Shared Flashcard Set

Details

IT 371
Chapters 1-3 EXAM 1
21
Business
Undergraduate 3
04/12/2011

Additional Business Flashcards

 


 

Cards

Term
Operations and supply chain management (OSCM)
Definition
Design, operation, and improvement of the systems that create and deliver the firm's primary products and services
Term
Servitization
Definition
Building service activities to support a firm's product offerings
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
Value
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.)
Term
Mass Customization
Definition
Producing products to order in lot sizes of one
Term
Sustainability
Definition
The ability to maintain balance in a system
Term
Triple bottom line
Definition
Relates to the economic, employee, and environmental impact of the firm's strategy
Term
Operations and supply chain strategy
Definition
Setting broad policies and plans for using the resources of a firm to best support the firm's long-term competitive strategy
Term
Straddling
Definition
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
Term
Order Qualifier
Definition
a dimension used to screen a product or service as a candidate for purchase
Term
Activity-system maps
Definition
A diagram that shows how a company's strategy is delivered through a set of supporting activities
Term
Core capabilities
Definition
Skills that differentiate a manufacturing or service firm from its competitors
Term
Productivity
Definition
A measure of how well resources are used
Term
Contract manufacturer
Definition
An organization capable of manufacturing and/or purchasing all the components needed to produce a finished product or device
Term
Core competency
Definition
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
Term
Concurrent Engineering
Definition
Emphasizes cross-functional integration and concurrent development of a product and its associated processes
Term
Quality function deployment (QFD)
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
Term
House of quality
Definition
a matrix that helps a product design team translate customer requirements into operating and engineering goals
Term
Value analysis/value engineering (VA/VE)
Definition
Analysis with the purpose of simplifying products and processes by achieving equivalent or better performance at a lower cost
Term
Ecodesign
Definition
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
Supporting users have an ad free experience!