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Operations Management Test #1

capabilities
the abilities a business has that result from its process. capabilities create value.
capacity
the level of productive output of an organization in a specified period of time.
constraint management
a framework for managing the constraints of a system in a way that maximizes the system’s accomplishment of its goals
cost
the expense associated with ownership
craft production
production of goods by highly skilled and specialized artisans
disruptive technology
a new technology that displaces an existing technology
facilities
the buildings and structures that house various aspects of a business
integrative management framework
a management approach or “philosophy” that guides day-to-day decisions in a way that is consistent with a firm’s profitability goals. Examples include lean systems, constraint management, and supply chain management.
inventory
materials used in the production of products and services. Examples include raw materials inventory, work-in-process inventory, and finished goods inventory.
lean system
a productive system that functions with little waste or excess, usually with low inventory levels.
logistics
the flow and storage of goods, services, and related information from production to consumption.
mass production
high volume production of standardized products
processes
organized tasks accomplished by grouping resources together
profitability
a measure of the productivity of money invested in a business, typically a ratio of net income to some input such as net sales or total asset
quality
meeting customers expectations
strategy
the means by which a company positions itself for future profitability
timeliness
the speed at which a business completes tasks and the degree to which it completes tasks on schedule and as promised
value
the amount a customer is willing to pay for a product or service, sometimes thought of as benefits divided by cost
workforce
the employees required to produce a product or service
balanced scorecard
a performance measurement system that combines financial and non-financial measures of business performance
economic value added (EVA)
a productivity measure that indicates whether or not a business is creating wealth form its capital. It is equal to the after-tax operating profit minus the annual cost of capital
efficiency
the ratio of actual output to stand output
inventory turns
a measure of inventory productivity computed by dividing sales by the average value of inventory
machine utilization
a productivity measure for machines that is equal to actual running time divided by time available.
net present value (NPV)
the difference between the market value of a product or service and the cost of creating it
productivity
a measure of how well inputs are used by a business, typically the ratio of an output to the input of interest
profit margin
profit generated per dollar of sales
return on assets (ROA)
profit per dollar of assets
return on equity (ROE)
profit per dollar of equity
safety stock
additional inventory used to help meet demand uncertainty
service level
the % of orders satisfied from existing inventory
stockout
an instance when demand cannot be satisfied by existing inventory
assembler
the final step of the four stages of product value creation, which puts together the outputs of fabricators
basic producer
a manufacturer that extracts raw materials from natural resources
business strategy
defines the range of activities for a bsuiness, setting priorities so that it accomplishes the overall corporate strategy
capability chain
the capabilities added by all members of a supply chain
competitive priorities
key value attributes that are highly influence by operations management: cost, quality, dependability of delivery, flexibility, and response time.
converter
the second stage of product value creation, which refines natural resource inputs
core competencies
those things a firm does very well and that distinguish it from competitors
corporate strategy
in the broadest strategy, it defines the businesses that a corporation will engage in and how resources will be expended
cost leader strategy
a strategy that seeks to price goods and services lower than competitors
design capacity
the capacity a facility is designed to accommodate on an ongoing basis
differentiation strategy
a strategy that seeks to create products and services different from those of competitors
environmental scanning
examining the environment for potential impact on strategic decisions
fabricator
the third stage of product value creation, which takes inputs from converters and transforms them into components used by assemblers
focus strategy
a strategy that targets a small segment of the market with products or services
functional strategy
a strategy that establishes the link between functional decision making and business strategy
mass customization
the ability to customize in high volumes
mission statement
a short statement of what a business does, what its values are, who its market is, and why
order qualifier
product or service characteristics that are necessary, but not sufficient to result in winner the order
order winner
a product or service characteristic that is most important to a particular customer and results in the customer ordering
protective capacity
a layer of capacity above that which is absolutely required to meet known demand, providing the firm with the ability to handle occasional problems and enabling them to handle special requests
supply chain
the path or value creation, from basic producer through consumer, including all transpiration and logistics services that connect them.
supply chain management
the management of supplier-customer relationships
assemble-to-order
producing major components of a product prior to receiving an order and assembling the product to meet a specific order
assembly line
a narrowly defined manufacturing assembly process made up of equipment with little flexibility in a product-oriented layout.
batch production
a type of production in which identical products or customers are processed though one step, and then the entire batch goes on to the next step.
business process analysis (BPA)
a productivity improvement approach that focuses on large processes and the transitions between different departments
cellular layout
a layout in which products whose processes require similar resources are grouped into product families. Each cell contains all the resources necessary to produce products in the family
changeover time
the time required to change equipment from producing one product or service to another
concurrent engineering
performing product and service development engineering functions in tandem to reduce time and improve communications
continuous improvement
a process of always seeking ways to improve existing processes and tasks
design for environment
including environmental concerns in the product design
design for logistics
including logistics and transportation concerns in the product design process, usually involving effective packaging
design for manufacture and assembly (DFMA)
the practice of designing products with the capabilities of manufacturing processes in mind
house of quality
a set of matrices used to guide the quality function deployment process
job shop
a manufacturer, typically a process-oriented layout, that is able to product custom tools and equipment for others because of its flexibility
make-to-order
producing a product when an order is received
make-to-stock
producing a product before an order is received and storing the product
poka-yoke
a device that makes it impossible or nearly impossible to do something incorrectly
process map
a diagram of the steps in the process
process-oriented layout
a layout that is organized by the function of each resource, allowing steps to be done in any sequence
project
a set of activities aimed at meeting a goal, which a defined beginning and end
quality function deployment (QFD)
a widely used approach that translates customer needs into product and service designs that guide the corresponding process requirements
re engineering
starting from a clean slate to improve a process
repetitive processing
processing on a continuous basis
service blueprint
a type of flow diagram used for services that identifies decision points, failure points, and the line of visibility
setup time
the time required to change equipment from producing one product or service to another
substitute quality characteristics
In quality function deployment, these are terms used to translate the customer needs into a description of the product or service that is in technical language.

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