Term
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Definition
| the creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge |
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Term
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Definition
| the term used to describe all the activities managers do to help their firms create goods |
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Term
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Definition
| a specialized area in management that converts or transforms resources (including human resources) into goods and services |
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Term
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Definition
| the value added by the creation of finished goods and services, such as the value added by taking silicon and making computer chips or putting services together to create a vacation package |
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Term
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Definition
| that part of the production process that physically or chemically changes materials |
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Term
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Definition
| that part of the production process that puts together components |
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Term
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Definition
| a production process in which long production runs turn out finished goods over time |
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Term
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Definition
| a production process in which the production run is short and the machines are changed frequently to make different products |
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Term
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Definition
| the use of computers in the design of products |
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Term
| computer-aided manufacturing |
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Definition
| the use of computer in the manufacturing of products |
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Term
| computer-integrated manufacturing |
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Definition
| the uniting of computer-aided design with computer-aided manufacturing |
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Term
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Definition
| designing machines to do multiple tasks so that they can produce a variety of products |
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Term
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Definition
| the production of goods using less of everything compared to mass production |
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Term
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Definition
| tailoring products to meet the needs of individual customers |
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Term
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Definition
| the process of selecting a geographic location for a company's operations |
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Term
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Definition
| the physical arrangement of resources (including people) in the production process |
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Term
| materials requirement planning (MRP) |
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Definition
| a computer-based production management system that uses sales forecasts to make sure that needed parts and materials are available at the right time and place |
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Term
| enterprise resource planning (ERP) |
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Definition
| a computer application that enables multiple firms to manage all of their operations (finance, requirements planning, human resources, and the order fulfillment) on the basis of a single, integrated set of corporate data |
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Term
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Definition
| the function in a firm that searches for quality material resources, finds the best suppliers, and negotiates the best price for goods and services |
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Term
| just-in-time inventory control |
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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 |
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Term
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Definition
| consistently producing what the customer wants while reducing errors before and after delivery to the customer |
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Term
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Definition
| a quality measure that allows only 3.4 defects per million opportunities |
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Term
| statistical quality control |
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Definition
| the process some managers use to continually monitor all phases of the production prcess to assure that quality is being built into the product from the beginning |
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Term
| statistical process control |
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Definition
| the process of taking statistical samples of product components at each stage of the production process and plotting those results on a graph. any variances from quality standards are recognized and can be corrected if beyond the set standards |
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Term
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Definition
| the common name given to quality management and assurance standards |
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Term
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Definition
| a collection of the best practices for managing an organization's impact on the environment |
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Term
| program evaluation and review technique |
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Definition
| a method for analyzing the tasks involved in completing a given project, estimating the time needed to complete each task, and identify the time needed to complete the total project |
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Term
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Definition
| in a PERT network, the sequence of tasks that takes the longest time to complete |
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Term
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Definition
| bar graph showing production managers what projects are being worked on and what stage they are in at any given time |
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