Exam Flashcards
Research and Development
Work directed toward the innovation, introduction and improvement of products and processes
Production
The creation of finished goods and services using the factors of production: land, labour, capital, entreprenuership and knowledge
Production Management
The term used to describe all of the activities that managers do to help their firm create goods
Operations Management
A specialized area in management that converts or transforms resources into goods and services
Facility Location
The process of selecting a geographic location for a company’s operations
Telecommuting
Working from home via computer
Facility Layout
The physical arrangement of resources in the production process
Materials Requirement Planning
A computer based production management system that uses sales forecasts to make sure that needed parts and materials are available at the right place at the right time
Assembly Line Layout
Used for repetitive tasks
Process Layout
Frequently used in operations that serve different customer’s different needs
Modular Layout
Can accomodate changes in design or customer demand
Fixed Position Layout
A major feature of planning is scheduling work operations
Enterprise Resource Planning (ERP)
A computer application that enables a firm to manage all of its operations on the basis of a single, integrated set of corporate data
Purchasing
The functional area in a firm that searches for quality material resources, finds the best suppliers, and negotiates the best price for goods and services
Just-in-time Inventory Control (JIT)
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 for use on the assembly line
Quality
Consistently producing what the customer wants while reducing errors before and after delivery to the customer
Six Sigma Quality
A quality measure that only allows 3.4 defects per million events
Statistical Quality Control (SQC)
The process some managers use to continually monitor all phases of the production process to assure that quality is being built into the product from the beginning
Statistical Process Control (SPC)
The process of testing statistical samples of product components at each stage of the production process and plotting those results on a graph. Any variances from quality standards are recognized and can be corrected if beyond the set standards
ISO 9000
The common name given to quality management and assurance standards
ISO 14000
A collection of the best practices for managing an organization’s impact on the environment
Logistics
Those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost
Supply CHain
The sequence of firms that perform activities required to create and deliver a good or service to consumer or industrial users
Supply Chain Management
The integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering goods and services that provide value to customers
