OPER 3100 Exam 1 Vocabulary

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OPER 3100 Exam 1 Vocabulary
2013-09-15 16:42:27
OPER 3100 Exam

Vocabulary words Chp 1,2,11,12,13,16, and appendix A
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  1. Operations and supply chain management (OSCM)
    Design, operation, and improvement of the systems that create and deliver the firm's primary products and services.
  2. Servitization
    Building service activities to support a firm's product offerings.
  3. Efficiency
    Doing something at the lowest possible cost
  4. Effectiveness
    Doing the right things to create the most value for the company
  5. Value
    Ratio of the quality to price paid. Competitive "happiness" is being able to increase quality and reduce price while maintaining or improving profit margins.  (This is a way that operations can directly increase customer retention and gain market share.)
  6. Mass customization
    Producing products to order in lot sizes of one
  7. Sustainability
    The ability to maintain balance in a system
  8. Triple bottom line
    Relates to the economic, employee, and environmental impact of the firm's strategy
  9. Triple bottom line
    a business strategy that includes social, economic, and environmental criteria
  10. Operations and supply chain strategy
    setting broad policies and plans for using the resources of a firm to best support the firm's long term competitive strategy
  11. Straddling
    occurs when a firm seeks to match what a competitor is doing by adding new features, services, or technologies to existing activities. This often creates problems if certain trade-offs need to be made
  12. Order winner
    a dimension that differentiates the products or services of one firm from those of another
  13. Order qualifier
    a dimension used to screen a product or service as a candidate for purchase
  14. Activity-system maps
    a diagram that shows how a company's strategy is delivered through a set of supporting activities
  15. Core capabilities
    skills that differentiate a manufacturing or service firm from its competitors
  16. Productivity
    A measure of how well resources are use