| 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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| customized output | products or services designed to meet the specifications of a customer.
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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.
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| 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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| outsourcing | obtaining a product or service from outside the organization.
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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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| Physical models | resemble their real life counterparts.
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| Schematic models | are diagrams, pictures, blueprints, etc. which represent a real object, process, or electrical circuit.
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| six sigma | A process for reducing costs, improving quality, and increasing customer satisfaction
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| standardized output | products or services designed to appeal to a broad set of customers.
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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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| technology | The application of scientific discoveries to the development and improvement of goods and services
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| transformation process | conversion of inputs into outputs.
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| manufacturing | production of a tangible output such as a toaster, a stereo.
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| 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.
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