Operations Management with Analytics

These flashcards cover essential terminology and concepts related to Operations Management with Analytics, focusing on ERP systems, cloud computing, data management, and business analytics.

ERP

Enterprise Resource Planning; a type of software that integrates various business processes into a single system.

Cloud Computing

A way to deploy computing technology to access, work on, share, and store information via the internet.

Private Cloud

A cloud infrastructure operated exclusively for one organization.

Public Cloud

A cloud infrastructure that is available to the public and managed by third-party service providers.

Hybrid Cloud

A combination of private and public cloud features to meet various organizational needs.

Smartbooks

A web-based ERP system designed for small and medium-sized enterprises that is easy to use and compliant with reporting requirements.

Master Data

Data that describes business partners, inventory items, and general ledger accounts, used in creating documents like invoices and orders.

Purchasing Process

A series of steps in acquiring goods and services, starting from purchase requests to payment.

Sales Process

The series of steps involved in selling goods or services, from order issuance to customer invoicing.

Business Analytics

The use of data, statistical analysis, and quantitative methods to help managers make better, fact-based decisions.

KPIs

Key Performance Indicators; metrics used to track the performance and success of an organization or specific activities.

Data Visualization

The representation of data in graphical or pictorial format to make it easier to understand trends, outliers, and patterns.