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Business 101 > Chapter 8 > Flashcards

Chapter 8 Flashcards

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1
Q

Production

A

The creation of finished goods and services using the factors of production

  1. Land
  2. Labor
  3. Capital
  4. Entrepreneurship
  5. Knowledge
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2
Q

Production Management

A

The activities that helped firms create goods

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3
Q

Operations Management

A

A specialized area in management that converts or transforms resources into goods and services

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4
Q

Form Utility

A

The value producers add to the materials in the creation of finished goods and services

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5
Q

What are the three basic requirements of production?

A
  1. Build and deliver products in response to the demands of the customer at a scheduled delivery time
  2. Provide an acceptable quality level
  3. Provide everything at the lowest possible cost
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6
Q

What is the Production Process

A

Taking the factors of production and using those inputs to produce goods, services, and idea.

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7
Q

Examples of Inputs

A

Land
Labor
Capital
Entrepreneurship
Knowledge

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8
Q

Examples of Production Control

A

Planning
Routing
Scheduling
Dispatching
Follow-up

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9
Q

Examples of Output

A

Goods
Services
Ideas

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10
Q

Process Manufacturing

A

Physically or chemically changes materials

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11
Q

Assembly Process

A

Puts together components to make a product

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12
Q

Continuous Process

A

One in which long production runs turn out finished goods over time

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13
Q

Intermittent Process

A

The production run is short and the producer adjusts machines frequently to make different products

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14
Q

What are some major developments that have made US companies more competitive

A
  1. Computer-aided design and manufacturing
  2. Flexible manufacturing
  3. Lean manufacturing
  4. Mass customization
  5. Robotics
  6. 3D printing
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15
Q

Computer-aided Design (CAD)

A

The use of computers to design products

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16
Q

Computer-integrated Manufacturing (CIM)

A

The uniting of computer-aided design with computer-aided manufacturing

17
Q

Computer-aided Manufacturing (CAM)

A

The use of computers in the manufacturing of products

18
Q

Flexible Manufacturing

A

Designing machines to do multiple tasks so they can produce a variety of products

19
Q

Lean Manufacturing

A

The production of goods using less of everything than in mass production

20
Q

How does a company become lean?

A

By continuously increasing its capacity to produce high-quality goods while decreasing its needs for resources

21
Q

Mass Customization

A

Tailoring products to meet the needs of a larger number of individual customers

22
Q

Customize

A

To make a unique product or provide a specific service to specific individuals

23
Q

Why is it easier to custom-design service programs than to custom-make goods?

A

Because there is no fixed tangible good to adapt

24
Q

What are two things Robotics have changed in manufacturing ?

A
  1. Improving productivity
  2. Reducing the number of jobs to humans
25
Q

3D printing

A

Creating a product one layer at a time

26
Q

Facility Location

A

The process of selecting a geographic location for a company’s operations

27
Q

Interfirm Process

A

The process in which companies work closely together to design, produce, and ship products to customers

28
Q

Telecommuting

A

Working from home via computer and modem

29
Q

Facility Layout

A

The physical arrangement of resources, including people, to most efficiently produce goods and provide services for customers

30
Q

Describe (Product Layout) aka Assembly Line Layout

A

Used to produce large quantities of a few types of products. Workers do only a few tasks at a time

31
Q

Describe a Modular layout aka Cellular Layout

A

Teams or workers combine to produce more complex units of the final product. Can accommodate changes in design or customer demand

32
Q

Describe a fixed-position layout

A

Allows workers to congregate around the product to be completed. A major feature of planning is scheduling work operations

33
Q

Describe a process layout

A

One in which similar equipment and functions are grouped together. Frequently used in operations that serve different customer’s different needs.

34
Q

Materials Requirement Planning (MRP)

A

A computer-based operations management system that uses sales forecasts to make sure needed parts and materials are available at the right time and place

35
Q

Enterprise Resource Planning (ERP)

A

Combines the computerized functions of all the divisions and subsidiaries of the firm into a single integrated software program that uses a single database.

36
Q

Purchasing

A

The function that searches for high-quality material resources, finds the best suppliers and negotiates the best price for quality goods and services

37
Q

Just in Time (JIT) Inventory Control

A

A production process in which a minimum of inventory is kept on the premises and parts, supplies, and other needs are delivered just in time to go on the assembly line.

38
Q

Quality

A

Consistently producing what the customer wants while reducing errors before and after delivery to the customer

Business 101 (2 decks)

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