Chapter 1 Operations And Supply Chain Flashcards
0
Q
Servitization
A
Building service activities to support a firms product offerings
1
Q
OSCM
A
Design, operation, and improvement of the systems that create and deliver the firms primary products and services
2
Q
Efficiency
A
Doing something at the lowest possible cost
3
Q
Effectiveness
A
Doing the right things to create the most value for the company
4
Q
Value
A
Ratio of quality to price paid. Competitive “happiness” is being able to increase quality and reduce price while maintaining or improving profit margins.
5
Q
Mass customization
A
Producing products to order in lot sizes of one
6
Q
Sustainability
A
The ability to maintain balance in a system
