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INFO 364 TEST 1
tibodeau
86
Business
Undergraduate 3
02/10/2011

Additional Business Flashcards

 


 

Cards

Term
Operations and supply chain management (OSCM):
Definition
the design, operation, and improvement of the systems that create and deliver the firm’s primary products and services
Term
Supply chain
Definition
processes that move information and material to and from the manufacturing and service processes of the firm
Term
planning
Definition
processes need to operate an existing supply chain strategically
Term
Sourcing
Definition
selection of suppliers that will deliver the goods and services needed t o create the firm’s product (i.e. receiving shipments, verifying them, transferring them to manufacturing facilities, and authorizing supplier payments)
Term
o Making
Definition
where the major product is produced or the service provided
Term
o Delivering
Definition
logistics processes
Term
returning
Definition
processes for receiving worn out, defective, and excess products back from customers and support for customers who have problems with delivered products (follow up activities for services/after sales support)
Term
5 differences between services and goods:
Definition
Service is intangible
Service requires degree of interaction with the customer
Services heterogeneous (vary from day to day as a function of the attitudes of the customer and the servers)
Services are perishable and time dependent (cannot be stored)
Specifications of a service are defined and evaluated as a package of features that affect the senses
Term
servitization
Definition
a company building service activities into its product offerings for its current users (its installed base)
Term
efficiency
Definition
doing something at the lowest possible cost
Term
effectiveness
Definition
doing the right things to create the most value for the company
Term
Central idea of supply chain management
Definition
to apply a total system approach to managing the flow of information, materials, and services from raw material suppliers through factories and warehouses to the end customer
Term
ratio of quality to price paid
Definition
value
Term
total quality control
Definition
aggressively seeks to eliminate causes of production defects
Term
JIT
Definition
 An integrated set of activities designed to achieve high volume production using minimal inventories of parts that arrive at the workstation exactly when they are needed
Term
manufacturing strategy paradigm
Definition
o Emphasized how manufacturing execs could use their factories’ capabilities as strategic competitive weapons
Term
business process reengineering
Definition
oSeek innovations in the processes by which they run their operations
Term
bpr
Definition
approach seeks to make revolutionary changes and opposed to evolutionary changes
Term
supply chain mgmt
Definition
to apply a total system approach to managing the flow of information, materials, and services from raw material suppliers through factories and warehouses to the end customer
Term
Service Science Management and Engineering (SSME)
Definition
Aims to apply the latest concepts in information technology to continue to improve service productivity of technology based organizations
Term
strategy
Definition
should describe how a firm intends to create and sustain value for its current shareholders
Term
social aspect of the triple bottom line
Definition
fair and beneficial business practices toward labor, the community, and the region in which a firm conducts its business
Term
economic aspect of the triple bottom line
Definition
compensate shareholders who provide capital through stock purchases and other financial instruments via a competitive return on investment
Term
• Operations and supply chain strategy
Definition
concerned with setting broad policies and plans for using the resources of a firm and must be integrated with corporate strategy
Term
design quality and process quality
Definition
Two characteristics that define quality
Term
o Design quality:
Definition
: relates to the set of features the product or service contains
Term
o Process quality
Definition
relates directly to the reliability of the product or service
Term
straddling
Definition
occurs when a company seeks to match the benefits of a successful position while maintaining its existing position
Term
order winnner
Definition
criterion that differentiates the products or services of one firm from those of another
Term
order qualifier
Definition
screening criterion that permits a firm’s products to even be considered as possible candidates for purchase
Term
activity system maps
Definition
: show how a company’s strategy is delivered through a set of tailored activities
Term
core competences/capabilities
Definition
skills that differentiate the service or manufacturing firm from its competitors
Term
productivity
Definition
common measure of how well a unit is using its resources/factors of production
Term
productivity
Definition
outputs/inputs
Term
derivative, breakthrough, platform
Definition
three types of projects
Term
derivative
Definition
incremental changes such as new product packaging
Term
breakthrough
Definition
major changes that create entirely new markets
Term
derivative
Definition
incremental changes such as new product packaging
Term
project
Definition
series of related jobs usually directed toward some major output and requiring a significant period of time to perform
Term
project managment
Definition
planning, directing, controlling resources (people, equipment, material) to meet the technical, cost, and time constraints of a project
Term
pure project, functional project, matrix project
Definition
three organizational structures used to tie the project to the parent firm
Term
pure project
Definition
“skunkworks;” self contained team works full time on the project
Term
functional project
Definition
housing the project within a functional division
Term
matrix project
Definition
classic specialized organizational form; attempts to blend properties of functional and pure
Term
work packages
Definition
