Operations and Supply Chain Management Vocabulary

Vocabulary flashcards defining fundamental terms, concepts, and key entities from the Operations and Supply Chain Management lecture notes.

Operations Management

The planning, scheduling, and control of the activities that transform inputs into finished goods and services.

Supply Chain

A network of manufacturers and service providers that works together to create products or services needed by end users.

Upstream

Flowing up to the suppliers.

Downstream

Swimming down towards customers.

Supply Chain Links

The physical flows, information flows, and monetary flows that link manufacturers and service providers together.

Pervasiveness

The principle that every organization must make a product or provide a service that someone values.

Interdependence

The principle that most organizations function as part of a larger supply chain.

Profitability and Survival

The principle that organizations must carefully manage their operations and supply chains in order to prosper and survive.

Foxconn

A Taiwanese company known for making the iPhone.

Profit Sharing

An arrangement where a manager makes more money if a location is more profitable, incentivizing managers and employees to give the best customer service and keep the place clean.

Value Proposition

A measure of customer value that increases when service is better, faster, and cheaper for the company, but decreases when there are fewer employees and resources.

India and China

Locations to choose in case an organization needs more labor.