Fundamentals of Management and Production and Operations Management (POM) Review

Vocabulary flashcards covering core management principles and their direct applications to Production and Operations Management (POM).

Management

The process of planning, organizing, leading, and controlling organizational resources to achieve organizational goals.

Production and Operations Management (POM)

The design, operation, and improvement of productive systems, focusing on how to manage the processes, resources, and activities that produce goods and deliver services.

Planning (in POM)

The operational application of planning that involves planning production, capacity, schedules, resources, and processes.

Organizing (in POM)

The operational application of organizing that involves organizing people, materials, equipment, facilities, and workflows.

Leading (in POM)

The operational application of leading that involves managing and motivating employees involved in operations.

Controlling (in POM)

The operational application of controlling that involves monitoring quality, productivity, costs, schedules, and operational performance.

Organizational Resources

The inputs used in an operational system, consisting of people, money, materials, machines and equipment, information, facilities, technology, and time.

Transformation Process

The operational system wherein inputs (such as materials, workers, equipment, and recipes) are converted through processes into final outputs (such as finished goods and services).

Operations Manager

A manager responsible for planning operational activities, managing resources, scheduling employees and equipment, monitoring productivity, managing quality, solving operational problems, improving processes, and coordinating with other departments.

Managerial Decision-Making (in POM)

Applying general management decision-making frameworks to specific operational problems, such as determining production quantities, staffing needs, equipment usage, facility location, and cost or waiting time reduction.

Efficiency

A management concept defined as using resources wisely and minimizing waste.

Effectiveness

A management concept defined as achieving the desired goals.

Operations Goal

Achieving both efficient use of resources and effective results, which leads to quality, productivity, customer satisfaction, and competitiveness.

Competitive Advantage (in Operations)

Gaining an advantage over competitors through operational capabilities such as lower cost, better quality, faster service, reliable delivery, flexibility, and continuous improvement.