(See related pages)
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| Agility | the ability of an organization to respond quickly to demands or opportunities. |
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| craft production | one person (or perhaps a small crew) would be responsible for making the product from start to finish. |
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| degree of standardization | customized output: products or services designed to meet the specifications of a customer. standardized output:products or services designed to appeal to a broad set of customers. |
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| division of labor | an operation, such as assembling an automobile, is broken up into a series of small tasks and one of those tasks is assigned to a worker who repeats it on each individual product. |
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| e-business | involves the use of the Internet to transact business, sometimes with customers, sometimes with suppliers. |
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| interchangeable parts | standardized parts, so that any part in a batch of identical parts would fit any individual product coming down the assembly line. |
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| lead time | length of time needed to fill an order or to receive an order from a supplier. |
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| lean production | a production system which emphasizes quality, flexibility, time reduction and teamwork. It has led to a flattening of the organizational structure with fewer levels of management. |
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| mass production | 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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| model | a model is a simplified version of a real object or system. Physical models: resemble their real life counterparts. Schematic models: are diagrams, pictures, blueprints, etc. which represent a real object, process, or electrical circuit. Mathematical models: represent real systems or processes by means of numbers, formulas, and symbols. |
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| operations management | responsible for systems that create goods or provide services. Includes both design and operation of production systems. |
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| Pareto Principle | a relatively small percentage of items or factors are very important in achieving an objective or solving a problem. |
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| production | the creation of goods or services. |
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| supply chain | a supply chain is the sequence of organizations that are involved in delivering a product or service. |
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| system | a set of interrelated parts that must work together. |
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| transformation process | conversion of inputs into outputs. |
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| type of operation | manufacturing: production of a tangible output such as a toaster, a stereo. service:implies an act rather than a tangible output (e.g.. wash a car). |
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| valued-added | the amount by which the price or value of an output is increased due to the addition of material, labor, or other resource. |