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RAMS (Reliability, Availability, Maintainability and Safety)

RAMS in short represent all standards that any Total Quality Control system should have. This set of standards will ensure that a system will be able to perform its functions under any given conditions (reliability). It can be restored to its original state in case of maintenance and it will be able to perform its required activities without losses for its entire life cycle (maintainability) and that it will not bear risk (safety). Availability is often omitted as it is a simple function of reliability and maintainability.

Resources

Firm-specific assets useful for creating a cost or differentiation advantage and that few competitors can acquire easily, as, for example, patents and trademarks; proprietary know-how; customer base; reputation of the firm and brand equity.

Return on Investment

Performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. ROI measures a corporation's profitability and it is equal to a fiscal year's income divided by common stock and preferred stock equity plus long-term debt. ROI measures how effectively the firm uses its capital to generate profit and might be expressed as a percentage or a ratio.

 

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