Term
| Operations and supply chain management (OSCM) |
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Definition
| Design, operation, and improvement of the systems that create and deliver the firm's primary products and services |
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| Building service activities to support a firm's product offerings |
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| Doing something at the lowest possible cost |
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| Doing the right things to create the most value for the company |
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Definition
| Ratio of quality to price paid. Competitive "happiness" is being able to increase quality and reduce price while maintaining or improving profit margins. (This is a way that operations can directly increase customer retention and gain market share.) |
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| Producing products to order in lot sizes of one |
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| The ability to maintain balance in a system |
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| Relates to the economic, employee, and environmental impact of the firm's strategy |
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Term
| Operations and supply chain strategy |
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Definition
| Setting broad policies and plans for using the resources of a firm to best support the firm's long-term competitive strategy |
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| Occurs when a firm seeks to match what a competitor is doing by adding new features, services, or technologies to existing activities, This often creates problems if certain trade-offs need to be made |
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| a dimension used to screen a product or service as a candidate for purchase |
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| A diagram that shows how a company's strategy is delivered through a set of supporting activities |
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| Skills that differentiate a manufacturing or service firm from its competitors |
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| A measure of how well resources are used |
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Definition
| An organization capable of manufacturing and/or purchasing all the components needed to produce a finished product or device |
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| The one thing that a firm can do better than its competitors. The goal is to have a core competency that yields a long-term competitive advantage to the company |
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Definition
| Emphasizes cross-functional integration and concurrent development of a product and its associated processes |
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Term
| Quality function deployment (QFD) |
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Definition
| A process that helps a company determine the product characteristics important to the consumer and to evaluate its own product in relation to others |
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| a matrix that helps a product design team translate customer requirements into operating and engineering goals |
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| Value analysis/value engineering (VA/VE) |
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Definition
| Analysis with the purpose of simplifying products and processes by achieving equivalent or better performance at a lower cost |
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| The incorporation of environmental consideration into the design and development of products or services. These concerns relate to the entire life cycle including materials, manufacturing, distribution and eventual disposal of waste |
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