BUAD 802: Production and Operations Management

These flashcards cover key concepts from the course on Production and Operations Management, providing definitions and explanations of important terms and techniques used in the field.

Operations Management

The process which combines and transforms various resources used in the production and operations subsystem of the organisation into value-added products/services.

Production Management

The set of interrelated management activities involved in manufacturing certain products.

Operations Strategy

The long-term plan that outlines how an organization will deploy its resources to achieve its operational goals.

Critical Path Method (CPM)

A project management technique that identifies critical tasks and helps in planning and controlling project schedules.

Project Evaluation and Review Technique (PERT)

A statistical tool used for project management that analyzes tasks involved in completing a project, especially the time needed to complete each task.

Total Quality Management (TQM)

An effective system for integrating quality development, maintenance, and improvement efforts across an organization to enhance customer satisfaction.

Economic Order Quantity (EOQ)

The order quantity that minimizes total inventory holding costs and ordering costs.

Plant Location

The process of determining the ideal geographical location for a plant to minimize production and delivery costs.

Inventory Management

The supervision of non-capitalized assets (inventory) and stock items.

Demand Forecasting

The process of estimating the future demand for products or services based on historical data.