Intro to Business (8)

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Intro to Business (8)
2013-09-24 00:14:28

Chapter 8
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  1. Operations Management
    All the activities required to produce goods and services
  2. Reshoring
    A situation in which U.S. manufactures bring manufacturing jobs back to the United States
  3. 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
  4. Analytical Process
    A process in operations management in which raw materials are broken into different component parts
  5. Synthetic Process
    A process in operations management in which raw materials or components are combined to create a finished product
  6. Utility
    The ability of a good or service to satisfy a human need
  7. Form Utility
    Utility created by people converting raw materials, finances, and information into finished products
  8. Service Economy
    An economy in which more effort is devoted to the production of services than to the production of goods
  9. Research and Development
    A set of activities intended to identify new ideas that have the potential to result in new goods and services
  10. Design Planning
    The Development of a plan for converting an idea into an actual product or service
  11. Product Line
    A group of similar products that differ only in relatively minor characteristics
  12. Product Design
    The process of creating a set of specifications from which a product can be produced
  13. Capacity
    The amount of products or services that an organization can produce in a given time
  14. Labor-Intensive Technology
    A process in which people must do most of the work
  15. Capital-Intensive Technology
    A process in which machines and equipment do most of the work
  16. Plant Layout
    The arrangement of machinery, equipment and personnel within production facility
  17. Planning Horizon
    The period during which an operational plan will be in effect
  18. Purchasing
    All the activities involved in obtaining required materials, supplies, components and parts from other firms
  19. 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
  20. Materials Requirements Planning
    A computerized system that integrates production planning and inventory control
  21. Just-In-Time Inventory System
    A system designed to ensure that materials or supplies arrive at the facility just when they are needed so that storage and holding costs are minimized
  22. Scheduling
    THe process of ensuring that materials and other resources are at the right place at the right time
  23. 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
  24. 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
  25. Malcolm Baldridge National Quality Award
    An award given by the president of the united states to organizations 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. Quality Circle
    A team of employees who meet on company time to solve problems of product quality
  28. Inspection
    The examination of the quality of work-in-process
  29. Six Sigma
    A disciplined approach that relies on statistical data and improved methods to eliminate defects for firm's products and services
  30. International Organization for Standardization
    A network of national standards institutes and similar organizations from over 160 different countries that charged with developing standards for quality products and services that are traded throughout the globe
  31. Lean Manufacturing
    A concept built on the idea of eliminating waste from all of the activities required to produce a product or service
  32. Automation
    The total or near total use of machines to do work
  33. Robotics
    The use of programmable machines to perform a variety of tasks by manipulating materials and tools
  34. Computer-Aided Design (CAD)
    The use of computers to aid in the development of products
  35. Computer-Aided Manufacturing (CAM)
    The use of computers to plan and control manufacturing process
  36. Computer-Integrated Manufacturing
    A computer system that not only helps to design products but also controls the machinery need to produce the finished product
  37. Continuous Process
    A manufacturing Process in which a firm produces the same product(s) over long period of time
  38. Flexible Manufacturing System (FMS)
    A single production system that combines electronic machines and computer-integrated manufacturing
  39. Intermittent Process
    A manufacturing process in which a firm's manufacturing machines and equipment are changed to produce different products