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Operations Management Quiz 1

Operations Management
The design and operation of productive systems
Operations
A function or system that transforms inputs into outputs of greater value
Value Chain
Series of activities from supplier to customer that add value to a product or service (supply chain)
Craft Production
Process of handcrafting products or services for individual customers
Division of Labor
Dividing a job into a series of small tasks each performed by a different worker
Interchangeable Parts
Standardization of parts initially as replacement parts; enabled mass production
Scientific Management
Systematic analysis of work methods proposed by Frederick Taylor in early 1900s
Mass Production
High-volume production of a standardized product for a mass market
Quality Revolution
An emphasis on quality and the strategic role of operations
Lean Production
Adaptation of mass production that prizes quality and flexibility; both a philosophy and an integrated system of management that emphasizes the elimination of waste and the continuous improvement of operations
Supply Chain Management
Managing the flow of information, products and services across a network of customers, enterprises and supply chain partners in order to attain the level of synchronization that will make it more responsive to customer needs while lowering costs, software that plans and executes business processes related to supply chains
Resilience
Ability to bounce back, change, or adapt in response to a disaster, failure or disruption
Competitiveness
Degree to which a nation can produce goods and services that meet the test of international markets
Productivity
Measure of effectiveness in converting resources into products, generally computed as output divided by input
Productivity Function
Output/Input
Strategy
Common vision that unites an organization, provides consistency in decisions, and keeps the organization moving in the right direction
Primary Task
Task that is most central to the operation of a firm; defines the business that a firm is in and is often expressed in a mission statement
Core Competency
Activities that a company does best; essential capabilities that create a firm’s sustainable competitive advantage
Order Qualifiers
Characteristics of a product or service that qualify it to be considered for purchase
Order Winner
Characteristic of a product or service that wins orders in the marketplace
Positioning
Determining how a firm will compete in the marketplace
Flexibility
In operations, the ability to adjust to changes in product mix, production volume, or product and process design
Mass Customization
The mass production of customized products
Policy Development
Planning system for converting strategy to measurable objectives throughout all levels of an organization
Balanced Scoreboard
A performance assessment that includes metrics related to customers, processes, and learning and growing, as well as financials
Key Performance Indicators
A metric used to measure supply chain performance; a set of measures that help managers evaluate performance in critical areas

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