Business Chp. 8 – Flashcards

all the activities required to produce goods and services

a situation in which U.S. manufactures bring manufacturing jobs back to the United States

a manufacturing process that lowers the cost required to produce a large number of identical or similar products over a long period of time

a process in operations management in which raw materials are broken into different component parts

a process in operations management in which raw materials or components are combined to create a finished product

the ability of a good or services to satisfy a human need

utility created by people converting raw materials finances and information into finished products

an economy in which more effort is devoted to the production of services than to the production of goods

a set of activities intended to identify new ideas that have the potential to result in new goods and services

the development of a plan for converting an idea into an actual product or sale

a group of similar products that differ only in relatively minor characteristics

a process in which people must do most of the work

a process in which machines and equipment do most of the work

the arrangement of machinery, equipment, and personnel within a production facility

the period during which an operational plan will be in effect

all the activities involved in obtaining required materials, supplies, components, and parts from other firms

the process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock out costs

a computerized system that integrates production planning and inventory control

a system designed to ensure that materials or supplies arrive at a facility just when they are needed so that storage and holding costs are minimized

the process of ensuring that materials and other resources are at the right place at the right time

an award given by the President of the United States to organizations judged to be outstanding in specific managerial tasks that lead to improved quality for both products and services

the process of ensuring that goods and services are produced in accordance with design specifications

a team of employees who meet on company time to solve problems and product quality

the examination of the quality of work-in-process

a disciplined approach that relies on statistical date and improved methods to eliminate defects for a firms products and services

a network of national standards institutes and similar organizations from over 160 different countries that is charged with developing standards for quality products and services that are traded throughout the globe

a concept built on the idea of eliminating waste from all the activities required to produce a product or service

the total or near total use of machines to of work

the use of programmable machines to perform a variety of tasks by manipulating materials and tools

the use of computers to aid in the development of products

a computer system that not only helps to design products but also controls the machinery needed to produce the finished product

a manufacturing process in which a form produces the same product(s) over a long period of time

a single production system that combines electronic machines and CIM

a manufacturing process in which a firms manufacturing machines and equipment are changed to produce different products

a computer system that not only helps to design products but also controls the machinery needed to produce the finished product

the average level of output per worker per hour

the amount of products or services that and organization can produce in a given time

product development, planning for production, and operations control

1. product line 2. required production capacity 3. use of technology

1. selecting a planning horizon 2. estimating market demand 3. comparing market demand with capacity 4. adjusting products or services to meet demand

holding cost (or storage cost) and stock out cost (the cost of running out of inventory)