Operations Management and Value Chains MGMT CH 1

These flashcards encompass key concepts in operations management, value chains, and related terms critical for understanding core principles in the field.

Operations Management (OM)

The science and art of ensuring that goods and services are created and delivered successfully to customers.

Efficiency

A measure of how effectively inputs are converted into outputs in operations.

Internet of Things (IoT)

The interconnection of computing devices embedded in everyday objects, enabling them to send and receive data.

Service Management

Integrates marketing, human resources, and operations functions to plan, create, and deliver goods and services.

Value Chain

Describes the flow of materials, finished goods, services, information, and financial transactions through the supply chain.

Customer Benefit Package (CBP)

A set of tangible and intangible features that a customer recognizes, pays for, uses, or experiences.

Competitive Advantage

The attribute that allows an organization to outperform its competitors.

Differentiation Strategy

A strategy to achieve competitive advantage by offering unique products or services.

Sustainability

An organization’s ability to develop a long-term strategy that embraces opportunities, manages risks, and preserves resources.

Big Data

Massive amounts of business data from various sources, often available in real-time, used for making informed decisions.

Business Analytics

The process of transforming data into actionable insights for decision-making and problem-solving.

Supply Chain Management

The management of the flow of goods and services, including all processes that transform raw materials into final products.