Production & Operations Management Lecture Notes Class 8

These flashcards cover key concepts related to production and operations management as discussed in the lecture.

What are the factors of production involved in creating goods?

Land, labor, materials, capital, entrepreneurship, and knowledge.

What is production management?

All activities managers engage in to help firms create goods.

What is Just-in-Time (JiT) Inventory Control?

A production process in which a minimum of inventory is kept, and needs are delivered just in time to go on the assembly line.

What defines Continuous Processes in production?

Long production runs that turn out finished goods over time.

What defines Intermittent Processes in production?

Production runs that are short and require frequent adjustments to machines to make different products.

What technology is integrated in Computer-Integrated Manufacturing (CIM)?

The uniting of computer-aided design with computer-aided manufacturing.

What is the critical path in the context of PERT?

The sequence of tasks that takes the longest time to complete.

What role does Operations Management serve?

To provide high-quality goods and services in response to customer demand.

What is Lean Manufacturing?

A methodology that uses fewer resources compared to mass production while maintaining product quality.

What is the goal of Mass Customization?

To tailor products to meet the needs of a large number of individual customers.