Chapter 1 Intro To Operations Management Flashcards
Operations Management
The management of activities and resources that create goods and or provide services
Efficiency
Operating at minimum cost and time
Effectiveness
Achieving quality and timeliness
Value added
The difference between the cost of inputs and the value or price of outputs
Load time
The time between ordering a good or service and receiving it
Model
An abstraction of reality; a simplified representation of something
System
A set of interrelated parts that must work together
Pareto Phenomenon
A few factors account for a high percentage of results achieved
Craft Production
Highly skilled workers using simple flexible tools to produce small qualities of customized goods
Division of Labour
Breaking up a production process into small tasks so that each worker performs a small portion of the overall job
Interchangeable Parts
Parts of a product made to such precision that they do not have to be custom fitted
Mass Production
System in which lower-skilled workers use specialized machinery to produce high volumes of standardized goods
Total Quality Management
Involving every employee in a continual effort to improve quality and satisfy the customers
Lean production
System that uses minimal amounts of resources to produce a high volume of high-quality goods with some variety
E-commerce
Use of the internet to buy and sell goods and services
