Foundations of Business - Operations Management Ch. 10

Vocabulary flashcards based on key concepts from the Operations Management section of the Foundations of Business lecture notes.

Operations Management

The administration of business practices to create the highest level of efficiency possible within an organization.

Operations Manager

Individual responsible for overseeing production processes and making decisions regarding the production and delivery of goods.

PERT Chart

Program Evaluation Review Technique; a project management tool that uses a graph to represent tasks and their timelines.

Gantt Chart

A type of bar chart that represents a project schedule, showing the start and finish dates of various elements.

Production Planning Process

A series of steps that determine how goods will be produced and the layout of manufacturing facilities.

Quality Control Process

A procedure for ensuring that all production meets specified quality standards.

Make-to-Order

A production strategy where goods are made based on specific customer orders.

Mass Production

The manufacture of large quantities of standardized products, often on assembly lines.

Mass Customization

A production technique that combines elements of mass production and personalized products.

Just-in-Time (JIT) Production

An inventory strategy that aligns raw-material orders from suppliers directly with production schedules.

Material Requirements Planning (MRP)

A production planning, scheduling, and inventory control system used to manage manufacturing processes.

Site Selection

The process of determining the most suitable location for a business or facility.

Total Quality Management (TQM)

A management approach that focuses on long-term success through customer satisfaction.

Capacity Planning

The process of determining the production capacity needed by an organization to meet the expected demand.

Inventory Control

The supervision of supply, storage, and accessibility of items to ensure an adequate supply without excessive oversupply.

Transformation Processes

Operations involved in changing inputs into outputs in the production process.

Service Operations

Operations related to providing services instead of manufacturing products.

Production Control Process

The ongoing management of production processes to ensure efficiency and quality.

Evaluation in Product Development

The assessment of concepts and prototypes to determine feasibility for launch.

Supplier Selection Process

Criteria and procedures used to select vendors from whom to purchase goods and services.

Feedback in Operations Management

Information received about the production process used to inform adjustments and improvements.

Cost-effective Manufacturing

Producing goods at a lower cost while maintaining quality standards.

Critical Path

The longest stretch of dependent activities and the time required to complete them in a project.

Service Delivery Process

The way in which a service is provided to a customer from start to finish.

Characteristics of Service Operations

Features that differentiate services from products, such as intangibility, variability, and perishability.

Decisions in Operations Management

Choices made by managers regarding production, quality, inventory, and scheduling.

Employee Involvement in Quality Management

Encouraging employees to participate in maintaining and improving product/service quality.

Customer Satisfaction Measurement

The process of evaluating how products or services meet customer expectations.

Financial Incentives for Businesses

Benefits provided by local governments to encourage businesses to set up operations in their area.

Project Independence

A specific initiative highlighted within the operational assessments in the document.

Hiking Bear Project

An example project referenced to illustrate Gantt chart application in operations management.

Community Considerations in Site Selection

Factors related to community preferences and quality of life when selecting a business location.