Business: Chapter 8

  1. Operations Management
    all activities managers engage in to produce goods and services
  2. Mass Production
    a manufacturing process that lowers the cost required to produce a large number of identical or similar products over a long period of time
  3. Analytical Process
    a process in operations management in which raw materials are broken into different component parts
  4. Synthetic Process
    a process in operations management in which raw materials or components are combined to create a finished product
  5. Utility
    the ability of a good or service to satisfy a human need
  6. Form Utility
    utility created by people converting raw materials, finances, and information into finished products
  7. Service Economy
    an economy in which more effort is devoted to the production of services than to the production of goods
  8. Research and Development (R&D)
    a set of activities intended to identify new ideas that have the potential to result in new goods and services
  9. Design Planning
    the development of a plan for converting a product idea into an actual product or service
  10. Product Line
    a group of similar products that differ only in relatively minor characteristics
  11. Product Design
    the process of creating a set of specifications from which a product can be produced
  12. Capacity
    the amount of products or services that an organization can produce in a given time
  13. Labor-Intensive Technology
    a process in which people must do most of the work
  14. Capital-Intensive Technology
    a process in which machines and equipment do most of the work
  15. Plant Layout
    the arrangement of machinery, equipment, and personnel within a production facility
  16. Planning Horizon
    the period during which an operational plan will be in effect
  17. Purchasing
    all the activities involved in obtaining required materials, supplies, components, and parts from other firms
  18. Inventory Control
    the process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock-out costs
  19. Materials Requirements Planning (MRP)
    a computerized system that integrates production planning and inventory control
  20. Just-In-Time Inventory System
    a system designed to ensure that materials or supplies arrive at a facility just when they are needed so that storage and holding costs are minimized
  21. Scheduling
    the process of ensuring that materials and other resources are at the right place at the right time
  22. Gantt Chart
    a graphic scheduling device that displays the tasks to be performed on the vertical axis and the time required for each task on the horizontal axis
  23. PERT (Program Evaluation and Review Technique)
    a scheduling technique that identifies the major activities necessary to complete a project and sequences them based on the time required to perform each one
  24. Critical Path
    the sequence of production activities that takes the longest time from start to finish
  25. Malcolm Baldrige National Quality Award
    an award given by the President of the United States to organizations that apply and are judged to be outstanding in specific managerial tasks that lead to improved quality for both products and services
  26. Quality Control
    the process of ensuring that goods and services are produced in accordance with design specifications
  27. Statistical Process Control (SPC)
    a system that uses sampling to obtain data that are plotted on control charts and graphs to see if the production process is operating as it should and to pinpoint problem areas
  28. Statistical Quality Control (SQC)
    a set of specific statistical techniques used to monitor all aspects of the production process to ensure that both work in progress and finished products meet the firm's quality standards
  29. Inspection
    the examination of the quality of work in process
  30. Six Sigma
    a disciplined approach that relies on statistical data and improved methods to eliminate defects for a firm's products and services
  31. Quality Circle
    a team of employees who meet on company time to solve problems of product quality
  32. International Organization for Standardization
    a nongovernmental organization in Geneva, Switzerland, with a membership of 157 countries that develops standards for products to facilitate trade across national borders
  33. Productivity
    the average level of output per worker per hour
  34. Automation
    the total or near total use of machines to do work
  35. Robotics
    the use of programmable machines to perform a variety of task by manipulating materials and tools
  36. Computer-Aided Design (CAD)
    the use of computers to aid in the development of products
  37. Computer-Aided Manufacturing (CAM)
    the use of computers to plan and control manufacturing processes
  38. Computer-Integrated Manufacturing (CIM)
    a computer system that not only helps to design products but also controls the machinery needed to produce the finished product
  39. Continuous Process
    a manufacturing process in which a firm produces the same product(s) over a long period of time
  40. Flexible Manufacturing System (FMS)
    a single production system that combines robotics and computer-integrated manufacturing
  41. Intermittent Process
    a manufacturing process in which a firm's manufacturing machines and equipment are changed to produce different products
Card Set
Business: Chapter 8
Business: Chapter 8