Just-in-time (JIT) inventory policy is adopted by companies that view inventories as assets.
12) A bill of materials (BOM) refers to the total budget of manufacturing a specific product.
13) Master production schedule is a plan for producing products.
14) Master production schedule (MPS) is an example of the pull manufacturing process.
15) Materials requirements planning is referred to as MRP II.
16) Compensation activities support retirement plans, company stock purchases, and stock options and grants.
17) Employee assessment includes the publication of standard job and skill descriptions as well as support for employee performance evaluations.
18) Accounts receivable includes not just recording the receivables and the payments against receivables, but also the features to reconcile payments against purchases.
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