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Mod 1

MGMT 361

QuestionAnswer
Physical items produced by business organizations Goods
Activities that provide some combination of time, location, form and psychological value Services
The management of systems or processes that create goods and/or provide services Operations Management
A sequence of activities and organizations involved in producing and delivering a good or service Supply Chain
The difference between the costs of inputs and the value or price of outputs Value-Added
One or more actions that transform inputs into outputs Process
The time between ordering a good or service and receiving it Lead Time
An abstraction of reality; a simplified representation of something Model
A set of interrelated parts that must work together System
A few factors account for a high percentage of the occurrence of some event(s) Pareto Phenomenon
System in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods Craft Production
System in which low skilled workers use specialized machinery to produce high volumes of standardized goods Mass Production
Parts of a product made to such precision that they do not have to be custom fitted Interchangeable Parts
The breaking up of a production process into small tasks, so that each worker performs a small portion of the overall job Division of Labor
Use of the internet to transact business E-Business
Consumer to business transactions E-commerce
The application of scientific discoveries to the development and improvement of goods and services Technology
Using resources in ways that do not harm ecological systems that support human existence Sustainability
The ability of an organization to respond quickly to demands or opportunities Agility
A process for reducing costs, improving quality and increasing customer satisfaction Six Sigma
System that uses minimal amounts of resources to produce a high volume of high-quality goods with some variety Lean System
Buying goods or services instead of producing or providing them in-house Outsourcing
Created by: bdoney
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