Glossary

Association of Southeast Asian Nations (ASEAN). Created in 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. By 2021 ASEAN had grown to include Brunei, Vietnam, Laos, Myanmar, and Cambodia, representing nearly 700 million people.  Extended groups have been used for economic development discussions –  ‘ASEAN plus 3’ adds China, Japan, South Korea;  ‘ASEAN plus 6’ further adds India, Australia and New Zealand.

Assemble to Order (ATO) is a production method that occurs when an item is assembled after receipt of a customer’s order. The key items used in the assembly or finishing process are planned and usually stocked in anticipation of a customer order. Receipt of an order initiates assembly of the customized product.

Asset turnover measures the efficiency of the use of assets to produce sales. It is a ratio which shows how many dollars of sales were generated by each dollar of assets. Calculate by dividing net sales by average total assets.