Introduction to Operations Management

Flashcards covering key concepts from the 'Introduction to Operations Management' lecture notes.

Operations Management

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

Transformation Process

The process that converts inputs (land, labor, capital) into outputs (goods and services).

Goods

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

Services

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

Supply Chain

A sequence of activities and organizations involved in producing and delivering a good or service.

Process Management

Management of processes that transform inputs into outputs.

System Design Decisions

Decisions that establish the capacity, layout, and equipment needed for operations.

Model

An abstraction of reality; a simplification of something used for decision-making.

Pareto Phenomenon

A few factors account for a high percentage of occurrence of some events.

Sustainability

Using resources in ways that do not harm ecological systems that support human existence.