Operations Management – Ch 1 – Key Terms – Flashcards
Unlock all answers in this set
Unlock answersquestion
Agility
answer
the ability of an organization to respond quickly to demands or opportunities.
question
Craft Production
answer
System in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods.
question
Division of Labor
answer
The breaking up of a production process into small tasks, so that each worker performs a small portion of the overall job.
question
eBusiness
answer
Use of the internet to transact business
question
eCommerce
answer
Consumer-to-business transactions.
question
Ethical Framework
answer
A sequence of steps intended to guide thinking and subsequent decisions or action.
question
Ethics
answer
A standard of behavior that guides how one should act in various situations.
question
Goods
answer
Physical items produced by business organizations.
question
Interchangeable parts
answer
Parts of a product made to such precision that they do not have to be custom fitted
question
Lead Time
answer
The time between ordering a good or service and receiving it.
question
Lean System
answer
System that uses minimal amounts of resources to produce a high volume of high-quality goods with some variety.
question
Mass Production
answer
System in which low-skilled workers use specialized machinery to produce high volumes of standardized goods.
question
Model
answer
An abstraction of reality; a simplified representation of something.
question
Operations management
answer
Management of systems or processes that create goods and/or provide services.
question
Outsourcing
answer
Buying goods or services instead of producing or providing them in-house.
question
Pareto Phenomenon
answer
A few factors account for a high percentage of the occurrence of some event(s)
question
Process
answer
One or more actions that transform inputs into outputs
question
Services
answer
Activities that provide some combination of time, location, form, and psychological value.
question
Six Sigma
answer
A process for reducing costs, improving quality, and increasing customer satisfaction.
question
Supply Chain
answer
A sequence of activities and organizations involved in producing and delivering a good or service.
question
Sustainability
answer
Using resources in ways that do not harm ecological systems that support human existence.
question
System
answer
A set of interrelated parts that must work together.
question
Technology
answer
The application of scientific discoveries to the development and improvement of goods and services.
question
Value-added
answer
The difference between the cost of inputs and the value or price of outputs.
