Management Glossary

  Terms beginning with f
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fixed cost
A cost that stays the same no matter how many units are produced or services sold (until the maximum capacity of the related item is reached). For example, plant and equipment are fixed costs.
Contributed by: ManagerWise Staff
See: variable cost

flat organization
An organization with very few or no levels of management between the most senior executive and the lowest level of line worker.
Contributed by: ITStartPage staff
See: delayering

flex time

A work arrangement that allows employees to set their own starting and ending times (sometimes constrained to some bounds set by the company) provided that they work the required number of hours per day/week. Flex time allows employees to set their own work schedules to accommodate personal needs, to avoid commuting during rush hours and/or for any other reason.

Contributed by: Managerwise Staff

flexible manufacturing system

A manufacturing facility, or a subset of the facility, and that has machines and processes that are sufficiently flexible to accommodate rapidly any expected and unexpected changes to manufacturing requirements, such as the need to switch over quickly to produce a different product or model than what is being currently being produced in order to meet unexpected demands.

Contributed by: Managerwise Staff

FMS

flexible manufacturing system

Contributed by: Managerwise Staff
See: flexible manufacturing system

focus group
A group assembled for marketing research purposes. The group is led by an experienced facilitator who will encourage the expression of views on specific topics of interest to a firm's marketers. The facilitator will encourage people to expand on their responses or react to other group members' responses when appropriate. Focus group research yields qualitative rather than quantitative results.
Contributed by: ManagerWise Staff

forward integration

Acquiring companies that had been customers of the acquiring company or distributors of the acquiring company's products.

Contributed by:
See: backward integration, vertical integration

forward interest rate
An interest rate that is fixed by agreement of the lender and borrower for a loan that will be made at some time in the future.
Contributed by: ManagerWise Staff

forward scheduling
Developing a schedule by starting with the current date or some other specified date and then mapping out the sequence of required component steps/tasks order to determine a completion date for a project/activity. This is the reverse of backward scheduling.
Contributed by: Managerwise Staff
See: backward scheduling

FTE

full-time equivalent

Contributed by:
See: full-time equivalent

full-time equivalent

A way of measuring how much labor is put into a project or job (or, when doing budgeting and forecasting, how much labor will be required to be put into it). Abbreviated as FTE. An FTE of 1 is equal to one full-time employee working on the project or job. That contribution may or may not come from one person. For example, a job that requires 1 FTE may involve two people each working half-time.

Contributed by: Managerwise Staff

fungible goods

Goods that can be exchanged for an equal quantity of the same type of goods without altering the resulting value. For example, pieces of 2x4 lumber of a particular type of wood are fungible goods because one 2x4 is equivalent to another. An original piece of artwork is, on the other hand, not fungible.

Contributed by: Managerwise Staff



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