Intro to Business-Chapter 13- Production and Business Operations – Flashcards
Unlock all answers in this set
Unlock answersquestion
Natural Resources
answer
Raw materials supplied by nature
question
Agricultural Products
answer
Crops and animals raised by farmers
question
Processed Goods
answer
Products that have been changed in form to increase their value and usefulness
question
Producers
answer
Develop products to sell to other businesses or consumers
question
Extractors
answer
obtain natural resources
question
Farmers
answer
tend land and other natural resources to grow crops and livestock
question
Manufacturers
answer
obtain materials from other producers and convert them into products for sale to consumers and other businesses
question
Extraction and Cultivation
answer
Products are obtained from nature or grown using natural resources
question
Processing
answer
involved changing and improving the form of another product
question
Manufacturing
answer
Combines raw materials and processed goods into finished products
question
Mass Production
answer
An assembly process that makes a large number of identical products using a continuous, efficient procedure
question
Custom Manufacturing
answer
Building a specific and unique product to meet the needs of one customer
question
Materials Processing
answer
Changing the form of raw materials so they can be consumer or used to make other products
question
Continuous Processing
answer
The raw materials constantly move through specially designed equipment
question
Intermittent Processing
answer
Uses short production runs to produce a precise amount of a variation of a product
question
Applied Research
answer
studies existing products to develop design improvements or new product uses
question
Pure Research
answer
Research done without a specific product in mind with the goal of discovering new solutions to problems
question
Production Process
answer
The activities equipment, and resources needed to manufacture a product
question
Inventory
answer
Is a detailed account of a company's materials, supplies, and finished prodcucts
question
Inventory Management
answer
Maintains the supply of all resources needed for production and the products produced
question
Continuous Process Improvement (CPI)
answer
increases the quality of work by reducing errors, inefficiencies, and waste
question
Benchmarks
answer
Standards are based around benchmarks
question
Logistics
answer
Is managing the acquisition, movement, and storage of suppliers, materials, and finished products in a business
question
Supply Chain Management
answer
A newer term for logistics
question
Just-In-Time
answer
Goods arrive when needs (just in time) for production, use, or sale rather than sitting in storage
question
Information Management
answer
uses technology to access and exchange information to complete the work of an organization
question
Operational Plan
answer
Identifies how work will be done, who will do it, and what resources will be needed
question
Schedule
answer
is a time plan for completing activities
question
Standard
answer
is a specific measurement against which an activity or result is judged
question
Collaboration Software
answer
provides real-time communications capabilities by voice, text, and video
