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OM Useful Terms
Operations Management Vocabulary Review
20
Management
Undergraduate 4
10/20/2011

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Term
ACQUISITION
Definition
Typically the purchase of a company or a significant business asset.
Term
ALLOCATION
Definition
The assignment of costs incurred in one area or function of a plant or company to another because of the service to the charged unit
Term
BACKLOG
Definition
The amount of actual demand, orders or contracts that are in the pipeline for future sales.
Term
BENCHMARKING
Definition
Benchmarking is defined as a process of continuous comparison of a company’s performance on predetermined measure against that of the best in an industry or a class, considered the standard or the reference.
Term
BEST PRACTICE
Definition
Denotes that practice considered the most effective for an industry. Best practices continually evolve.
Term
BUFFERS
Definition
Inventory between processing or activity units
Term
CAPACITY
Definition
For a process or activity, the maximum THROUGHPUT that can be sustained
Term
CUSTOMER SATISFACTION
Definition
A term in Total Quality Management that implies the degree to which customers are pleased with a product or service.
Term
DIRECT LABOR
Definition
Denotes that portion of the workforce directly assigned to manufacture the product.
Term
EFFICIENCY
Definition
Measure of total processing cost of an activity or process
Term
FLOW TIME
Definition
The average (actual) time for a unit of production to flow through a process unit or activity including input and output inventories.
Term
FORECAST
Definition
Usually the prediction of customer sales and the subsequent manufacturing schedule
Term
INDIRECT LABOR
Definition
Denotes the production workers that support the direct labor function. Indirect labor functions can include maintenance, material handling, setup, product testing, and inspection.
Term
ISO
Definition
International Standards Organization quality standard.
Term
LEAD TIME
Definition
Time that is required to fill an order or meet customer demand
Term
LOGISTICS
Definition
The process of managing materials for operations to meet certain objectives such as delivery speed, low inventories, and high accuracy.
Term
OPERATIONS
Definition
Any activity that transforms and adds value to an input stream
Term
OVERTIME
Definition
Work beyond the federally mandated work period usually a day or a week
Term
PRODUCTIVITY
Definition
Measure of labor efficiency.
Term
SCHEDULE
Definition
Ordering of production to meet forecasted or actual customer demand
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