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Operations Management
Exam 1 - Chapter 3 Formulas
7
Management
Undergraduate 3
02/23/2011
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Term
Total Cost
 Definition
Fixed cost + variable cost
Term
Revenue
 Definition
price x quantity
Term
Fixed cost + (Variable Cost)Quantity
 Definition
Price x quantity
Term
Q
BE
 Definition
Fixed/Price-variable cost
Term
Price Velocity
 Definition
Throughput time/Value-added time
Term
Utilization
 Definition
time a resource is used/ time the resouce is available
Term
Efficiency
 Definition
Actual output/Standard output
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