Quiz 1 Reviewer

Man

The most important. The people who perform the work, including their skills, knowledge, and productivity.

Money

5. The financial resources required to operate and maintain production.

Machine

2. Equipment, tools, and technology used in the production process.

Material

3. Raw materials, components, and supplies needed to produce goods.

Maintenance

9. Keeping machines and equipment in good working condition to avoid breakdowns

Methods

4. The procedures, techniques, and processes used to carry out production.

Morale

10. – Encouraging and inspiring employees to work efficiently and achieve organizational goals.

Market

7. The customers and demand that determine what products should be produce

Management

6. Planning, organizing, leading, and controlling all production activities.

Measurement

8. Monitoring and evaluating performance, quality, productivity, and efficiency

Memoranda

short, formal written communication used within an organization to share information, give instructions, announce policies, or request action among employees, managers, or departments.

Promotion

• overall process of communicating with customers to increase awareness, interest, and sales of a product or service.

• Advertising, sales promotions, public relations, personal selling, and direct marketing.

Advertising

• A paid, non-personal form of communication that promotes a product, service, or brand through various media.

create an end product at the right time economically, right quality, and right quantity.

The main purpose of a production management manager is to

Financial Areas (procure and look for money)

Production Areas (creation of goods or vision of services)

Marketing (assessment of the needs and wants of the market thereby selling and promoting the products or services)

3 operation management areas

human resource

financial (responsible for accounting and procurement)

operations - core (responsible for engineering and procurement)

marketing (responsible for promotion and advertising and sales)

four basic departments

economic resource

Land labor, capital

Producing units

Goods and services (availability for the masses)

Households (consumers)

Circular flow of productiom

Market

dictator of a price of a commodity

it is a situation where buyer and seller communicate

value added essence

it is the difference between the cost of inputs and the value of the output

used for R&D, facilities, dividends

with value added, the business will increase its value as per creation of value overtime.

Value Added

Real Income

The amount of purchasing power of the money the consumer has.

Price increase = purchasing power decrease

production of goods are involved

Systems or procedures needed to produce goods or delivery service services.

three fundamental function of operations management

production

it is the planning, organizing staffing, directing and controlling the transformation of goods and services

planning (Looking ahead )and controlling (Looking back)

The Siamese twins of management. They are inseparable

production system

provide an efficient and effective. framework of activities for the purpose of achieving operations of objectives

continuous

intermittent

batch

project

four types of material process flow (production system)

continuous

uniform product logs due to the settings being uniform, having same steps in processing

intermittent

The process flow is not a uniform pattern due to output being produced not the same

Batch

combination of continuous and intermittent, hybrid.

and products are stored in the warehouse for the meantime and distribute the products only on the most fortunate time(Time of sales)

project

The material process flow is towards one direction(To the place where the project is held or made) They are immovable examples are building roads, and bridges.

extractive

analytical

Synthetic

fabricating or assembly

four types of manufacturing

extractive

extracted from land air and water

gasoline gold and silver

analytic

broken down into sub materials to serve as by product

Petroleum being refined to gasoline

synthetic

putting together, result of synthesizing multiple materials to create a product. cement and medicines

fabricating or assembly

an end product formed through combination of several fabricating product. Refrigerator

productivity

effective use of resources, usually expressed by the racial between the input and the output.

Measurement, how good the production is.

Output divide input.

formula for productivity

current production

Less: Previous production

Divide: Previous production

Multiply: 100

economic growth/Productivity growth formula

ratio

comparison of at least two quantities showing the relationship between one thing to another