M2M

Machine-to-Machine interface.

Machine Downtimes

Time during which a machine cannot be utilized.

Machine-to-Machine interface (M2M)

A term describing the process whereby machines are remotely monitored for status and problems, reported and resolved automatically, or maintenance scheduled by the monitoring systems.

Macro Environment

Major external and uncontrollable factors influence an organization's decision-making and affect its performance and strategies. These factors include economic, demographic, legal, political, and social conditions, technological changes, and natural forces.

Mail Shop

A service provider that specializes in preparing materials for mailing by affixing labels, sorting for bulk rates, preparing bag tags, bagging, etc.

Mainframe

A term sometimes generically used to refer to an organization's central computer system.

Maintenance, Repair, and Operating supplies (MRO)

Any activity – such as tests, measurements, replacements, adjustments, and repairs – intended to retain or restore a functional unit to a specified state in which the unit can perform its required functions. This is a category of software designed to support asset maintenance and management, also sometimes referred to as Computerized Maintenance Management Systems (CMMS).

Major Carrier

A for-hire certificated air carrier that has annual operating revenues of $1 billion or more.

Make-or-Buy Decision

A business decision that compares the costs and benefits of manufacturing a product or product component against purchasing it.

Make-to-Order (MTO)

A manufacturing process strategy where the trigger to begin the manufacture of a product is an actual customer order or release, rather than a market forecast. For Make-to-Order products, more than 20% of the value-added takes place after the receipt of the order or release, and all necessary design and process documentation is available at the time of order receipt.

Make-to-Stock (MTS)

Also called Manufacture-to-stock, this manufacturing process strategy involves continually holding the finished product in plant or warehouse inventory to fulfill expected incoming orders or releases based on a forecast.

Manifest

A document that describes individual orders contained within a shipment.

Manufacture Cycle Time

The average time between commencement and completion of a manufacturing process, as it applies to make-to-stock or make-to-order products, typically does not include engineering or testing time. Calculation: [Average number of units in WIP] / [Average daily output in units].

Manufacturer’s Representative

An individual or organization provides sales and marketing services for one or more other firms that actually manufacture the product. A manufacturer's representative typically does not take ownership of the products and, in many cases, does not even handle them.

Manufacturing Calendar

A tool used in the production environment to note the capacity available by working day. While it may resemble the traditional calendar with a representation of months and days, the unique features are the units of capacity available and the ability to block specific days, shifts, or work periods. Calendars are set by work center to allow for differing schedules.

Manufacturing Capital Asset Value

The asset value of the 'Manufacturing fixed assets' after allowance for depreciation includes examples of equipment such as SMT placement machines, conveyors, Auto guided vehicles, robot cells, testers, X-ray solder machines, Burn-in chambers, Logic testers, Auto packing equipment, PLC station controllers, scanning equipment, and PWB magazines.

Manufacturing Critical-Path Time(MCT)

The typical amount of calendar time from when a manufacturing order is created through the critical path until the first, single piece of that order is delivered to the customer.

Manufacturing Execution Systems (MES)

A system designed to manage and monitor work-in-process on the factory floor, including manual or automatic labor and production reporting, as well as online inquiries and links to tasks that take place on the production floor. Manufacturing Execution Systems may include one or more links to work orders, receipt of goods, shipping, quality control, maintenance, scheduling, or other related tasks.

Manufacturing Lead Time

The total length of time used to process raw materials and components through all upper levels in the bill of materials to an end item specifies the total of all individual elements of lead time. This includes order preparation, queue, setup, run, inspection, etc. It is indicative of a projected availability date for an end item if all lowest level raw materials are on hand.

Manufacturing Resource Planning (MRP II)

The extension of closed-loop MRP includes and integrates financial and simulation systems. It encompasses all organizational functions related to long-term strategic and business planning, demand planning, materials planning, resource planning, and production and vendor scheduling and execution. It assumes the use of a base integrated system and the sharing of a common database and operating parameters by all functions and departments.

Mapping

A computer term referring to diagramming of data that is to be exchanged electronically, including how it is to be used and what business management systems need it, is a preliminary step for developing an applications link. This task is performed by the functional manager responsible for a business management system.

Marginal Cost

The cost to produce one additional unit of output is the change in total variable cost resulting from a one-unit change in output.

