – joint

Itemize – vypsat položky (bank account, list)

Safety stock and safety lead time

Supplier поставщик

Consuption потребляемая

Warehouse склад

Revenue доход

Trade-off компромисс

Merchandise товар

Supplier поставщик

Purchase покупка

UNIT 10 – QUALITY

Question 40: What is TQM (total quality management)?

• TQM is a management approach designed to improve the production of quality goods and services. Quality is more important than maximizing output or reducing costs.