BADM 1020: Chapter 9
Terms
undefined, object
copy deck
- Operations Management
- All activities managers engage in to produce goods and services
- Analytic Process
- A process in operations management in which raw materials are broken into different component parts
- Synthetic Process
- A process in operations mgmt in which raw materials or components are combined to create a finished product
- Utility
- The ability of a good or service to satisfy a human need.
- Form Utility
- Utility created by converting raw materials, people, finances, and information into finished products
- Research and Development
- A set of activites intended to identify new ideas that have the potential to result in new goods and services
- Design Planning
- The development of a plan for converting a product idea into an actual product
- Product Line
- A group of similar products that differ only in relatively minor characteristics
- Product Design
- The process of creating a set of specifications from which a product can be produced
- Capacity
- The amount of products or services that an organization can produce in a given time
- Labor-Intensive Technology
- A process in which people must do most of the work
- Capital-Intensive Technology
- A process in which machines and equipment do most of the work
- Service Economy
- An economy in which more effort is devoted to the production of services than to the production of goods
- Plant Layout
- The arrangement of machinery, equipment and personnel within a production facililty
- Planning Horizion
- The period during which a plan will be in effect
- Purchasing
- All of the activities involved in obtaining materials, supplies and parts from other firms
- Inventory Control
- The process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock out costs