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 ?
Standard features: Rotary table (two- or three-station), four-tiebar clamp, convertible (horizontal/vertical) injection unit; Selogica control with graphical programming.
Standard features: Rotary, shuttle, and stationary tables; tiebarless clamp; Vertex ST PC-based, closed-loop controller with 10.
JofA: How does the ASB intend to monitor the work of other standard setters?
In order to help coordinate agendas among the ASB, the PCAOB and the GAO, the chairs of each of these standard setters and their staffs meet at least three times a year.
Obviously, any new standard would have an Invitation to Comment period.
A new standard would be pretty short, he says, but not "slack.
One final commonly heard comment remains: "I thought I had to get a waiver to use a military standard.
If one were to ask members of the Department of Defense acquisition workforce whether or not military standards may be used in their programs, the responses might be surprising.
See Figure 1) The TC was comprised of representatives from a wide cross-section of both public- and private-sector organizations that could in addition to making a significant contribution to the deliberations--also provide considerable leverage in promoting the standard nationally.
Representatives of the RIM sector reviewed the standard in light of various other relevant international and national standards to determine if it should be adopted as a Jamaican standard intact or if it needed to be adapted to reflect local conditions.
Publicly traded companies in the European Union are bracing for the implementation of the International Financial Reporting Standard--set to replace the various country-based accounting standards among the EU member states on Jan.
The emphasis here at the Joint commission has shifted (from new standards every year) to further evaluation of standards now in place.

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