Economics is no different. Economists use many abbreviations. One of the most common is GDP, which stands for gross domestic product. It is often cited in newspapers, on the television news, and in reports by governments, central banks, and the business community.
The throughput, denoted byTH, is the averageoutput per unit time, e.g., number of widgets per hour. The inventory between the start and the end points of a production. system (not counting crib inventory or ï¬nished goods inventory) is called work-in-process (WIP). The cycle time (CT) of a given production system is the average time parts spend as WIP. The bottleneck rate rb is the rate of the process center having least long-term capacity. The raw. processing time To is the sum of the long-run average processing times of each workstation in the. routing.
Period refers to the time that it takes to do something. When an event occurs repeatedly, then we say that the event is periodic and refer to the time for the event to repeat itself as the period. The period of a wave is the time for a particle on a medium to make one complete vibrational cycle. Period, being a time, is measured in units of time such as seconds, hours, days or years. The period of orbit for the Earth around the Sun is approximately 365 days; it takes 365 days for the Earth to complete a cycle.