Margin Analysis

The accounting activity involves analyzing the various elements contributing to the margin or difference between revenue and costs.

Marine insurance

Insurance is necessary to protect against cargo loss and damage when shipping by water transportation.

Maritime Administration

A federal agency that promotes the merchant marine, determines ocean ship routes and services, and awards maritime subsidies.

Maritime Transportation Security Act (MTSA)

A law was passed in 2002 to create a comprehensive national system of transportation security enhancements. The MTSA designated the U.S. Coast Guard as the lead federal agency for maritime homeland security and requires federal agencies, ports, and vessel owners to take numerous steps to upgrade security. The MTSA requires the Coast Guard to develop national and regional area maritime transportation security plans and requires seaports, waterfront terminals, and vessels to submit security and incident response plans to the Coast Guard for approval. Additionally, the MTSA also requires the Coast Guard to conduct antiterrorism assessments of certain foreign ports.

Market Demand

Estimated demand for a product or service within a given market demographic and time period.

Market Discovery Process

An evaluation and determination of attractive markets (by size and entry requirements).

Market Dominance

In transportation rating, this refers to the absence of effective competition for railroads from other carriers and modes for the traffic to which the rate applies. The Staggers Act of 1980 stated that market dominance does not exist if the rate is below the revenue-to-variable-cost ratio of 160% in 1981 and 170% in 1983.

Market Intelligence

The process of gathering and analyzing information about a company's market is to better understand customers' wants and needs, and to identify possible threats and opportunities to the company.

Market-Positioned Warehouse

A warehouse, located in a geographic area containing a high population of customers, is used to provide a ready source of products available the same day or next day to ordering customers in a manner more economical than overnight package shipments.

Market Segment

A group of people or organizations sharing one or more characteristics causes them to have similar product and/or service needs. A true market segment meets all of the following criteria: it is distinct from other segments (different segments have different needs), it is homogeneous within the segment (exhibits common needs); it responds similarly to a market stimulus, and it can be reached by a market intervention. The term is also used when consumers with identical product and/or service needs are divided up into groups so they can be charged different amounts. These can broadly be viewed as 'positive' and 'negative' applications of the same idea, splitting up the market into smaller groups.

Market Share

The portion of the overall market demand for a specific product or service that is provided by any single provider.

Market Strategy

A guide developed for an organization that details how to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.

Marks and Numbers

Identifying marks and numbers affixed to or placed on goods are used to identify a shipment or parts of a shipment.

Marquis Partners

Key strategic relationships have emerged as perhaps the key competitive advantage and barrier to entry of e-marketplaces.

Marshaller or Marshalling Agent

An individual or firm that specializes in one or more activities preceding main carriage, such as consolidation, packing, marking, sorting of merchandise, inspection, storage, etc.

Mass Customization

A manufacturing process that combines the low unit costs of mass production with the flexibility of individual customization, using flexible computer-aided manufacturing systems to produce customized output.

Master Pack

A large box is used to pack a number of smaller boxes or containers to protect them and reduce the number of cartons to be handled during material handling.

Master Production Schedule (MPS)

The top-level schedule is used to set the production plan in a manufacturing facility.

Material Acquisition Costs

The costs associated with a company's total supply chain management, including materials (commodity) management and planning, supplier quality engineering, inbound freight and duties, receiving and put away, incoming inspection, material processing and component engineering, and tooling.

Material Index

The ratio of the sum of the localized raw material weights to the weight of the finished product is correct.

Material requirement planning (MRP)

Designed to estimate raw material quantities, this solution helps manufacturers balance supply and demand to ensure strategic scheduling and order placement.

Material Requirements Planning (MRP)

A decision-making methodology used to determine the timing and quantities of materials to purchase.

Material Safety Data Sheet (MSDS)

A form containing data regarding the properties of a particular substance is intended to provide workers and emergency personnel with procedures for handling or working with that substance in a safe manner. It includes information such as physical data, toxicity, health effects, first aid, reactivity, storage, disposal, protective equipment, and spill handling procedures.

Materials Handling

The physical handling of products and materials between procurement and shipping.

Materials Management

The movement and management of materials and products from procurement through production.

Materials Planning

The materials management function attempts to coordinate the supply of materials with the demand for materials.