Standard Components - Meaning & Definition

Published in Operations and Supply Chain Terms by MBA Skool Team

What is Standard Components?

A standard component is typically an individual part or segment, produced in thousands or millions, to the same specification. Standard components is an innovation term, when makers purchase in a standard component they would utilize a pre-made item in the generation.

They assist items with being the same in consistency, they are snappy and simple to use in bulk creation. Standard components are considered to be a ready to use items for the consumers while the non standard ones need to be designed specifically for the particular requirement.


Advantages of utilizing standard components

• Guarantees consistency of quality and size

• Spares time and exertion and can diminish costs

• Less expertise by staff and less expert equipment are required

• Setting up a large manufacturing line is simpler if standard components are utilized

• Safety/quality testing is less demanding when managing standard components

• Parts purchased and produced in tremendous amounts, holding expenses down

• Requesting of standard components are moderately easy and sizes, measurements are accessible in table or record structure


Disadvantages of utilizing standard components

• Less reliable as one maker relies upon another maker

• Parts can be more costly

• Tactile qualities may not be in the same class as crisp fixings

• Extensive measure of storage room

• Time required for requesting and conveyance may be high


Eg. Electronic segments like resistors, transistors, incorporated circuits (ICs) etc. are supplied by hardware makers in millions, to the cellphone manufacturers. The organizations collect standard components to frame their own unique item.


Hence, this concludes the definition of Standard Components along with its overview.

This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.

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