chapter 1 Flashcards
is a physical product that you can see, touch, or possibly consume
good
the creation of goods and services
production
the set of activities that create value in the form of goods and services by transforming inputs into outputs
operations management
a global network of organizations and activities that supplies a firm with goods and services
supply chain
Provides the basis for future activities by developing strategies, goals and objectives and establishing guidelines, actions and schedules to meet them
planning
The process of bringing together the resources (people, material, equipment, technology, information and capital) necessary to perform planned activities
organizing
The process of turning plans into realities by assigning specific tasks and responsibilities to employees, motivating them and coordinating their efforts
directing (staffing/leading)
Evaluating performance and applying __corrective_ measures to ensure that plans are achieved
controlling
long term decisions and concern the determination of broad policies and plans for using the resources of a company to best support its long-term competitive strategy
strategic decisions
primarily address how to efficiently manage capacity, inventory and schedules within the constraints of previously made strategic decisions
tactical decisions
narrow and __short term_ by comparison and act under the operation constraints set out by the strategic and tactical management decisions
operations decisions
is a product that typically lasts at least three years
durable good
is perishable and generally lasts for less than three years
nondurable good
is any activity that does not directly produce a physical product
service
: the degree to which the output of a process meets customer requirements
quality