Cost-effectiveness analysisCost-effectiveness analysis (CEA) is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost–benefit analysis, which assigns a monetary value to the measure of effect. Cost-effectiveness analysis is often used in the field of health services, where it may be inappropriate to monetize health effect.
DemandIn economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The relationship between price and quantity demand is also called the demand curve. Demand for a specific item is a function of an item's perceived necessity, price, perceived quality, convenience, available alternatives, purchasers' disposable income and tastes, and many other options. Innumerable factors and circumstances affect a consumer's willingness or to buy a good.
Sunk costIn economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with prospective costs, which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future.
Magic realismMagic realism or magical realism is a style of literary fiction and art. It paints a realistic view of the world while also adding magical elements, often blurring the lines between fantasy and reality. Magic realism often refers to literature in particular, with magical or supernatural phenomena presented in an otherwise real-world or mundane setting, commonly found in novels and dramatic performances.
KanbanKanban (Japanese: カンバン and Chinese: 看板, meaning signboard or billboard) is a scheduling system for lean manufacturing (also called just-in-time manufacturing, abbreviated JIT). Taiichi Ohno, an industrial engineer at Toyota, developed kanban to improve manufacturing efficiency. The system takes its name from the cards that track production within a factory. Kanban is also known as the Toyota nameplate system in the automotive industry. In kanban, problem areas are highlighted by measuring lead time and cycle time of the full process and process steps.
Socialist realismSocialist realism is a style of idealized realistic art that was developed in the Soviet Union and was the official style in that country between 1932 and 1988, as well as in other socialist countries after World War II. Socialist realism is characterized by the depiction of communist values, such as the emancipation of the proletariat. Despite its name, the figures in the style are very often highly idealized, especially in sculpture, where it often leans heavily on the conventions of classical sculpture.
