B6-M1&M2 Flashcards
1
Q
Business process management
A
seeks to coordinate functions of an org toward continuous improvement in customer satisfaction
2
Q
Just in time inventory
A
- inventory does not add value
- reduces wasteful costs
- more efficient flow of goods
- reduced set up time
- greater efficiency
- job specialization not necessary
3
Q
Total quality management
A
- organizational commitment to customer focused performance
- emphasizes quality and continuous performance
- customer focus
4
Q
Lean manufacturing
A
- waste reduction
- KAIZEN-analysis of production processes to ensure resources stay in target costs
5
Q
Theory of constraints
A
- overcome constraint
- maximizes throughput
6
Q
Six sigma
A
- quality improvement program
- requires specialized training
7
Q
Monetary value of risk event
A
risk probabilitycorrection cost + (1-risk probability) cost of not occurring
