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Ch.12 Exploring Business
Final Exam Ch.7-14
20
Business
Undergraduate 1
11/21/2009

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Term
Conglomerate
Definition
A company that owns a wide variety of other companies that operate in different businesses and industries.
Term
Operations
Definition
A company's system of value-creation activities ised to transform inputs into finished goods and services.
Term
Materials Management
Definition
The set of activities that control the flow of resources into and out of a firm's operationg system.
Term
Maquiladoras
Definition
U.S. companies' manufacturing plants in cities along the Mexican border.
Term
Inventory
Definition
The resources--materials, supplies, and goods,--a company holds in stock.
Term
Work-in-Process Goods
Definition
The semifinished goods and services that move through a company's production process.
Term
Distribution costs
Definition
The cost of getting products to customers.
Term
Small-Batch Production
Definition
An operation system designed to make one-of-a-kind or small quantities of customized products.
Term
Customized Products
Definition
Products designed to match the needs of individual customers.
Term
Mass Production
Definition
An operating system based on the use of automated machines and standard operating procedures to make work routine and create a large number of standardized products.
Term
Standardized Products
Definition
Products that are identical.
Term
Flexible Production
Definition
An advanced operationg system that combines the benefits of mass production with the benefits of small-batch production.
Term
Computer-Integrated Manufacturing
Definition
A manufacturing technique that controls the changeover of machines from one operation to another via computer software.
Term
Flexible Work Team
Definition
A team of self-managed employees who assume responsibility for performing the operationg tasks necessary to make a part, or all, of a product.
Term
Production Layout
Definition
The way teams of employees are physically grouped into work cells or pods to assemble a product.
Term
Total Quality Management
Definition
An operations technique used to continuously improve the production process, increasse the quality of products, and help companies lower their operating costs.
Term
Quality Control Circles
Definition
Team meetings in which production employees discuss ways o improve operating quality and productivity.
Term
Computer-Aided Materials Management
Definition
A technique that relies on computers to manage the flow of raw materials and component parts into and out of a company's operations system.
Term
Global Suppy Chain Management
Definition
The coordination of the flow of raw materials, semifinished goods, and finished products around the world.
Term
Just-in-Time Inventory System
Definition
An inventory management system whereby inputs are deliveredto the firm jsut as they are needed rather than being purchased and warehoused prior to their use.
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