Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BUAD446 Exam 1
Operation Strategy and Supply Chain
| Term | Definition |
|---|---|
| Operation Management | The systematic design, direction, & control of processes that transform inputs into services & products for internal & external customers |
| Process | Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers |
| Operation | A group of resources performing all or part of one or more processes |
| Supply Chain | An interrelated series of processes within across firms that produces a services or products to the satisfaction of customers |
| Supply Chain Management | Synchronization of a firm's processes with those of its suppliers & customers to match the flow of materials, services, & information with customer demand |
| External Customers | A customer who is either an end user or an intermediary buying the firm's finished services or products |
| Internal Customers | One or more employees or processes that rely on inputs from other employes or processes in order to perform work |
| External Suppliers | The business or individuals who provide the resources, services, products, & materials for the firm's short a& long-term needs |
| Internal Suppliers | The employee or processes that supply important information or materials to a firm's processes |
| Nested Process | Concept of a process within a process |
| Core Process | A set of activities that delivers value to external customers |
| Supplier Relationship Process | A process that selects the suppliers of services, materials, & information & facilitates the timely & efficient flow of these items into the firm |
| New Services/Product Development Process | A process that designs & develops new services or products from inputs received from external customer specifications or from the market through customer relationship process |
| Order Fulfillment Process | A process that includes the activities required to produce & deliver the services or product to the external customer |
| Customer Relationship Process | A process that identifies, attracts, & builds relationships with external customers, & facilitates the placement of orders by customers |
| Support Process | A process that provides vital resources & inputs to the core processes & therefore is essential to the the management of the business |
| Operation Strategy | The means by which operations implements the firm's corporate strategy & helps to build a customer driven firm |
| Developing a corporate strategy involve what four considerations? | 1.monitoring & adjusting to changes in the business environment 2.identifying & developing the firm's core competencies 3.developing the firm's core processes 4.developing the firm's global strategies |
| Core Competencies | The unique resources & strengths that an organization's management considers when formulating strategy |
| What are the four core competencies? | 1.Workforce 2.Facilities 3.Market & Financial Know-How 4.Systems & Technology |
| Lead Time | The elapsed time between the receipt of a customer order & filling it |
| Competitive Priorities | The critical dimensions that a process or supply chain must possess to satisfy its internal or external customers, both now & in the future |
| Competitive Capabilities | The cost, quality, time, & flexibility dimensions that a process or supply chain actually possesses and is able to deliver |
| Time-based Competition | A strategy that focuses on the competitive priorities of delivery speed & development speed |
| Order Winner | A criterion customers use to differentiate the services or products of one firm from those of another |
| Order Qualifier | Minimal level required from a set of criteria for a firm to do business in a particular market segment |
| What are the 4 core process? | 1.customer relationship 2.new service/product development 3.order fulfillment 4.supplier relationship |
| Capacity | maximum rate of output of a process or a system |
| Utilization | -how much of the capacity is used -measured as the ratio of average output rate to maximum capacity (expressed as a %) |
| Economies of Scale | the average unit cost of a service or good can be reduced by increasing its output rate |
| Diseconomies of Scale | occurs when the average cost per unit increases as the facility's size increases |
| Capacity Cushion | The amount of reserve capacity a process uses to handle sudden increases in demand or temporary loses of production capacity |
| Capacity Requirement | What a process's capacity should be for some future time period to meet the demand of customers |
| Capacity Gap | positive or negative difference between projected demand and current capacity |
| Base Case | The act of doing nothing & losing orders from any demand that exceeds current capacity or incur costs because capacity is too large |
| Quasi Manufacturing | running a service project like a manufacturing business |
| Volume Flexibility | the ability to increase or decrease the level of a product or service |
| Bottleneck | a resource whose capacity is inadequate to meet demand requirements |
Created by:
NickUD
Popular Business sets