Operational Management

Front 1

system in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods

Back 1

craft production

Front 2

physical items produced by business organizations

Back 2

goods

Front 3

activities that provide some combination of time, location, form, and psychological value

Back 3

services

Front 4

system that uses minimal amounts of resources to produce a high volume of high-quality good with some variety

Back 4

lean system

Front 5

system in which low-skilled workers use specialized machinery to produce high volumes of standardized goods

Back 5

mass production

Front 6

an abstraction of reality; simplified representation

Back 6

model

Front 7

the management of systems or processes that create goods and/or provide services

Back 7

operations management

Front 8

one or more actions that transform inputs into outputs

Back 8

process

Front 9

a process for reducing costs, improving quality, and increasing customer satisfaction

Back 9

six sigma

Front 10

a sequence of activities and organizations involved in producing and delivering a good or service

Back 10

supply chain

Front 11

a set of interrelated parts that must work together

Back 11

system

Front 12

the difference between the cost of inputs and the value or price of outputs

Back 12

value-added

Front 13

customer contact

Back 13

a lot higher in services

Front 14

uniformity

Back 14

a lot higher in goods (input/output)

Front 15

labor content

Back 15

a lot higher in services

Front 16

inventory

Back 16

a lot higher in goods

Front 17

not using more than needed

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sustainability

Front 18

use of the internet to transact business

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e-business

Front 19

consumer to business transactions

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e-commerce

Front 20

consists of all activities directly related to producing goods or providing services

Back 20

operations function

Front 21

provide detail and scope of the mission

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goals

Front 22

the reason for the existence of an organization

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mission

Front 23

states the purpose of an organization (longest range, highest level of management)

Back 23

mission statement

Front 24

the approach consistent with the organization strategy that is used to guide the operations function (short range 1 day to 1 year)

Back 24

operations strategy

Front 25

characteristics that customers perceive as minimal standards of acceptability to be considered as a potential for purchase

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order qualifiers

Front 26

characteristics of an organization's goods or services that cause it to be perceived as better than the competition

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order winners

Front 27

a measure of the effective use of resources, usually expressed as the ratio of output to input

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productivity

Front 28

plans for achieving organizational goals (long range)

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strategies

Front 29

methods and actions taken to accomplish strategies (medium range 1-2 years)

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tactics

Front 30

the special attributes or abilities that give an organization a competitive edge

Back 30

core competencies

Front 31

a moving average positioned at the center of the data that were used to compute it

Back 31

centered moving average

Front 32

a measure of the strength and direction of relationship between two variables

Back 32

correlation

Front 33

wavelike variations lasting more than one year

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cycle

Front 34

managers and staff complete a series of questionaires, each developed from the previous one

Back 34

delphi method

Front 35

difference between actual value and value predicted for a given period

Back 35

error

Front 36

a weighted averaging method based on previous forecast plus a percentage of the forecast error

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exponential smoothing

Front 37

a statement about the future value of a variable of interest

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forecast

Front 38

due to unusual circumstances (not typical behavior)

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irregular variation

Front 39

used to develop forecasts when trend is present

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linear trend equation; Ft = a + b(t)

Front 40

the average absolute forecast error

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mean absolute deviation

Front 41

the average of squared forecast errors

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mean squared error

Front 42

the average absolute percent error

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mean absoulte percent error

Front 43

technique that averages a number of recent actual values

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moving average

Front 44

a forecast for any period that equals the previous period's actual value

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naive approach

Front 45

percentage of average or trend

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seasonal relative

Front 46

regularly repeating movements in series values that can be tied to reoccuring events

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seasonal variations

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short-term regular variations related to calendar time of day

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seasonality

Front 48

a time ordered sequence of observations taken at regular intervals

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time-series

Front 49

forecasts that project patterns identified in recent time series observations

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time-series forecasts

Front 50

a long term upward or downward movement in data

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trend

Front 51

used when a time series exhibits a linear trend

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trend adjusted exponential smoothing

Front 52

more recent values in a series are given more weight in computing a forecast

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weighted average

Front 53

subjective inputs which often defy precise numerical description

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qualitative forecasting

Front 54

projection of historical data or the development of associative models that attempt to utilize casual variables

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quantitatve forecasting

Front 55

fewer periods in a moving average means what...

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the average tends to be more responsive (sensitive)

Front 56

what are the 3 methods of qualitative forecasting

Back 56

delphi method, market research (consumer surveys), and sales force composites