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12 Cards in this Set
- Front
- Back
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The difference between the cost of inputs and the value or price of outputs.
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Value-Added
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3 Operations as a Basic Function Area
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operations, marketing, finance
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__________ is the set of activities that creates value in the form of goods and services by transforming inputs into outputs.
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Operations Management
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4 major decisions for Operations Management
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process, quality, capacity, inventory
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What are the 6 functions that make up the internal environment of a business operations?
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HR, Engineering, marketing, Accounting, Finance, MIS
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Define lean
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lean is concerned with eliminating waste (non value adding) activities in every part of the business and improving flow; JIT production; motorola phone
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How effectively an organization meets the needs of customers relative to others that offer similar goods or services.
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Competitiveness
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________ is a consistent pattern of business decisions for the transformation system and associated supply chain that are linked to the business strategy and other functional strategies, leading to a competitive advantage for the firm.
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Operations Strategy
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what are the 4 elements of the operations strategy? pg 22
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mission, objectives, strategic decisions, distinctive competence
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“Make what we can sell”
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Market Pull
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“Sell what we can make”
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Technology Push
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The process of product design
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Strategic mission and vision - Market analysis - Conceptual customer benefit package (CBP) - Detailed design of product or service - Process selection and design - Marketplace introduction and evaluation
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