Work crossword . Define the following key concepts. Carrying costs include the money tied up in inventory, storage, insurance, taxes etc. Concurrent controls apply to processes as they are happening. Control is the process through which standards for performance of people and processes are set, communicated, and applied.
Feedback controls focus on the results of operations.
Feedforward controls focus on operations before they begin. Management by exception lets operations continue as long as they fall within the prescribed control limits. Management by walking around is observing employees working. Ordering costs include the paperwork, follow up, inspection upon arrival, and other processing costs. Purchase costs are the purchase price plus delivery charges minus discounts.