Unit 1 Flashcards
It is part of a business organization that is responsible for producing goods or services.
Operations
It results in a tangible output and it may take place in a factory, but it can occur elsewhere.
Production of goods
It generally implies an act.
Delivery of service
It is responsible for securing financial resources at favorable prices and allocating those resources throughout the organization, as well as budgeting, analyzing investment proposals, and providing funds for operations.
Finance
It is responsible for assessing consumer wants and needs, and selling and promoting the organization’s goods or services.
Marketing
It is responsible for assessing consumer wants and needs, and selling and promoting the organization’s goods or services.
Operations
It is the management of SYSTEMS or PROCESSES that create goods or services.
Operations Management
It is the essence of the operations function during the transformation process.
To add value or value-added
It is the term used to describe the difference between the cost of inputs and the value or price of outputs.
Value-added
It consists of one or more actions that transform inputs into outputs.
Process
It is the central role of the operations management.
Process
It involves predicting future demand for products or services.
Forecasting
It commonly uses techniques such as quantitative analysis, historical data review, and market research.
Forecasting
It determines the production capacity needed to meet changing demands for products or services.
Capacity Planning
It involves assessing current capacity, forecasting future needs, and making decisions about expanding or reducing capacity.
Capacity Planning
It is a strategic decision that impacts operational efficiency, cost, and customer service.
Locating Facilities
It considers factors such as proximity to suppliers and customers, transportation costs, labor availability, and local regulations.
Locating facilities
This includes the arrangement of equipment, workstations, and storage areas to optimize workflow and minimize waste.
Facilities and Layout
It involves overseeing the flow of goods from manufacturers to warehouses and from these facilities to point of sale.
Managing Inventories
It uses techniques such as Just-In-Time (JIT) inventory, Economic Order Quantity (EOQ), and ABC analysis.
Managing Inventories
It is essential for maintaining customer satisfaction and loyalty.
Assuring Quality
It uses techniques such as Total Quality Management (TQM), Six Sigma, and regular quality audits help organizations maintain high-quality standards and reduce defects.
Assuring Quality
It includes providing training and development opportunities, recognizing and rewarding performance, and fostering a positive work environment.
Motivating Employees
simplified representation of reality
Model
It is an approach to decision-making that involves the use of mathematical and statistical techniques.
Quantitative Approaches
It is an approach to decision-making that is essential for EVALUATING the effectiveness of operations and guiding decision- making.
Performance Metrics
It is an approach to decision-making which refers to how tailored products or services are to individual customer needs.
Degree of Customization
It is an approach to decision-making that views an organization as a COLLECTION OF INTERRELATED PARTS working together to achieve common goals.
Systems Approach
It is a set of interrelated parts that must work together.
System
It is a phenomenon where a few factors account for a high percentage of the occurrence of some events.
Pareto Phenomenon
