Studied by 0 people
Looks like no one added any tags here yet for you.
Production
The creation of goods and services.
Operations Management
(OM) Activities that relate to the creation of goods and services through the transformation of inputs to outputs.
Supply Chain
A global network of organizations and activities that supplies a firm with goods and services.
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
Services
Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services).
Service sector
The segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations.
Productivity
The ratio of outputs (goods and services) divided by one or more inputs (such as labor, capital, or management).
Single factor- Productivity
Indicates the ratio of goods and services produced (outputs) to one resource (input).
Multifactor Productivity
Indicates the ratio of goods and services produced (outputs) to many or all resources (inputs).
Productivity Variables
The three factors critical to productivity improvement-labor, capital, and the art and science of management.
Knowledge Societies
A society in which much of the labor force has migrated from manual work to work based on knowledge.
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
Stakeholders
Those with a vested interest in an organization, including customers, distributors, suppliers, owners, lenders, employees, and community members.
