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An interconnected and coordinated set of elements and processes that converts inputs to desired outputs
All the elements and processes that add value as raw materials are transformed into the final products made available to the ultimate customer
Transferring part or all of a business function to a facility (a different part of the company or another company entirely) in another country
A set of connected systems that coordinates the flow of goods and materials from suppliers all the way through to final customers
supply chain management (SCM)
The business procedures, policies, and computer systems that integrate the various elements of the supply chain into a cohesive system
Determining the right quantites of supplies and products to have on hand and tracking where those items are
The acquisition of the raw materials, parts, components, supplies, and finished products required to produce goods and services
production and operations management
Overseeing all the activities involved in producing goods and services
In the PERT network diagram, the sequence of operations that requires the longest time to complete
Inventory management in which goods and materials are delivered throughout the production process right before they are needed
Manufacturing approach in which part of the product is mass produced and the remaining features are customized for each buyer
The potential to increase production by expanding or replicating its initial production capacity
Measuring quality against established standards after the good or service has been produced and weeding out any defective products
A more comprehensive approach of companywide policies, practices, and procedures to ensure that every product meets quality standards
statistical process control (SPC)
Use of random sampling and control charts to monitor the production process
total quality management (TQM)
A management philosophy and strategic management process that focuses on delivering the optimal level of quality to customers by building quality into every organizational activity
A rigorous quality management program that strives to eliminate deviations between the actual and desired performance of a business system
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