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Packet Chapter 1
The Operations Function
11
Business
Undergraduate 1
11/15/2011

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Term
Operations Management
Definition
deals with the production of goods and services
Term
Value
Definition
the tangible and intangible benefits that customers can derive from consuming a good or a service at a price they are willing to pay
Term
Purchasing Function
Definition
sources inputs into the transformation process of the organization from other for-profit and nonprofit organizations
Term
Logistics Function
Definition
responsible for the actual movement of goods and/or services across organizations
Term
Supply Chain
Definition
the network of manufacturing and service operations that supply one another from raw materials through manufacturing to the ultimate customer; consists of the physical flow of materials, money and information along the entire chain of purchasing, production and distribution
Term
Process View
Definition
provides a common ground for defining service and manufacturing operations as transformation processes; also a powerful basis for the design and analysis of operations in an organization and across the supply chain
Term
Transformation System
Definition
a system which converts inputs into outputs
Term
Voice of the Customer
Definition
efficiency need not be sacrificed in the pursuit of meeting customer needs; rather, the customer can be a powerful driver for reducing waste and improving the efficiency of all processes
Term
Lean
Definition
concerned with eliminating waste (non-value-adding) activities in every part of the business and improving the flow
Term
Supply Chain Management
Definition
includes the integration of suppliers, producers, and customers
Term
E-Business
Definition
forms of electronic information exchange between suppliers and customers
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