Operations Management Chapter 1

Front 1

Operations Management

Back 1

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

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Supply chain

Back 2

the sequence of organizations-their facilities, functions and activities-that are involved in producing and delivering a product or service.

Front 3

Value-Added

Back 3

the term used to describe the difference between the cost of inputs and the value or price outputs

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Model

Back 4

An abstraction of reality, a simplified representation of something.

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Physical models

Back 5

look like their real life counter parts. Ex. Miniature trucks, planes, scale model buildings, etc.

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Schematic models

Back 6

are more abstract than physical models. They have less resemblance to the physical reality. Ex. graphs, charts, prints, pictures, drawings. The advantage of these is that they are often relatively simple to construct and change. Moreover, they have some degree of visual correspondence.

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Mathematical models

Back 7

are the most abstract. They do not at all look like their real-life counterparts. Ex. Numbers, formulas, and symbols. These models are usually the easiest to manipulate, and they are important forms of inputs for computers and calculators.

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Pareto Phenomenon

Back 8

Relatively few issues or items are very important, so that dealing with those factors will generally have a disproportionately large impact on the results achieved.

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Mass production

Back 9

a system of production in which large volumes of standardized goods are produced by low skilled or semi skilled workers using highly specialized, and often costly, equipment.

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eBusiness

Back 10

involves the use of internet to transact business.

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eCommerce

Back 11

C2B transactions such as buying online or requesting information.

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Technology

Back 12

the application of scientific discoveries to the development and improvement of goods and services. OM is primarily concerned with three areas

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Product and service technology

Back 13

the discovery and development of new products and services. This is done mainly by research engineers, who use the scientific approach to develop new knowledge and translate that into commercial applications.

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Process technology

Back 14

refers to methods, procedures, and equipment used to produce goods and provide services. They include not only processes within an organization but also supply chain processes.

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Information technology

Back 15

refers to the science and use of computers and other electronic equipment to store, process, and send information. Information technology is heavily ingrained in today’s business operations. This includes electronic data processing, the use of bar codes, obtaining point of sale information, data transmission, the internet, e-commerce, e-mail and more

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Sustainability

Back 16

service and production processes that use resources in ways that do not harm ecological systems that support both current and future human existence.