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| system in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods. |
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| parts of a product made to such precision that they do not have to be custom fitted. |
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| the breaking up of a production prcoess into small tasks, so that each worker performs a small portion of the overall job. |
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| a method used by companies to maximize the revenue they receive from fixed operating capacity by influencing demand through price manipulation. |
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| refers to the ability of an organization to respond quickly to demands or opportunities. |
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| a new approach to production emerged in the 1990s. Incorporates a number of the recent trends with an emphasis on quality, flexibility, time reduction and team work. |
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| they use much less of certain resources than typical mass production systems use space, inventory and workers. |
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| methods and actions used to accomplish strategies. They are mosre specific rthan strategies, and they provide guidance and direction for carrying out actual operations, which need the most specific and detailed plans and decision making in an organization. |
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| special attributes or abilities that give an organization a competitive edge. |
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| characteristics that potential customers perceive as minimum standards of acceptability for a product to be considered for purchase. |
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| characterisitcs of an organizations goods or services that cuase them to be perceived as better than the competition. |
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| the approach, consistent with the organization strategy that is used to guide the operations function. |
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| a measure of theeffective use of resources usually expressed as th ratio of output to input. |
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| current productivity-previous productivity/previous productivity*100 |
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| quantity produced/labor cost+material cost+overhead |
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| shows the expected payoffs for each alternative under the various possible states of nature |
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| the limits imposed on decision making by costs, human abilities, time, technology and the avaliability of information. Because of these limiatations, managers can't always expect to reach decisions taht are optimal in the sense of providing the best possible outcome. |
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| result of different departments' attempts to reach a solution that is optimum for each. |
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| means that relevant parameters such as ccosts capacity and demand have known issues. |
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| certain parameters have probailistic outcomes. |
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| determine the worst possible payoff for each alternative, and choose the alternative that has the "best worst". Essentially a pessimistic one b/c it takes into account tonly the worst possible outcome for each alternative. |
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| determine the best possible payoff and choose the alternative with that pay off. Is an optimistic ," go for it" strategy, it doesn't take into account any pay off other than the best. |
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| determine the average payoff for each alternative, and choose the alternative with the best average. |
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| determine the worst regreat for each alternative, and choose the alternative with the "best worst" This approach seeks to minimize the differencd between the payoff that is relaized and teh best payoff for each state of nature. |
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| the difference between a given payoff and the best payoff for a state of nature. |
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| expected monetary value criterion |
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| the best exepcted value among the alternatives. |
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| a schematic representation of the avalialbe alternatives and their possible consequences. |
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| the differnce between the expected payoff with perfect info and the expected payoff under risk. |
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| provides a range of probability over which the choice of alternatives would remain the same. |
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