group of activities combined to be assignable to a single organizational unit
Term
tasks
Definition
further subdivisions of a project
Term
project milestones
Definition
specific events to be reached at points in time
Term
work packages
Definition
where are milestones contained?
Term
Work breakdown structure WBS:
Definition
defines the hierarchy of project tasks, subtasks, and work packages
Term
activities
Definition
defined within the context of the work breakdown structure; pieces of work that consume time
Term
gantt chart
Definition
showing the amount of time involved and the sequence in which activities can be performed
Term
A true understanding of cost performance and schedule performance relies first on measuring technical performance objectively
Definition
FOUNDATIONAL PRINCIPLE of EVM
Term
critical path
Definition
sequence of activities that form the longest chain in terms of their time to complete
Term
determining scheduling information about each activity in the project
Definition
major goal of CPM (critical path method)
Term
time cost models
Definition
extensions of the basic critical path method; attempt to develop a minimum cost schedule for an entire project and to control expenditures during the project
Term
That there is a relationship between activity completion time and the cost of a project
Definition
Basic assumption in minimum cost scheduling / “crashing”
Term
crashing
Definition
refers to the compression or shortening of the time to complete the project
Term
activity direct costs
Definition
Costs associated with expediting activities
Term
project direct costs
Definition
Costs associated with sustaining the project
Term
tracking gantt chart
Definition
superimposes the current schedule onto a baseline plan so deviations are easily notices
Term
speed, quality, worker productivty
Definition
metrics used to montior making processes
Term
making
Definition
this operations and supply chain process requires scheduling processes for workers and coordiantion of material and other critical resources used to produce/provide the service
Term
value
Definition
metaphorically defined as quality divided by price
Term
lean manufacturing/JIT/TQC; manufacturing strategy paradigm; service quality and productivity; total quality managment (TQM) and quality certification; business process reengineering (BPR); six sigma quality; supply chain management; elctronic commerce; service science
Definition
eras of development of Operations and supply chain management
Term
coordinating the relationships between mutually supportive but separate organizations; optimizing global suppliers, production, and distribution networks; managing customer touch points; raising senior management awareness of operations and supply chain management as a significant competitive weapon; sustainability and triple bottom line
Definition
current issues in operations and supply chain management
Term
sustainable
Definition
a strategy that is designed to meet current needs without compromising the ability of future generatiosn to meet their needs
Term
cost
Definition
most difficult to compete on this major competitive dimension
Term
cost, quality, deliver speed, deliver reliability, coping with changes in demand, flexibility and new product itnroduction speed, other product specific criteria
Definition
7 opeartions and supply competitive dimensions
Term
supply chain network
Definition
the piplinelike movemetn of the materials and information needed to rpoduce a good or servie
Term
planning
Definition
the processes needed to determien the set of future actions required to operate an exisitng supply chain
Term
delivery
Definition
the type of process that moves products to warehouses or customers
Term
lean manufacturign
Definition
an approach that combines TQM and JIT
Term
six sigma quality
Definition
tools that are taught to managers in green and black belt programs
Term
service science management and engineering
Definition
a program to apply the latest concepts in information technology to improve service productivity
Term
operations and supply chain strategy
Definition
concerned with setting borad policies and plans for using the reousrces of a firm and mst be integrated with corporate strategy
Term
oo
Definition
Term
operations effectiveness
Definition
relates to the core business processes needed to run the usiness; reflected directly in the costs associated with doing business
Term
quality assurance and control initiatives, process redesign, planning and control systems, and technology investments
Definition
examples of strategies associated with oeprational efectiveness
Term
strategic analysis
Definition
involves looking out and forecasting how business conditions that impact the firm's strategy are going to change in the future
Term
initiatives
Definition
the major steps that need to be taken to drive success in the firm
Term
EVM (earned value management)
Definition
technique that combines measures of scope, schedule, and cost for evaluating project progress
Term
program evaluation and review technique (pert)
Definition
when activities are scheduled with probablistic task times
Term
resources are always available
Definition
a key assumption related to the resources needed to complete activities when using the critical path method
Term
cost, quality, flexibility, delivery
Definition
3. What are the major priorities associated with operations strategy
Term
Lacking of resources with the appropriate skill-sets to assist in the project
Lack of experienced project manager with the necesary project management skill
Lack of Traceability on the frequent changes made to the project
Lack of Traceability on the frequent changes made to the project
Lack of Traceability on the frequent changes made to the project
problems get ignored
no proper planning
fail to see dependencies between projects
communication issues
some key dependencies have been overloked
Definition
8 Most Common Project Management Mistakes
Term
SOW statement of work
Definition
a written description of the objectives to be achieved
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