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26 Cards in this Set
- Front
- Back
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Goods
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Physical items produced by business organizations
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Services
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Activities that provide some combination of time, location, form, and psychological value.
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Operations management
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The management of systems of processes that create goods and/or provide services.
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Supply chain
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A sequence of activities and organizations involved in producing and delivering a good or service.
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Value-added
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The difference between the cost of inputs and the value or price of outputs.
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Process
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One or more actions that transform inputs into outputs.
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Goods
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Physical items produced by business organizations
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|
|
Services
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Activities that provide some combination of time, location, form, and psychological value.
|
|
|
Operations management
|
The management of systems of processes that create goods and/or provide services.
|
|
|
Supply chain
|
A sequence of activities and organizations involved in producing and delivering a good or service.
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|
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Value-added
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The difference between the cost of inputs and the value or price of outputs.
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Process
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One or more actions that transform inputs into outputs.
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System
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A set of interrelated parts that must work together.
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Pareto phenomenon
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A few factors account for a high percentage of the occurrence of some event(s).
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Craft production
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System in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods.
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Mass production
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System in which low-skilled workers use specialized machinery to produce high volumes of standardized goods.
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Interchangeable parts
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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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Division of labor
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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.
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E-business
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Use of the Internet to transact business
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E-commerce
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Consumer-to-business transactions
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Technology
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The application of scientific discoveries to the development and improvement of goods and services.
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Sustainability
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Using resources in ways that do not harm ecological systems that support human existence.
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Agility
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The ability of an organization to respond quickly to demands or opportunities.
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Six Sigma
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A process for reducing costs, improving quality, and increasing customer satisfaction.
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Lean system
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System that uses minimal amounts of resources to produce a high volume of high-quality goods with some variety.
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Outsourcing
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Buying goods or services instead of producing or providing them in-house.
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