Chapter 1 Vocabulary: Introduction to Operations Management and Supply Chain Management

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Vocabulary flashcards covering key terms and concepts from Chapter 1 notes on Operations Management and Supply Chain Management.

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43 Terms

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Operations Management

The management of systems or processes that create goods and/or provide services.

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Supply Chain

A sequence of activities and organizations involved in producing and delivering a good or service (suppliers’ suppliers → direct suppliers → producer → distributor → final customers).

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Goods

Physical items that include raw materials, parts, subassemblies, and final products.

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Services

Activities that provide some combination of time, location, form or psychological value.

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Transformation Process

The set of activities that convert inputs into outputs; includes feedback and control.

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Feedback

Measurements taken at various points in the transformation process.

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Control

The comparison of feedback against established standards to determine if corrective action is needed.

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Goods-service Continuum

Products are typically neither purely service- nor purely goods-based; they lie on a continuum.

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Input

Resources entering a transformation process (land, labor, capital, information, etc.).

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Processing

The actions that convert inputs into outputs.

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Output

The final goods or services produced by a process.

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Customer contact

Degree of interaction between customers and the process; high in services, low in goods.

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Labor content

The amount of labor involved in a process.

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Inventory

Stock of inputs or outputs held to support operations.

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Pareto Phenomenon

A small number of factors account for a large percentage of occurrences; focus on the critical few.

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System

An interrelated set of parts forming a whole; a organization is made up of subsystems (Marketing, Operations, Finance).

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System Design Decisions

Long-term decisions about capacity, facility location and layout, product/service planning, and equipment.

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System Operation Decisions

Tactical and operational decisions such as managing personnel, inventory, scheduling, project management, and quality assurance.

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Decision making: What, When, Where, How, Who

Common questions guiding resources, timing, location, design, and assignment in operations decisions.

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Model

An abstraction or simplified representation of reality used to analyze and support decisions.

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Physical Model

A tangible, miniature representation of a system.

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Schematic Model

A drawn or schematic representation of a system.

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Mathematical Model

A model expressed with mathematical relationships (e.g., inventory optimization).

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What-if analysis

Exploring alternative scenarios to assess potential outcomes and inform decisions.

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Benefits of Models

Easier and cheaper than experimenting with the real system; clarifies problems; supports what-if analysis and standardized decision tools.

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Model limitations

Overemphasis on quantitative data; risk of misapplication; models do not guarantee good decisions.

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Quantitative Approaches

Decision-making methods that seek mathematically optimal solutions, often with computer calculations, and used alongside qualitative methods.

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Metrics

Performance measures used to manage and control operations (profits, costs, quality, productivity, flexibility, inventories, schedules, forecast accuracy).

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Trade-offs

Giving up one thing in return for something else (e.g., more inventory for better service).

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Systems Perspective

Viewing the organization as a system of interrelated subsystems; the whole is greater than the sum of its parts.

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Industrial Revolution

Early period of mass production; development of division of labor, steam power, interchangeable parts; began in England in the late 18th century.

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Scientific Management

Taylorism; management as a science based on observation, measurement, and optimization of work methods to maximize output.

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Human Relations Movement

Emphasized the human element (motivation, teamwork) in job design and performance.

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Operations Research

Application of mathematical methods to decision making; development of linear programming and other optimization tools.

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Linear Programming

A mathematical method for optimizing a linear objective subject to linear constraints.

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Just-in-Time (JIT)

A production approach from Japan aimed at reducing waste and inventory by pulling production with demand.

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Lean Production

A system emphasizing flexibility and waste reduction to improve speed and quality.

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Quality Revolution

Intense focus on improving quality, associated with Deming, Juran, and Ishikawa.

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Internet, Supply Chain Management

The 1990s development integrating the Internet into supply chain management and coordination.

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Sustainability

Using resources in ways that do not harm ecological systems; includes social criteria and broad decision-making implications.

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Ethics in Operations

Ethical issues across financial statements, safety, product safety, environment, community, and workers’ rights.

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Need for Supply Chain Management

Growing importance of managing beyond a company’s own operations to coordinate with suppliers and customers to prevent oscillations, stockouts, and quality problems.

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Forecasting

Predicting future demand or requirements used for planning and decision making.