Operations Management Quiz 1 – Flashcards
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Operations Management
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The design and operation of productive systems
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Operations
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A function or system that transforms inputs into outputs of greater value
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Value Chain
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Series of activities from supplier to customer that add value to a product or service (supply chain)
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Craft Production
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Process of handcrafting products or services for individual customers
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Division of Labor
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Dividing a job into a series of small tasks each performed by a different worker
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Interchangeable Parts
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Standardization of parts initially as replacement parts; enabled mass production
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Scientific Management
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Systematic analysis of work methods proposed by Frederick Taylor in early 1900s
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Mass Production
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High-volume production of a standardized product for a mass market
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Quality Revolution
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An emphasis on quality and the strategic role of operations
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Lean Production
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Adaptation of mass production that prizes quality and flexibility; both a philosophy and an integrated system of management that emphasizes the elimination of waste and the continuous improvement of operations
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Supply Chain Management
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Managing the flow of information, products and services across a network of customers, enterprises and supply chain partners in order to attain the level of synchronization that will make it more responsive to customer needs while lowering costs, software that plans and executes business processes related to supply chains
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Resilience
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Ability to bounce back, change, or adapt in response to a disaster, failure or disruption
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Competitiveness
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Degree to which a nation can produce goods and services that meet the test of international markets
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Productivity
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Measure of effectiveness in converting resources into products, generally computed as output divided by input
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Productivity Function
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Output/Input
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Strategy
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Common vision that unites an organization, provides consistency in decisions, and keeps the organization moving in the right direction
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Primary Task
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Task that is most central to the operation of a firm; defines the business that a firm is in and is often expressed in a mission statement
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Core Competency
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Activities that a company does best; essential capabilities that create a firm's sustainable competitive advantage
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Order Qualifiers
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Characteristics of a product or service that qualify it to be considered for purchase
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Order Winner
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Characteristic of a product or service that wins orders in the marketplace
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Positioning
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Determining how a firm will compete in the marketplace
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Flexibility
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In operations, the ability to adjust to changes in product mix, production volume, or product and process design
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Mass Customization
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The mass production of customized products
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Policy Development
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Planning system for converting strategy to measurable objectives throughout all levels of an organization
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Balanced Scoreboard
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A performance assessment that includes metrics related to customers, processes, and learning and growing, as well as financials
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Key Performance Indicators
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A metric used to measure supply chain performance; a set of measures that help managers evaluate performance in critical areas
