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Business Vocab #9
Terms in this set (38)
The creation of goods using land, labor, capital, entrepreneurship and knowledge (the factors of production).
All the activities managers do to help firms create goods.
A specialized area in management that converts or transforms resources into goods and services.
The value producers add to materials in the creation of finished goods and services.
The part of production that physically or chemically changes materials.
The part of the production process that puts together components.
Long production runs turn out finished goods over time.
Production runs are short and the producer adjusts machines frequently to make different products.
Computer-Aided Design (CAD)
The use of computers in the design of products.
Computer-Aided Manufacturing (CAM)
The use of computers in the manufacturing of products.
Computer-Integrated Manufacturing (CIM)
The uniting of computer-aided design with computer-aided manufacturing.
Designing machines to do multiple tasks so they can produce a variety of products.
focuses on the elimination of ALL waste in production processes.
Tailoring products to meet the needs of a large number of individual customers.
Key Operations Management Axiom
You Can't Control What You Don't Measure.
Consistently producing what the customer wants while reducing errors before and after delivery.
Six Sigma Quality
A quality measure that allows only 3.4 defects per million opportunities and was pioneered by Motorola.
Statistical Quality Control
A process used to continually monitor all phases of the production process.
Statistical Process Control
A process of testing statistical samples of product components at each stage of production and determining if it meets specs.
International Organization for Standardization (ISO)
a worldwide federation of national standards bodies.
The common name given to quality management and assurance standards.
A collection of the best practices for managing an organization's impact on the environment.
The process of selecting a geographic location for a company's operations.
Working from home via computer.
The physical arrangement of resources, including people, to most efficiently produce goods and provide services.
Service (Facility Layout)
Quick and efficient movement of information between customer and biz.
Manufacturing (Facility Layout)
Improve efficiency of partially completed products moving through plant.
Assembly Line Layout
Workers do only a few tasks at a time.
Teams of workers produce more complex units of the final product.
Allows workers to congregate around the product.
Similar equipment and functions are grouped together.
Just-in-Time (JIT) Inventory Control
The production process in which a minimum of inventory is kept and parts, supplies and other needs are delivered just in time to go on the assembly line.
Materials Requirement Planning (MRP)
A computer-based operations management system that uses sales forecasts to make sure parts and materials are available when needed.
Enterprise Resource Planning (ERP)
A newer version of MRP, combines computerized functions into a single integrated software program across all company functions using a single database.
The function that searches for high-quality material resources, finds the best suppliers and negotiates the best price for goods and services.
Program Evaluation and Review Technique (PERT)
A method for analyzing the tasks involved in completing a given project and estimating the time needed.
The sequence of tasks that takes the longest time to complete.
A bar graph that shows what projects are being worked on and how much has been completed.
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