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Unit 2
Operations + Supply Chain Management
| Term | Definition |
|---|---|
| sustainability | organizational issue of balancing financial profitability with environmental responsibility |
| relative advantage | The difference between the lowest cost producer of a good and the next lowest cost producer of the same good |
| product quality | through effective operations management, a company improves customer value by enhancing "this" |
| inputs | producers of goods and producers of services both acquire and manage "this" throughout a transformation process |
| allocating financial resources | Operations managers at a plastic company directly facilitate the achievement of organizational goals by "this" |
| business processes | due to the pressure to compete globally, firms are changing their organizational structures from business functions to "this" |
| competitive advantage | refers to a capability valued by customers that enables a firm to improve its profitability |
| organizational synergy | is the likely result of aligning a firm’s operational plans with its strategy development plans |
| order fulfillment | refers to obtaining a customer’s order, placing the order in the firm’s information system, delivering the product, and satisfying the customer with the product |
| order fulfillment | customer orders a product, tests it out, decides they are satisfied, which means the company was successful at "this" |
| productivity measurements | are more precise than efficiency measurements |
Created by:
drister05
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