Term
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Definition
| Multi-disciplinary field that focuses on managing all aspects of an organization’s operations |
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Term
| Aspects of Operations Management |
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Definition
| Product; Building size and location; Marketing plans; Processes and equipment; employee training and supervision; means of measuring quality |
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| Responsibilities of operations Managers |
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Definition
| Increase productivity; reduce costs; improve upon flexibility of process; enhance product quality; improve Customer service |
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Definition
| The process of taking a strategic plan and turning it into process objectives by identifying key steps that must be taken to move from the beginning of the process to the end of the process in the most effective and efficient manner. |
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Term
| Relationship between Competition and Operations Management |
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Definition
| Competition can be a driving force in the strategic plan of a company |
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Term
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Definition
| Rivalries exist when competitors decrease prices through every day discounts or sales |
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Term
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Definition
| New entrants can have an influence on the cost of producing a good or service, the retail price of a final product or service or the cost of marketing a good or service. |
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Term
| Bargaining Power of the Supplier |
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Definition
Many suppliers may be able to keep the value added to themselves by charging increased
prices, limiting quality, limiting service and shifting cost to the industry participants. |
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Term
| Bargaining Power of the Buyer |
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Definition
The buyer may strive to keep value added to themselves
by demanding lower prices, demanding better quality or service or pitting industry participants against each other. |
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Term
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Definition
management‐directed process that is intended to determine a
desired future state for a business entity and to define overall strategies for accomplishing
the desired state |
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Term
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Definition
An approach taken by management to
assess, maintain and improve upon the activities of a process in order to maintain the quality of a product or service. |
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Term
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Definition
| Total Quality Management has five main factors attributing to a successful system – the planning process, process management, process improvement, total participation and customer focus. |
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Term
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Definition
| the process of comparing the practices and strategies of other companies. |
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Term
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Definition
The National Institute of Standards and Technology (NIST), an agency within the US
Department of Commerce, has the honors of presenting the Malcom Balrige National Award on an annual basis (2010). |
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Term
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Definition
| "A system management concept employed by some organizations to optimize the factors of material costs, quality and service” (Raedls, 2001, p.224) |
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Term
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Definition
| Involves conducting an analysis of all supplies and goods required to perform activities within all process that may exist in a company. |
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Term
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Definition
Can be considered taking strategic sourcing to the next level
(“Purchasing”, 2002, 931). Cross – function teams are put in charge determining the goods needs. |
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Term
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Definition
Just In Time system seeks to
maintain just enough supplies and raw materials to perform daily activities within a process and to be able to continue performing those activities only into the near future
(“Purchasing”, 2002, p. 931). |
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Term
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Definition
“the contracting or subcontracting of noncore activities to free up cash,
personnel, time, and facilities for activities in which a company holds a competitive advantage” (“Outsourcing”, 2011). |
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Term
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Definition
| Strengths, Weaknesses, Opportunities and Threats |
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Term
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Definition
It is calculated by taking the price the product or service sold for and
subtracting the initial costs. |
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Term
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Definition
| A plan that can be put into action if a situation arises where normal process flow is affected due to some issue with a particular activity. |
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Term
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Definition
| That means this group would be relatively the same age, same gender, share similar education and their decision making styles. |
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Term
| Heterogeneous top Management |
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Definition
A heterogeneous top management structure is one that is diverse in
age, gender, knowledge base and decision making styles |
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Term
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Definition
A mass process is one that has a low variability in the actual process environment and
there would actually be a negative value conceived by the customer if there is a variation in
output. |
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