Chapter 10 Definitions Flashcards Preview

Business Management 113 > Chapter 10 Definitions > Flashcards

Flashcards in Chapter 10 Definitions Deck (23)
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1
Q

Operations management

A

All activities managers engage in to produce goods and services.

2
Q

Mass production

A

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
Q

Analytical process

A

A process in operations management in which raw materials are broken into different component parts.

4
Q

Synthetic process

A

A process in operations management in which raw materials or components are combined to create a finished product.

5
Q

Utility

A

The ability of a good or service to satisfy a human need.

6
Q

Form utility

A

Utility created by people converting raw materials, finances and information into finished products.

7
Q

Service economy

A

An economy in which more effort is devoted to the production of services than the production of goods.

8
Q

Research and development (R&D)

A

A set of activities intended to identify new ideas that have the potential or result in new goods and services.

9
Q

Design planning

A

The development of a plan for converting an idea into an actual product or service.

10
Q

Product line

A

A group of similar products that differ only in relatively minor characteristics

11
Q

Product design

A

The process of creating a set of specifications from which a product can be produced.

12
Q

Capacity

A

The amount of products or services that an organization can produce in a given time.

13
Q

Labor-intensive technology

A

A process in which people must do most of the work.

14
Q

Capital-intensive technology

A

A process in which machines and equipment do most of the work.

15
Q

Plant layout

A

The arrangement of machinery, equipment and personnel within a production facility.

16
Q

Planning horizon

A

The period during which an operational plan will be in effect.

17
Q

Purchasing

A

All the activities involved in obtaining required materials, supplies, components and parts from other firms.

18
Q

Inventory control

A

The process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock-out costs.

19
Q

Materials requirements planning (MRP)

A

A computerized system that integrates production planning and inventory control.

20
Q

Just-in-time inventory system

A

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
Q

Scheduling

A

The process of ensuring that materials and other resources are at the right place at the right time.

22
Q

Gantt chart

A

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
Q

Program Evaluation and Review Technique

A

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.