Business Terms - Quiz 4

Front 1

Application of Resources such as people and machinery to convert materials into finished goods and services

Back 1

Production

Front 2

Managing people and machinery in converting materials and resources into finished goods and services

Back 2

Production and operations Management

Front 3

System for Manufacturing products in large amoutns through effective combinations of employees with speicalized skills, machanization, and standardization. Makes ouput available in large quanities at lower prices than individually crafted items.

Back 3

Mass Production

Front 4

Manufaturing technique that carries the product n a conveyor system past several workstations where workers perform specialized tasks

Back 4

Assembly Line

Front 5

Reprogrammable machine capeable of performing numerous tasks that require manipulation of materials and tools

Back 5

Robot

Front 6

System for interactions bewteen a designer and a computer to design a product, facility, or part that meets predetermined specifications

Back 6

Computer-Adided Design (CAD)

Front 7

Electronic tools to analyze CAD output and determine necessary steps to implement the design followed by electronic transmission of nstructions to guide activites of production equipment

Back 7

Computer-Aided Manufacturing (CAM)

Front 8

Production facility that workers can quickly modify to manufacture different products. Typically consists of computer controlled maching centers to produce metal parts, robots to handle the parts, and remote controlled carts to deliver materials. All components are linked by electronic controls that dictate activites at each stage of the manuifacturing sequence.

Back 8

Flexible Manufacturing System (FMS)

Front 9

Production system in which computers help workers to design products, control machines, handle materials, and control the production function in an integrated behavior. This does not necissarily imply more automation and fewer people than other alternatives.

Back 9

Computer-Integrated Manufacturing

Front 10

Firm that wants to locate near a community often must first prepare one to analyze how a proposed plant would affect the quality of life in the surrounding areaand includeds such topics as: impact on transportation facilities, energy requirements, water and sewage treatment needs, natural plant life and wildlife, and water, air and noise pollution.

Back 10

Environmental Impact Study

Front 11

Choosing whether to manufacture a needed product or component in house, purchase it from an outside supplier, or lease it. This decision is critical in manu contemporary business situations.

Back 11

Make, buy, or lease decision

Front 12

Requires production and operations managers to balance the need to keep stocks on hand to meet demand against the cost of carrying inventory. Amoung the expenses involved in storing inventory are warehousing costs, taxes, insurance, and maintenance.

Back 12

Inventory Control

Front 13

An efficent inventory control technique where the system continuously monitors the amounts and locations of thier stocks. This typically relies on computers and manu automatically generated orders at appropriate times.

Back 13

Perpetual Inventory

Front 14

When companies hand over thier inventory control functions to suppliers

Back 14

Vendor-managed inventory

Front 15

Collaborative Planning, Forecasting and Replinishment. A planning and forecasting technique involving collarborative efforts by both purchasers and vendors.

Back 15

CPFaR

Front 16

Management philosophy aimed at improving profits and ROI by minimizing costs and eliminating waste through cutting inventory on hand

Back 16

Just in Time system (JIT)

Front 17

Computer-based production planning system by which a firm can ensure that it has needed parts and materials available at the right time and place in the correct amounts.

Back 17

Materials Requirement Planning (MRP)

Front 18

Creates a well defined set of procedures for coordinating people, materials, and machinery to provide maximum production efficency.

Back 18

Production Control

Front 19

A phase of production control that determines the amount of resources a firm needs to produce a certain output and develops a bill of materials that list all needed parts and materials

Back 19

Production Planning

Front 20

Another phase of production control that determines the sequence of work throughout the facility and specifies who will perform each aspect of the work at what location. It depends on two factors: the nature of the good or service and the facility layouts (product, process, fixed-posiiton, or customer oriented)

Back 20

Routing

Front 21

Another phase of production control where managers develop timetables that specify how long each operation in the production process takes, and when workers should perform it.

Back 21

Scheduling

Front 22

A chart which seeks to minimize delays by coordinating all aspects of the production process: can be required by a complex project

Back 22

Program Evaluation and Review Technique (PERT)

Front 23

The sequnce of operations that requires the longest time for completion

Back 23

Critical path

Front 24

The phase of production control in which the manager instructs each department on what work to do and the time allowed for its completion. The dispatcher authorizes performance, provides instructions, and lists job prioirites.

Back 24

Dispatching

Front 25

Phase of production control in which employees and thier supervisors spot problems in the production process and determine needed changes

Back 25

Follow-Up

Front 26

Identifying how leaders in certain fields perform and continually comparing and measuring performance against these outstanding performers

Back 26

Benchmarking

Front 27

Measuring goods and services against established quality standards

Back 27

Quality Control

Front 28

An international organization whose mission is to promote the development of standardized products to facilitate trade and cooperation across national borders

Back 28

International Organization for Standardization (ISO)