Chapter 1 : Introduction to Operations Management

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13 Terms

1

Production

The creation of goods and services.

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2

Operations Management

(OM) Activities that relate to the creation of goods and services through the transformation of inputs to outputs.

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3

Supply Chain

A global network of organizations and activities that supplies a firm with goods and services.

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4

Ten strategic OM decisions

Design of goods/services

Managing quality/ statistical process control

Process and capacity strategies

Location strategies

Layout strategies

Human resource/ job design and work measurement

Supply chain management

Inventory management

Scheduling

Maintenance

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5

Services

Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services).

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6

Service sector

The segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations.

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7

Productivity

The ratio of outputs (goods and services) divided by one or more inputs (such as labor, capital, or management).

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8

Single factor- Productivity

Indicates the ratio of goods and services produced (outputs) to one resource (input).

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9

Multifactor Productivity

Indicates the ratio of goods and services produced (outputs) to many or all resources (inputs).

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10

Productivity Variables

The three factors critical to productivity improvement-labor, capital, and the art and science of management.

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11

Knowledge Societies

A society in which much of the labor force has migrated from manual work to work based on knowledge.

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12

Industry 4.0

The fourth industrial revolution with widespread real-time digitalization.

From raw materials to design to manufacturing to logistics, services, and ultimately the end consumer

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13

Stakeholders

Those with a vested interest in an organization, including customers, distributors, suppliers, owners, lenders, employees, and community members.

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