Business Foundations - Unit 4 Study Guide Vocab Terms

Big Data

very large and complex data sets; need analysis for information

Cloud Computing

refers to sharing of information, resources and software over the internet

Data

the representation of a fact or idea; collected and needs to be analyzed to gather information

Data mining

process of exploring and analyzing data to uncover data relationships and patterns to help your business

Data Warehouse

vast amounts of data stored in database systems separate from production databases

Electronic Monitoring

track employee key-strokes and emails, browsing and cell phone usage

Hacker

individuals who gain unauthorized entry into computer systems

Information

data that has been organized/arranged in useful way

Information system

focusses on applying IT to solve business and economic problems

Information Technology

design and implementation of computer based information systems

Phishing

common way to trick people into sending personal information to hackers

Spyware

Computer software that tracks personal information and passes it to third party without knowledge (ex = honey)

Algorithmic Management

The use of programmed rules and machine

learning to perform supervisory and administrative

activities to manage workers and processes. Issues: Reinforces existing discrimination, Surveillance, Lack of Transparency, Dehumanization.

AI

Machine learning and self programming to compute tasks

Robotics

use of robots/humanoids instead of people for tasks in workplace

Operations Management

The administration and planning of

business activities to produce and

distribute goods and services.

Facility Locating

finding the best spot for a facility based on its needs

Facility Layout

How the facility is planned: assembly line, cellular, mass customization, job shop.

Supply Chain Management

entire process of getting products out the door and into the hands of consumers

Supply Chain

process by which products, information and money move between supplier and consumer

Make-or-buy decision

decide what needs to be manufactured and what needs to be bought from outside suppliers

Purchasing (procurement)

task of acquiring materials and services needed in production process

Production

process of getting good/service to customer; series of related activities; value added to each stage; look at BrightSpace for graphic of the 4 forms of goods/ 4 forms of service production.

Manufacturing

process of converting raw materials to finished goods using tools, machinery and labor

Services

Intangible products that are bought/sold

Service Operations

process of coordinating and carrying out activities to manage services: focus includes customer satisfactions etc.

Sharing economy service production

relationship between broker, service provider and buyer; example: uber (look at graphic in Brightspace).

Assembly Line

Production method that breaks down a complex job into a series of smaller tasks; one of the four forms of good production

Mass production

method of producing large quantities of goods at a low cost; economies of scale

Job Shop Production

fully custom orders from professionals; most customizable, least efficient, most expensive form of good production

Cellular production

Factory layout where individual cells focus on total production of individual units simultaneously; one of the four forms of goods production

Cellular layout

a type of factory configuration where the floorplan is divided into individual cells completing the same work simultaneously

Mass customization

Configuration with interchangeable customizable aspects giving consumers customization on the mass scale; one of the forms of good production

Lean production

set of principles concerned with reducing waste and improving flow

Inventory control

receiving, storing, handling and tracking of everything in a companies stock; relevant concerns: perishables, bulk ordering, order timing and availability

JIT inventory management system

keeps smallest amount of inventory on hand as possible and everything else that is needed is ordered so that it arrives when needed

Quality Control

refers to the techniques, activities, and processes used to guarantee that a good or service meets a specified level of quality

Total quality management (TQM)

is an integrated approach that focuses on quality from the beginning of the production process up through managerial involvement to detect and correct problems

Mass service production

one of the forms of service production combining low degrees of personalization with high degrees of labor intensity; example: cafeteria

Professional service production

form of service production combining high degrees of personalization with high degrees of labor intensity; example: private chef

Service factory production

form of service production combining low degrees of personalization with low degrees of labor intensity; example: banquet

Service shop production

form of service production combining high degrees of personalization with low degrees of labor intensity; example: restaurant

Post-purchase servicing

what do the producers do for consumers after the purchase? policies of warranties, damaged goods and returns; could include purchase evaluations (surveys)

Distribution

the arrangement of getting the goods to the consumers; packaging, trucking, delivering, storing etc. part of the supply chain