Foundations of Business – Chapter 8 – Flashcards
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Operations management
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All the activities required to produce goods and services
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Reshoring
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A situation in which U.S. manufacturers bring manufacturing jobs back to the United States
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Mass production
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A manufacturing process that lowers the cost required to produce a large number of identical or similar products over a long period of time
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Analytical process
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A process in operations management in which raw materials are broken into different component parts
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Synthetic process
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A process in operations management in which raw materials or components are combined to create a finished product
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Utility
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The ability of a good or service to satisfy a human need
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Form utility
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Utility created by people converting raw materials, finances, and information into finished products
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Service economy
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An economy in which more effort is devoted to the production of services than to the production of goods
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Research & development (R&D)
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A set of activities intended to identify new ideas that have the potential to result in new goods and services
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Purchasing
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All the activities involved in obtaining required materials, supplies, components, and parts from other firms
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Materials requirements planning (MRP)
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A computerized system that integrates production planning and inventory control
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Just-in-time inventory system
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A system designed to ensure that materials and supplies arrive at a facility just when they are needed so that storage and holding costs are minimized
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Inspection
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The examination of quality of work-in-process
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International Organization for Standardization (ISO)
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A network of national stands 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
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Lean manufacturing
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A concept built on the idea of eliminating waste from all of the activities required to produce a product or service
