2.5 - operations management Flashcards
What is operations management?
The management of the processes involved in the production and delivery of products.
What are the key elements of operations management?
Production
What is production planning?
The process of planning how to produce goods and services efficiently.
What is capacity utilization?
The percentage of potential output a company is producing.
What is efficiency in operations?
Doing tasks with the least amount of resources and time.
What is lean production?
A production method that aims to minimize waste while maximizing value.
What is just-in-time (JIT) production?
A system where materials are ordered and received only when needed for production.
What is quality control?
Ensuring that products meet certain standards and specifications.
What is quality assurance?
The process of ensuring quality in every stage of production.
What is total quality management (TQM)?
A company-wide approach to improving quality in all aspects of operations.
What is inventory management?
The process of overseeing the flow of goods and materials in and out of a business.
What is supply chain management?
Managing the flow of goods
What is a stock-out?
A situation where a business runs out of stock.
What is a buffer stock?
Extra inventory held to prevent stock-outs.
What are economies of scale?
The cost advantages a business gains from producing in larger quantities.
What is batch production?
Producing goods in batches or groups rather than individually or continuously.
What is mass production?
Large-scale production of standardized products.
What is flexible production?
The ability to change production processes quickly to meet demand.
What is the importance of operations management?
It ensures products are produced efficiently
