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94 Cards in this Set
- Front
- Back
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finance function
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Encompasses obtaining the company’s funds in the best way, then guiding their use
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marketing function
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Developing and maintaining demand for the company’s goods and / or services (identifying customers, understanding their needs, educating customers)
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operating function
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Providing service to customer and produces any goods the company makes
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manufacturing
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converting tangible raw materials into tangible products in a facility where the customer is not present
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make to stock
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items are completed and placed in stock before the order is received
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make to order
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completes end item after customer’s order has been received
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assemble to order
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produces standard-design, optional modules ahead of time and assembles per order
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job shop
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contracts make-to-order custom products, volume is low, and flexibility is very important
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repetitive manufacturing
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also known as repetitive production and production lines; high volume of all same item.
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batch manufacturing
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makes some intermediate variety of products and produces an intermediate volume of each
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value ratio
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value ratio = quality / costs
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quality
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different for each and every person. Quality depends upon evaluation of people outside of the company. All parts play a role in seeing that the customer’s needs and expectations are met.
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costs
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associated resources required to complete a task
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strategic planning
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long-term decisions that affect the overall company’s actions
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SBU
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strategic business unit - large, diversified companies may consist of multiple business units as individual companies
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mission
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expression of the direction in which a company will apply its efforts
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business strategy
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guides business practices and directs how it will deal with its customers, competitors, and conditions
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functional strategy
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long-range plan of how that function will support the accomplishment of the business strategy
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policies
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official statements, expressed or implied that guide decisions and actions of company members in a consistent, general direction
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external conditions
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outside factors that affect the business; economic conditions, political, social, technical, etc
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internal conditions
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strengths of company v. weaknesses; 4 major performance characteristics; cost efficiency, quality, dependability, flexibility
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internal strengths
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aspects of the company that serve it well
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internal weaknesses
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aspects of the company that do not serve it well
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Cost efficiency
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being effective with resources and allocating them
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dependability
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can we depend on a product?
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flexibility
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how useful can it be?
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performance
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how well does it perform?
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features
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what does the product offer?
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flexibility
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how useful can it be?
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performance
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how well does it perform?
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reliability
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what percentage of the time does the product work?
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serviceability
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can the product provide good service?
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durability
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how long does the product last?
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conformance
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how does the product fit our needs, expectations, and how does it compare to its competitors?
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aesthetic characteristics
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how does the product appear and is it attractive to use?
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perceived quality
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what impression does the user get of the item’s quality
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responsiveness
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how does the product / company respond to
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tangibles
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the item provided
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assurance
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the level of confidence with which the company provides its product
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empathy
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the level of understanding the business has to the customer’s concerns
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prevention costs
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costs spent to ensure the prevention of problems and issues
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appraisal costs
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costs associated with determining the above mentioned costs
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internal failure cost
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costs associated with discovering the shortcoming of the product within the company prior to delivery
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external failure cost
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post-delivery costs
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models
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math measures for making decisions
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modeling
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graphing measures
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validation of a model
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determining the usefulness of a model
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statistical decision theory
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model of rational selection from alternative courses of action
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alternative acts
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alternate paths of deicision; must be mutually exclusive
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states of nature
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given circumstances for a situation
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decision matrix
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grid of possible decisions made
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payoff matrix
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grid of possible payoffs / outcome
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certainty
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level of surety in decision making
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risk
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possibility of which state of nature will occur
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maximax
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strategy of seeking to maximize the result
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maximin
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strategy of seeking to minimize the result
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EMV
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expected monetary value
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decision tree
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layout of possible decisions and outcomes
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TQM
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total quality management, an all-inclusive approach to product improvement and quality control
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continuous improvement
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the drive to continually improve the quality of the product and the company
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employee involvement
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the level at which a company chooses to involve its employees in decision making
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quality circle
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a circle of employees
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alignment
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consistency of the plans processes decisions
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recovery
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opportunities for a company to recover goodwill with customers
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process owner
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employee in charge to oversee a specific
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concurrent engineering
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reduces handoffs and hold ups in manufcacturing
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CAD
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computer aided design
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standardization
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fewer choices of components, etc
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CAM
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computer aided manufacturing
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CAE
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computer aided engineering
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simplification
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using no more than necessary
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MTBF
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mean time between failurse
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tolerance limits
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upper and lower limits of tolerated quality levels
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LSL
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lower specification limit
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uSL
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upper specification limit
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chance causes
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uncontrollable
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assignable causes
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causes that we point to as a result
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inherent variation
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variation that naturally occurs
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forecast
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inferenes about what will happen in the future
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technological forecast
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estimates rate of tech growth
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economic forest
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estimates future business conditions, needs of economy
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demand forecast
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gives the expected level of demand
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business cycle
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operating functions of a business
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product life cycle
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the cycle of a usefulness of a product
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delphi method
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systematic means to obtain consensus, keep people separate
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time series models
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use time as the independent variable
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causal models
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independent variable or variables
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time series
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sequence of data collected for equal intervals
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trend component
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general upward or downward movement
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seasonal component
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recurring year fluctuation of demand above and below the trend value
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cyclical component
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recurrent up and down movement
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random component
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series of short erratic moveme;nts that follow no pattern
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MAD
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mean absolute deviation mean of errors made over a time per over or undestimate of forecast
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MSE
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mean square error, peanlizes large errors
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