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Operations Management > Terms > Flashcards

Terms Flashcards

1
Q

OPERATIONS MANAGEMENT

A

The set of activities that creates value in the form of goods and services by transforming inputs into outputs

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2
Q

Productivity

A

The ratio of outputs (goods and services) divided by the inputs (resources, labor & capital)

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3
Q

Mission

A

Tells an organization where it is going

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4
Q

Strategy

A

Tells the organization how to get where its going

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5
Q

Competitive advantage

A

Implies the creation of a system that has a unique advantage over competitors

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6
Q

Delphi method

A

Uses an interactive group process that allows experts to make forecasts

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7
Q

Jury of executive opinion

A

Takes the opinion of a small group of high-level managers and results in a group estimate of demand

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8
Q

Sales force composite

A

Based on salespersons’ estimates of expected sales

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9
Q

Market survey

A

Solicits input from customers or potential customers regarding future purchasing plans

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10
Q

Time series

A

Uses a series of past data points to make a forecast

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11
Q

Malcolm Baldrige Award

A

National quality award after a former secretary of commerce

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12
Q

ISO 9000

A

Set of quality standards developed by the International Organization for Standardization

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13
Q

Quality

A

The ability of a product or service to meet customer needs

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14
Q

Prevention costs

A

Costs associated with reducing the potential for defective parts or services I.e training

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15
Q

Appraisal costs

A

Costs related to evaluating products, processes, parts,and services I.e inspectors

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16
Q

Internal failure costs

A

Costs that result from production of defective parts or services before delivery to customers I.e rework

17
Q

External failure costs

A

Costs that occur after delivery of defective parts or services I.e returned goods

18
Q

Six Sigma

A

A program to save time, improve quality, and lower costs

19
Q

D-M-A-I-C

A 
Defines
Measures
Analyzes
Improves
Controls
20
Q

TQM Tools

A

Check sheets, flow charts, scatter plots, cause-and-effect diagrams, Pareto charts, histogram, and statistical process control

21
Q

Inspection

A

A means of ensuring that an operation is producing at the quality level expected

22
Q

Employee empowerment

A

Involving employees in every step of the production process

23
Q

Quality circle

A

A group of employees who meet regularly to solve work-related problems

24
Q

Benchmarking

A

Selecting a demonstrated standard of performance that represents the very best performance for a process or an activity

25
Q

Natural vs. assignable variation

A

Natural- expected variability; common cause

Assignable- variation that can be traced to a specific cause

26
Q

X-bar control chart

A

Tells us whether changes have occurred in the central tendency (the mean) of a process

27
Q

R-chart

A

Tracks the “range” within a sample; it indicates that a gain or loss in uniformity has occurred in dispersion of a production process

28
Q

P-chart

A

A quality control chart that is used to control attributes

29
Q

Eliminate waste

A

Waste is anything that doesn’t add value from the customer point of view I.e strange, inspection,delay

30
Q

Seven wastes

A

Overproduction, queues, transportation, inventory, motion, over processing and defective products

31
Q

Just-in-time

A

Focuses on continuous and forced problem solving via throughput and reduced inventory

32
Q

5Ss

A

A lean production checklist

  • sort
  • simplify
  • shine
  • standardize
  • sustain
33
Q

Cycle time

A

The time between the arrival of raw materials and the shipping of finished products

34
Q

Pull system

A

Results in materials being produced only when requested and moved to where it is needed just as it is needed

35
Q

MAD

A

Mean absolute average

= sum(errors)/count(errors)

36
Q

Seasonal index

A

Seasonal average / overall average

37
Q

Errors

A

= abs(actual-forecast)

Operations Management (1 decks)

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