operations set 1

Waste

Anything that doesn’t add value to the final product

Operations mgmt

Set of activities that are performed to create a greater value along the supply chain in the form of goods/ products and services by transforming inputs to outputs

Competitiveness

Ability of a nation to produce goods/services that meet the test of international markets while maintaining or exporting inc

Industry level

Group of interrelated companies that provide the same service(

Strategy

Common vision that unites an organization and provides consistency in decisions

and keeps the org moving in the right direction

Lean production

the adaptation of mass production that prizes quality and flexibility.

 

Production

Creation of goods and services

Operations mgmt concerns with

Design, operations, and movement of production systems

Inputs

Material, machines, labor mgmt, capital

Outputs

Goods and services

4 basic organizational functions

Marketing, operations, finance/accounting, Human Resources