GMS 401: Operations Management Flashcards

These flashcards cover essential terms and concepts related to operations management, supply chain management, and various processes within businesses, aimed at aiding retention and understanding of the subject.

Operations Management (OM)

The management of processes and systems that create goods and/or services by transforming inputs into outputs.

Industry Giants

Large companies that dominate a specific market or sector.

Scholastic

The world’s largest publisher and distributor of children’s books and educational materials.

Supply Chain Management (SCM)

Managing flows of materials, goods, finances, and information upstream and downstream.

Core Processes

Processes that directly create goods and/or services.

Support Processes

Processes that support core processes.

Managerial Processes

Processes that govern the system.

Product Design

Creating goods and services to meet user needs and align with organizational strategy.

Quality Management

Ensuring that an organization’s products or services are consistent and meet customer expectations.

Cost Leadership

Competitively priced products or services that appeal to the mass market.

Differentiation

Creating products or services that are perceived as unique.

Forecast Accuracy

The degree to which predictions match actual outcomes.

Productivity

The ratio of outputs to inputs in a production process.

Learning Curve

The concept that the time and cost to produce a product decreases with increased production experience.

Inventory Management

Supervising and controlling the ordering, storage, and use of components.

Process Strategy

The approach a company takes to produce goods or services.

Mass Customization

High volume production combined with customization of products.

Fixed-Position Layout

A layout where the product stays in one place and workers come to it.

Process Layout

A layout that groups similar machines together to handle a variety of products.

Line Balancing

Distributing tasks evenly across workstations to meet production goals.

Value-Stream Mapping

Visualizing the flow of materials and information to identify waste.

Capacity Planning

Determining how much production capacity is needed to meet demand.

JIT (Just In Time)

Inventory strategy to decrease waste by receiving goods only as they are needed.

Maintenance

Activities aimed at keeping equipment in working order.

Reliability

The probability that a system will perform its intended function without failure.

Failure Rate (FR)

The frequency of system or component failures.

Mean Time Between Failures (MTBF)

Average duration between failures.

Competitive Advantage

The ability to perform better than competitors.

Project Management

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

Process Capacity

The maximum output that a process can produce in a given period.

Supplier Integration

Collaborating with suppliers to improve processes and product quality.

Service Operations

Managing processes related to the delivery of services.

Human Resources Management (HRM)

The process of recruiting, hiring, training, and developing organization personnel.

Facility Location Strategy

Determining the best geographic site for a company’s operations.

Cross-Training

Training employees to perform multiple roles within the organization.

Operational Efficiency

The ability to deliver products or services in the most cost-effective manner.

Customer Satisfaction

Meeting or exceeding customer expectations.

Product Life Cycle

The stages a product goes through from development to decline.

Evolving Processes

Processes that change and develop over time.

Predictive Demand

Forecasting customer demand in a stable environment.

Unpredictable Demand

Forecasting customer demand in a rapidly changing environment.

Service Quality

Assessment of how well a delivered service meets customer expectations.

Product/Service Value

The worth of a product or service as perceived by customers.

Operational Strategy

The approach an organization takes to manage its operations to gain competitive advantage.

Resource Allocation

Distributing available resources to various projects or business units.

Forecasting Techniques

Methods used to predict future demand.

Demand Management

Strategies to align demand with supply.

Cost Control

Monitoring and controlling expenditures to stay within budget.

Risk Management

Identifying and analyzing potential issues that could negatively impact key business initiatives.

Customer Relationship Management (CRM)

Strategies and technologies companies use to manage interactions with customers.

Supply Chain Optimization

Improving the supply chain's efficiency and effectiveness.

Inventory Turnover Rate

A measure of how frequently inventory is sold and replaced over a period.

Quality Assurance

Ensuring that a company's products meet consistent quality standards.

Safety Stock

Extra inventory kept to prevent stockouts.

Market Research

The process of gathering, analyzing, and interpreting information about a market.

Sales Forecasting

Estimate of future sales, based on historical data and market trends.

Strategic Planning

Defining an organization’s direction and making decisions on allocating resources.

Cost Reduction Strategy

Methods and practices implemented to reduce business expenses.

Workforce Management

Ensuring that the right number of employees are available to meet production needs.

Performance Metrics

Measurements of an organization’s performance across different areas.

Financial Reporting

The process of producing statements that disclose an organization’s financial status.

Economic Order Quantity (EOQ)

The ideal order quantity a company should purchase to minimize inventory costs.

Supplier Relationship Management (SRM)

Managing interactions with the suppliers of goods and services.

Business Process Reengineering

Radical redesign of business processes to achieve dramatic improvements.

Change Management

Approach to transitioning individuals, teams, and organizations to a desired future state.

Workforce Optimization

Maximizing the value of labor resources in an organization.

Lean Management

An approach that seeks to improve the efficiency of the organization by eliminating waste.

Six Sigma

A set of techniques and tools for process improvement.

Agile Management

An iterative approach to project and process management.

Product Development

The process of bringing a new product to market.

Market Entry Strategy

A plan for delivering goods or services to a new target market.

Continuous Improvement

An ongoing effort to improve products, services, or processes.

Order Fulfillment

The complete process of preparing and delivering orders to customers.

Customer Retention

The activity of maintaining a relationship with existing customers.

Value Proposition

The promise of value to be delivered to customers.

Inventory Control Systems

Technologies and equipment used to oversee and manage inventory.

Environmental Sustainability

The responsibility for conserving natural resources and protecting global ecosystems.

Organizational Culture

The values, beliefs, and behaviors that shape how an organization operates.

Cross-Functional Teams

Groups that include members from different departments working together towards a common goal.

Business Continuity Planning

Preparing for potential business disruptions.

Process Measurement

Tracking and assessing the performance of specific processes.

Customer Experience Management (CEM)

Managing the customer journey to enhance their experience with the brand.

Capacity Utilization

A measure of how much a company's capacity is being used.

Quality Improvement Programs

Initiatives aimed at improving the quality of products or services.

Marketing Strategy

A plan to reach and persuade target customers.

Supply Chain Risk Management

Identifying and mitigating risks within the supply chain.

Order Management System (OMS)

Software used to manage the process of order fulfillment.

E-commerce Operations

Online business activities and operations management.

Financial Analysis

Evaluating a company's financial performance and determining its financial health.

Crisis Management

Strategies to deal with unexpected events that disrupt normal operations.

Profitability Analysis

Determining where a business is making or losing money.

Business Intelligence (BI)

Technologies and practices for the collection, integration, analysis, and presentation of business data.

Lead Time

The total time required to complete a process from initiation to completion.

Bottleneck

A stage in a process that is relatively slower than other stages, limiting overall throughput.

Throughput

The rate at which a system produces goods or completes a process over a period of time.

Work In Process (WIP)

Partially completed goods or services that are currently moving through the production process.

Reorder Point

The specific inventory level at which a new order for replenishment should be placed to avoid stockouts.

Enterprise Resource Planning (ERP)

Integrated software solutions that manage an organization's internal and external processes, including finance, manufacturing, sales, and service.

Total Quality Management (TQM)

A management philosophy focused on continuous improvement of product and service quality to achieve long-term customer satisfaction.

Kaizen

A Japanese philosophy of continuous improvement, often involving all employees, from the CEO to the assembly line workers.