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MG423A Chpt 1

Operations Management Chapter 1

QuestionAnswer
biztainment the practice of adding entertainment content to a bundle of goods and services in order to gain a competitive advantage.
business analytics is a process of transforming data into actions through analysis and insights in the context of organizational decision making and problem solving.
customer benefit package (CBP) a clearly defined set of tangible (goods-content) and intangible (service-content) features that the customer recognizes, pays for, uses, or experiences.
distribution centers warehouses that act as intermediaries between factories and customers, shipping directly to customers or to retail stores where products are made available to customers.
durable good is one that does not quickly wear out and typically lasts at least three years.
economic stability an organization's commitment to address current business needs and economic vitality, and to have the agility and strategic management to prepare successfully for future business, markets, and operating environments.
environmental sustainability an organization's commitment to the long-term quality of our environment.
good a physical product that you can see, touch, or possibly consume.
industry 4.0 the information-intensive transformation of manufacturing in a connected environment of big data, people, processes, services, systems, and IoT-enabled industrial assets.
inventory is any asset held for future use or sale.
moments of truth any episodes, transactions, or experiences in which a customer comes into contact with any aspect of the delivery system, however remote, and thereby has an opportunity to form an impression.
nondurable good one that is no longer useful once it's used, or lasts for less than three years.
operations management the science and art of ensuring that goods and services are created and delivered successfully to customers.
peripheral goods and services those that are not essential to the primary good or service, but enhance it.
primary good or service the "core" offering that attracts customers and responds to their basic needs.
process a sequence of activities that is intended to create a certain result.
service is any primary or complementary activity that does not directly produce a physical product.
service 4.0 is any primary or complementary activity that does not directly produce a physical product.
service encounter an interaction between the customer and the service provider.
service management integrates marketing, human resources, and operations functions to plan, create, and deliver goods and services, and their associated service encounters.
social sustainability an organization's commitment to maintain healthy communities and a society that improves the quality of life.
supply chain the portion of the value chain that focuses primarily on the physical movement of goods and materials, and supporting flows of information and financial transactions through the supply, production, and distribution processes.
sustainability an organization's ability to strategically address current business needs and successfully develop a long-term strategy that embraces opportunities and manages risk for all products, systems, supply chains, and processes to preserve resources for future g
value the perception of the benefits associated with a good, service, or bundle of goods and services in relation to what buyers are willing to pay for them.
value chain a network of facilities and processes that describes the flow of materials, finished goods, services, information, and financial transactions from suppliers, through the facilities and processes that create goods and services, and those that deliver them
variant a CBP feature that departs from the standard CBP and is normally location or firm specific.
The core of OM (3 answers) efficiency, cost, and quality
Key activities of OM's (12 answers) forecasting, supply chain management, facility layout and design, technology selection, quality management, purchasing, resource and capacity. management, process design, job design, service encounter design, scheduling, sustainability
Created by: danielle5
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