standardization

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standardization

  1. the limitation of a firm's product and component range as a means of controlling production and marketing costs. By limiting the PRODUCT RANGE a firm can mass-produce each product and achieve ECONOMIES OF SCALE through long production runs, but forgoes potential sales by serving only a limited number of market segments. However it may be possible to cut production costs while maintaining product VARIETY through standardization and interchangeability of components. Standardization serves to reduce the variety of finished product stocks or materials and component stocks held, simplifying purchasing and STOCK CONTROL. Compare CUSTOMIZATION.
  2. see ORGANIZATION.

standardization

the limitation of a firm's product range as a means of achieving low-cost production and marketing. By restricting its product range, a firm may be able to mass-produce each product and secure ECONOMIES OF SCALE through long production runs. In reducing its product range, however, the firm may forgo greater sales and profit potential by limiting the number of MARKET SEGMENTS its products are sold in. Thus, as part of their PRODUCT DIFFERENTIATION policies, firms often need to ‘trade off cost and VARIETY considerations.
References in periodicals archive ?
This likely has implications for workers with nonstandard schedules that do not fit nicely with day care center operating hours.
Forming an appropriate policy response to the shift toward a larger shadow workforce is difficult because of the variety of both employment arrangements and employee characteristics in nonstandard employment.
However, children in two-parent households where both parents work nonstandard schedules reported weaker bonds with their parents, compared to children in households where both parents work standard schedules.
Specifically, the nonstandard materiel process allows users to create nonstandard materiel records and complete system processes such as ordering, receiving, and issuing items.
Financial statement misstatements are often perpetrated by using nonstandard entries to record fictitious transactions or other events and circumstances, particularly near the end of the reporting period.
8) Nevertheless, both the disproportionate amount of material representing particular dialect areas of New England and a low number of tokens retrieved for the nonstandard usages of allomorphs under discussion hinder the assessment of a plausible degree of local variation within the region of New England in terms of the discussed phenomenon.
Preschool children whose parents work nonstandard hours are less likely to be eared for in formal child-care settings that may provide important school-readiness experiences.
A Tron operating system, called ''Chokanji,'' is capable of showing 170,000 kanji characters including nonstandard characters and those used in China.
Because of increasing concerns about the growth of the contingent and nonstandard workforces Congress directed the Bureau of Labor Statistics (BLS) of the Department of Labor in the early 1990s to conduct studies of these groups.
First, nonstandard settlement is a particularly useful tool for engaging in dividend-capture or dividend-dump strategies.
Nonstandard work is the absence of a regular, full-time, employee-employer relationship.