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Hours Actually Worked
Categories: Economics,
Hours actually worked includes time spent at the workplace on productive activities and on other activities which are part of the tasks and duties of the jobs concerned (for example, cleaning and preparing working tools). It also includes time spent at the place of work when the person is inactive for reasons linked to the production process or work organization (for example, standby time), as during these periods paid workers remain at the disposal of their employer. Hours actually worked also includes short rest periods spent at the place of work because they are difficult to distinguish separately, even if workers are not at the disposal of their employer during those periods. Explicitly excluded are lunch breaks, as they normally are sufficiently long to be easily distinguished from work periods.
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Definition / Meaning of
Lead Time
Categories: Business and Management, Marketing, Operation and Production,
the time interval between the start of an activity or process and its completion, for example, the time between ordering goods and their receipt, or between starting manufacturing of a product and its completion in inventory control, the time between placing an order and its arrival on site. Lead time differs from delivery time in that it also includes the time required to place an order and the time it takes to inspect the goods and receive them into the appropriate store. Inventory levels can afford to be lower and orders smaller when purchasing lead times are short. in new product development and manufacturing, the time required to develop a product from concept to market delivery. Lead time increases as a result of the poor sequencing of dependent activities, the lack of availability of resources, poor quality in the component parts, and poor plant layout. The technique of concurrent engineering focuses on the entire concept-to-customer process with the goal of reducing lead time. Companies can gain a competitive advantage by achieving a lead time reduction and so getting products to market faster.
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