Midterms Flashcards
management of processes or system in creating goods and services
OPERATIONS MANAGEMENT
considered as customer focus process
focuses on constantly improving both operation and managements
TOTAL QUALITY MANAGMENT
the totality of feature and characteristics of a product or services that bears ability that satisfy the given neeeds
QUALITY
what are the concepts of OM
FINANCE
OPERATIONS
MARKETING
what are the inputs
LAND
LABOR
CAPITAL
INFORMATION/IDEA
what are the outputs
GOODS (TANGIBLE)
SERVICE (INTANGIBLE)
it is the term used to describe the difference between input cost and value of the price of product/services.
VALUE ADDED
doing right things
EFFECTIVE
doing things right
EFFICIENT
comprise activities related to securing resources at favorable prices and allocating these resources throughout the organization
FINANCE
what are the roles and responsibilities of finance
BUDGETING
ECONOMIC ANALYSIS OF INVESTMENT PROPOSALS
PROVISION OF FUNDS
focuses on selling/promoting the products
identify/asses the customer needs/wants and preferences
MARKETING
the degree to which a product can be effectively manufactured given the design, cost and distribution requirement
MANUFACTURABILITY
the time between ordering and receiving a goods/services
goal of the company to shorten
LEAD TIME
ensures that process is completed from start to finish
OPERATIONS
