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20 Cards in this Set

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Operations Management
The management of the direct resources that are required to produce and deliver an organization’s goods and services.
Global Economy
How the world is becoming smaller and countries are becoming more dependent on each other.
Value Chain
Steps an organization requires to produce a good or a service regardless of where they are performed.
Business Strategy
How a strategic business unit addresses the specific markets it serves and products it provides.
Competitive Priorities
How the operations function provides a firm with a specific competitive advantage.
Operations Strategy
How the operations function contributes to competitive advantage.
Competitiveness
Company’s position in the marketplace relative to its competition.
Quality
a degree or grade of excellence or worth
Cost of Quality
Framework for identifying quality components that are related to producing both high-quality products and low-quality products, with the goal of minimizing the total cost of quality
TQM
Approach for integrating quality at all levels of an organization
Six Sigma
A stats based, structured methodology for identifying and eliminating causes of errors in a process
Statistical Process Control
Statistical method for determining whether a particular process is in or out of control.
Process Flowchart
Show each of the steps that are required to produce either a good or a service.
Bar Chart
Virtually display data variation
Cause & Effect (or Fishbone) Diagrams
Used to identify the causes that lead to a particular outcome or effect.
Project
A series of related jobs usually directed towards some major output and requiring a significant period of time to perform
Project Management
Planning, directing, and controlling resources to meet the technical, cost, and time constraints of the project.
Matrix Project
Classic specialized organizational form, attempts to blend the properties of functional and pure project structures
Critical Path
Sequence of activities that form the longest chain in terms of their time to complete.
Project Milestones
Specific events to be reached at points in time.