Intro to Business Chapter 8

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Intermittent process

A manufacturing process in which a firm's manufacturing machines and equipment are changed to produce different products

Mass production

A manufacturing process that lowers the cost required to produce a large number of identical or similar products over a long period of time

Purchasing

All the activities involved in obtaining required materials, supplies, components, and parts from other firms

Operations management

All the activities required to produce goods and services

Development and implementation

Involves research activities undertaken specifically to put new or existing knowledge to use in producing goods and services

Product design

The process of creating a set of specifications from which a product can be produced

Quality control

The process of ensuring that goods and services are produced in accordance with design specifications

Scheduling

The process of ensuring that materials and other resources are at the right place at the right time

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

Automation

The total or near-total use of machines to do work

Computer-aided design (CAD)

The use of computers to aid in the development of products

Computer-aided manufacturing (CAM)

The use of computers to plan and control manufacturing processes

Robotics

The use of programmable machines to perform a variety of tasks by manipulating materials and tools

Form utility

Utility created by people converting raw materials, finances, and information into finished products

Continuous process

A manufacturing process in which a firm produces the same product(s) over a long period of time

Computer-integrated manufacturing (CIM)

A computer system that not only helps to design products but also controls the machinery needed to produce the finished product

Materials requirements planning (MRP)

A computerized system that integrates production planning and inventory control

Lean manufacturing

A concept built on the idea of eliminating waste from all of the activities required to produce a product or sercixe

Six Sigma

A discipline approach that relies on statistical data and improved methods to eliminate defects for a firm's products and services

Product line

A group of similar products that differ only in relatively minor characteristics

International Organization for Standardization (ISO)

A network of national standards institutes and similar organizations from over 160 different countries that is charged with developing standards for quality products and services that are traded throughout the globe

Analytical process

A process in operations management in which raw materials are broken into different component parts

Synthetic process

A process in operations management in which raw materials or components are combined to create a finished product

Capital-intensive technology

A process in which machines and equipment do most of the wirk

Labor-intensive technology

A process in which people must do most of the work

Research and development (R&D)

A set of activities intended to identify new ideas that have the potential to result in new goods and services

Flexible manufacturing system (FMS)

A single production system that combines electronic machines and CIM

Reshoring

A situation in which U.S. manufacturers bring manufacturing jobs back to the United States

Just-in-time inventory system

A system designed to ensure that materials or supplies arrive at a facility just when they are needed so that storage and holding costs are minimized

Quality circle

A team of employees who meet on company time to solve problems of product wuality

Malcolm Baldrige National Quality Award

An award given by POTUS to organizations judged to be outstanding in specific managerial tasks that lead to improved quality for both products and services

Basic research

Consists of activities aimed at uncovering new knowledge. Mainly for scientific advancement.

Applied research

Consists of activities geared toward discovering new knowledge with some potential use

Planning horizon

The period during which an operational plan will be in effect

Utility

The ability of a good or service to satisfy a human need

Capacity

The amount of products or services that an organization can produce in a given time

Plant layout

The arrangement of machinery, equipment, and personnel within a production facility

Design planning

The development of a plan for converting an idea into an actual product or service

Inspection

The examination of the quality of work-in-process


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