FINAL EXAM Business 101 Chapter 9, Chapter 9

ISO 9000

A globally recognized family of standards for quality management systems.

Mass Customization

A manufacturing approach in which part of the product is mass produced and the remaining features are customized for each buyer.

Quality Assurance

A more comprehensive approach of companywide policies, practices, and procedures to ensure that every product meets quality standards.

Six Sigma

A rigorous quality management program that strives to eliminate deviations between the actual and desired performance of a business system.

Supply Chain

A set of connected systems that coordinates the flow of goods and materials from suppliers all the way through to final customers.

System

An interconnected and coordinated set of elements and processes that converts inputs to desired outputs.

Which of the following is NOT an example of Industry​ 4.0?

Assembly lines

Which term defines a​ long-term collection of strategic choices that works toward establishing the total amount of materials required to meet customer​ demands?

Capacity Planning

Outsourcing

Contracting out certain business functions or operations to other companies.

What is the disadvantage of an outsourced value web​ approach?

Controlling the outsourced functions

​_____ is the creation of​ specific, one-of-a-kind products or services for a particular consumer.

Customized production

Inventory Control

Determining the right quantities of supplies and products to have on hand and tracking where those items are.

​__________ refers to a system that applies to the organization as a whole and includes software designed to focus on the needs of all the functional areas of a company.

Enterprise resource planning

Capacity Planning

Establishing the overall level of resources needed to meet customer demand.

Inventory

Goods and materials kept in stock for production or sale.

Critical Path

In a PERT network diagram, the sequence of operations that requires the longest time to complete.

Determining the correct amount of resources and goods needed at a certain time and then tracking those items is known as​ _______.

Inventory control

Just-in-Time (JIT)

Inventory management in which goods and materials are delivered throughout the production process right before they are needed.

Which of the following represents the various manufacturing and functional methods that increase productiveness through the reduction of waste and time​ lag?

Lean System

​_____ focuses on manufacturing identical products in large quantities.

Mass Production

Which term describes a system that assists manufacturers in obtaining the correct materials when and where they are needed without having to store unnecessary​ amounts, in order to lower storage​ costs?

Materials requirements planning

Quality Control

Measuring quality against established standards after the good or service has been produced and weeding out any defective products.

Value Webs

Multidimensional networks of suppliers and outsourcing partners.

​____________ is the transfer of a portion or an entire company sector to an establishment in a foreign country.

Offshoring

​_____________ involves firms moving important business functions such as information technology or​ manufacturing, which were previously completed​ internally, to outside firms.

Outsourcing

Production and Operations Management

Overseeing all the activities involved in producing goods and services.

​__________ involves acquiring​ resources, parts,​ materials, and completed goods necessary to create products and services.

Procurement

Of the​ following, which is involved with directing each individual process related to creating goods and​ services?

Production and operations management

​_____________ is the efficiency with which a company can transform inputs into outputs.

Productivity

A program that attempts to remove any fluctuations in company performance through a process of​ in-depth analysis and quality transformations is known as​ __________.

Six Sigma

Which of the following involves taking samples from the manufacturing method periodically and analyzing these data points to look for developments and​ differences?

Statistical process control

A​ _________ is a collection of associated systems that organize the movement of products and materials from vendors to consumers.

Supply chain

An interconnected and coordinated set of elements and processes that convert inputs into desired outputs is referred to as​ a(n) ________.

System

Lean Systems

Systems (in manufacturing and other functional areas) that maximize productivity by reducing waste and delays.

Procurement

The aquisition of the raw materials, parts, components, supplies, and finished products required to produce goods and services.

Supply Chain Management (SCM)

The business procedures, policies, and computer systems that integrate the various elements of the supply chain into a cohesive system.

Customized Production

The creation of a unique good or service for each customer.

Mass Production

The creation of identical goods or services, usually in large quantities.

Productivity

The efficiency with which an organization can convert inputs to outputs.

Scalability

The potential to increase production by expnading or replicating its initial production capacity.

Statistical Process Control (SPC)

The use of random sampling and tools such as control charts to monitor the production process.

Offshoring

Transferring a part or all of a business function to a facility (a different part of the company or another company entirely) in another country.

All of the components and procedures of an organization that add significance in the transformation of its resources into completed goods for consumer purchase are parts of its​ _____.

Value Chain

In place of the linear value​ chain, some businesses now consider​ ________, which are multidimensional networks of suppliers and outsourcing partners.

Value webs

A production method in which part of the product is​ mass-produced and the remaining features are customized for each customer is referred to as​ ________.

mass customization

As developing economies create more demand for​ products, some producers are starting production facilities in or near those​ markets; this is a strategy known as​ ________.

nearshoring

Focusing on the possible increase of manufacturing through amplifying or replicating initial manufacturing volume is known as​ ____________.

scalability

The program evaluation and review technique​ (PERT) is​ ________.

the best sequencing of​ activities, the anticipated time for project​ end, and the best usage of resources

With​ ____________, products and resources are moved through production procedures immediately prior to the time they are needed.

​just-in-time inventory management