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24 Cards in this Set
- Front
- Back
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Physical items produced by business organizations. |
goods
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Activities that provide some combination of time, location , form, and psychological value. |
services |
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The management of systems or processes that create goods and/or provide services |
operations management |
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A sequence of activities and organizations involved in producing and delivering a good or services. |
supply chain |
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The difference between the cost of inputs and the value or price of outputs. |
value-added |
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The time between ordering a good or service and receiving it. |
lead time |
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One or more actions that transform inputs into outputs |
process |
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An abstraction of reality: a simplified representation of something |
model |
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A set of interrelated parts that must work together. |
system |
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A few factors account for a high percentage of the occurrence of some event(s). |
Pareto phenomenon |
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System in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods. |
craft production |
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System in which low-skilled workers use specialized machinery to produce high volumes of standardized goods. |
mass production |
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Parts of a product made to such precision that they do not have to be custom fitted.
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interchangeable parts
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The breaking up of a production process into small tasks, so that each worker performs a small portion of the overall job. |
division of labor |
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Use of the Internet to transact business. |
E-Business |
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Consumer-to-business transactions |
E-Commerce |
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The application of scientific discoveries to the development and improvement of goods and services. |
technology |
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A process for reducing costs, improving quality, and increasing customer satisfaction. |
six sigma |
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The ability of an organization to respond quickly to demands or opportunities. |
agility |
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System that uses minimal amounts of resources to produce a high volume of high-quality goods with some variety. |
lean system |
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Using resources in ways that do not harm ecological systems that support human existence. |
sustainability |
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A standard of behavior that guides how one should act in various situations. |
ethics |
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A sequence of steps intended to guide thinking and subsequent decision or action. |
ethical framework |
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Buying goods or services instead of producing or providing them in-house. |
outsourcing |
