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physical items produced by business organizations 

• Goods

• Services

Activities that provide some combination of time, location, form, and psychological value 

• Goods

• Services

The management of systems or processes that create goods and/or provide services. 

• Supply chain

• Operations management

A sequence of organizations-their facilities, functions, and activities-that are involved in producing and delivering a product or service 

• Supply chain

• Operations management

The difference between the cost of inputs and the value or price of outputs.

• Value Added

• Lead time

the time between ordering a good or service and receiving it

• Value Added

• Lead time

one or more actions that transforms input into outputs

• Process

• Model

an abstraction of reality; a simplified representation of something.

• Process

• Model

the use of electronic technology to facilitate business transaction 

• E-Business

• E-Commerce

consumer to business transaction 

• E-Business

• E-Commerce