Studied by 1 person
operations management
getting the right goods/services in the right quantities at the right quality level in a cost-efficient manner
quantitative factors influencing location decisions: (4)
cost of labour
proximity to market/raw materials
government incentives/limitations
cost of land
qualitative factors influencing location decisions: (4)
feasibility of e-commerce
local knowledge
political stability
infrastructure (transportation/communication networks)
R&D
extensive research into new productions and development of prototypes
pros of R&D
first movers advantage
competitive edge
growth opportunities
cons of R&D
costly
high failure rate
budget concerns
product innovation
new creations or development of existing products
process innovation
a change in the way a product is manufactured or distributed
positioning innovation
reposition the perception of brand
paradigm innovation
changes nature of certain market
mass production
manufacturing of large numbers of identical products
job production
customizing individual product to meet specific requirements
batch production
producing limited number of identical product
flow production
continuous production of identical products
cellular manufacturing
poduction whereby sets of tasks are completed by teams
adaptive creativity
incremental innovation that adjusts or develops something that already exists
innovative creativity
creating something new
Note 
Flashcard (24)