Tag: Dictionary

Caveat and Caveat Emptor

in law, a notice served on a public officer or court to refrain from doing a certain act without first giving notice to the caveator, as the person is termed who enters the caveat. Perhaps the best known use of the caveat in the United States is its entry by an inventor in the Patent Office for the purpose of establishing his claim to priority of invention, by enjoining its officers from issuing letters patent for any invention interfering with or infringing the rights claimed by the caveator without first giving him notice of the application for such letters patent.

What is hire-purchase agreement

A hire-purchase agreement, being an agreement to hire coupled with an option (not an obligation) to purchase, developed in the middle of the nineteenth century as a means of financing the retail acquisition of furniture, sewing machines and musical instruments.It is said that this rental-purchase method covered the acquisition of pianos in the 1840’s and Singer sewing machines in the 1860’s.Two English cases of the 1890’s consolidated the development of hire-purchase as a finance product. The prevalence of hire-purchase increased in the early decades of this century. In the depression years of the 1930’s however, abuse of the agreements became more prolific.

Demand levelling

Demand levelling is a technique to reeduce the fluctuations in demand for product which occur both within companies and along supply chains. Reducing lead times and batch sizes are two beneficial changes […]

Cycle time

Cycle time is the time required to complete one cycle of an operation within an overall production process. Understanding cycle times is an important part of line balancing : if cycle time […]

Cellular manufacturing

Cellular manufacturing refers to the arrangement of a factory into production cells consisting of a number of machines performing different operations, typically laid out in a U-shape or rough triangle rather than […]

Activity-based costing

Activity-based costing (ABC) is a potentially complex management accounting system that assigns costs to products based on the cost of all the activities connected with that product – including purchasing, set-up times […]

Waste of time

wastes Scrap components are an obvious form of waste, the pioneering thinker Taiichi Ohno of Toyota Motor Co. identified 7 forms of wasted time, effort or materials all of which lead to […]

Bearer negotiable instruments

Bearer negotiable instruments   Bearer negotiable instruments (BNIs) includes monetary instruments in bearer form such as: traveller’s cheques; negotiable instruments (including cheques, promissory notes and money orders) that are either in bearer […]