Shared Flashcard Set

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Chapter 9
BMGTF110
30
Business
Undergraduate 1
11/03/2011

Additional Business Flashcards

 


 

Cards

Term
Production
Definition
The creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge.
Term
Production Management
Definition
The term used to describe all the activities managers do to help their firms create goods. 
Term
Operations Management
Definition
A specialized area in management that converts or transforms resources (including human resources) into goods and services. 
Term
Form Utility
Definition
The value producers add to materials in the creation of finished goods and services. 
Term
Process Manufacturing
Definition
That part of the production process that physically or chemically changes materials. 
Term
Assembly Process
Definition
That part of the production process that puts together components. 
Term
Continuous Process
Definition
A production process in which long production runs turn out finished goods over time. 
Term
Intermittent Process
Definition
A production process in which the production run is short and the machines are changed frequently to make different products. 
Term
Computer-Aided Design (CAD)
Definition
The use of computers in the design of products. 
Term
Computer-Aided Manufacturing (CAM)
Definition
The use of computers in the manufacturing of products.
Term
Computer-Integrated Manufacturing (CIM)
Definition
The uniting of computer-aided design with computer-aided manufacuting. 
Term
Flexible Manufacturing
Definition
Designing machines to do multiple tasks so that they can produce a variety of products. 
Term
Lean Manufacturing
Definition
The production of goods using less of everything compared to mass production. 
Term
Mass Customization
Definition
Tailoring products to meet the needs of individual customers. 
Term
Facility Loction
Definition
The process of selecting a geographic location for a company's operations. 
Term
Telecommuting
Definition
Working from home via computer and modem.
Term
Facility Layout
Definition
The physical arrangement of resources (including people) in the production process. 
Term
Materials Requirement Planning (MRP)
Definition
A computer-based operations management system that uses sales forecasts to make sure that needed parts and materials are available at the right time and place. 
Term
Enterprise Resources Planning (ERP)
Definition
A newer version of materials requirement planning (MRP) that combines the computerized functions of all the divisions and subsidiaries of the firm - such as finance, human resources, and order fulfillment - into a single integrated software program that uses a single database. 
Term
Purchasing
Definition
The function in a firm that searches for high-quality material resources, finds the best suppliers, and negotiates the best price for goods and services. 
Term
Just-In-Time (JIT) Inventory Control
Definition
A production process in which a minimum of inventory is kept on the premises and parts, supplies, and other needs are delivered just in time to go on the assembly line.
Term
Quality
Definition
Consistently producing what the customer wants while reducing errors before and after delivery to the customer.
Term
Six Sigma Quality
Definition
A quality measure that allows only 3.4 defects per million opportunities. 
Term
Statistical Quality Control (SQC)
Definition
The process some managers use to continually monitor all phases of the production process to assure that quality is being built into the product from the beginning. 
Term
Statistical Process Control (SPC)
Definition
The process of testing statistical samples of product components at each stage of the prodection process and plotting those results on a graph. Any variances from quality standards are recognized and can be corrected if beyond the set standards.
Term
ISO 9000
Definition
The common name given to quality management and assurance standards. 
Term
ISO 14000
Definition
A collection of the best practices for managing an organization's impact on the environment. 
Term
Program Evaluation and Review Technique (PERT)
Definition
A method for analyzing the tasks involved in completing a given project, estimating the time needed to complete each task, and identifying the minimum time needed to complete the total project.
Term
Critical Path
Definition
In a PERT network, the sequence of tasks that takes the longest time to complete. 
Term
Grantt Chart
Definition
Bar graph showing prodution managers what projects are being worked on and what stage they are in at any given time. 
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