Operating Cycle is the average number of days it takes for a firm to turn raw materials into cash proceeds. The operating cycle is equal to the number of days of inventory plus the number of days of receivables.
Some other related topics you might be interested to explore are Number of Days of Inventory, Number of Days of Receivables, and Cash Cycle.
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Operating Cycle is among the topics included in the Corporate Finance module of the CFA Level 1 Curriculum.