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.
Iterations are typically a fixed length (although this length varies between the methodologies) and thus are referred to as time-boxed. The time allocated to each iteration is sometimes referred to as a cycle time. Agile methods also differ in the activities and artifacts that they produce. Methodologies that have many artifacts (or work products) and steps along the way are referred to as higher ceremony. Conversely, methodologies with less emphasis on these are referred to as lower ceremony.