Module 1 Flashcards
What term refers to the systematic design, direction, and control of processes that transform inputs into services and products for both internal and external customers.
Operations Management
As exemplified by Disney, what can be a source of competitive advantage for firms in both service and manufacturing sectors.
Operations Management
Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers is known as
Process
A group of resources performing all or part of one or more processes is known as a
Operation
An interrelated series of processes within and across firms that produces a service or product to the satisfaction of customers is known as a
Supply Chain
The synchronization of a firm’s processes with those of its suppliers and customers to match the flow of materials, services, and information with customer demand is known as
Supply Chain Management
T/F- In manufacturing firms, the head of operations usually holds the title chief operations officer (COO) or vice president of manufacturing (or of production or operations).
True
Based on business strategy, the finance and operations functions then decide how to invest these resources and convert them into physical assets and material inputs. Operations subsequently transforms these material and service inputs into product and service outputs.
Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers.
Process
A group of resources performing all or part of one or more processes.
Operation
An interrelated series of processes within and across firms that produces a service or product to the satisfaction of customers.
Supply Chain
The synchronization of a firm’s processes with those of its suppliers and customers to match the flow of materials, services, and information with customer demand.
Supply Chain Management
What major function of business acquires financial resources and capital for inputs
Finance
What major function of business translates materials and services into outputs
Operations
What major business function generates sales of outputs
Marketing
A customer who is either an end user or an intermediary (e.g., manufacturers, financial institutions, or retailers) buying the firm’s finished services or products. Is known as?
External Customers
One or more employees or processes that rely on inputs from other employees or processes to perform their work. Is known as?
Internal Customers
The businesses or individuals who provide the resources, services, products, and materials for the firm’s short-term and long-term needs. This is known as
External Suppliers
The employees or processes that supply important information or materials to a firm’s processes is known as
Internal Suppliers
Processes can be broken down into subprocesses, which in turn can be broken down further into still more subprocesses. We refer to this concept of a process within a process as a
better known as the concept of process within a process
Nested Process
What are the two major types of processes?
Service
Manufacturing
What type of processes pervade the business world and have a prominent place in our discussion of operations management
Services
What processes are important; without them the products we enjoy as part of our daily lives would not exist.
Manufacturing
What are the 2 main differences between service and manufacturing processes?
1) the nature of their output
2) the degree of customer contact
T/F- manufacturing processes also have longer response times, are more capital intensive, and their quality can be measured more easily than those of service processes.
True
T/F-Service processes tend to produce intangible, perishable outputs. For example, the output from the auto loan process of a bank would be a car loan, and an output of the order fulfillment process of the U.S. Postal Service is the delivery of your letter.
True
A set of activities that delivers value to external customers is known as
Core Process