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Understanding Business Ch. 9
RCC BUS 10. Nickels
41
Business
Undergraduate 1
01/18/2014

Additional Business Flashcards

 


 

Cards

Term
Define: Production
Definition
the  creation  of  finished  good s  and  services  using  the  factors  of production: land, labor, capital, entrepreneurship,  and  knowledge
Term
Production  has  historically  meant _______
Definition
Manufacturing
Term
define: production management
Definition
all the management activities that helped firms create goods.
Term
Define: Operations  management
Definition
a specialized  area  in  management  that  converts  or  transforms  resources, including  human  resources  like  technical  skills  and  innovation,  into  goods  and  services.
Term

American manufacturers have begun to emphasize:

Definition

 a.   Focusing on customers.

b.   Maintaining close relationships with suppliers.

c.   Practicing continuous improvement.

d.   Focusing on quality.

e.   Saving on costs through site selection.

f.    Relying on the Internet to unite companies.

g.   Adopting new manufacturing techniques.

Term
The U.S. Economy is now a _____
Definition

SERVICE ECONOMY

Term
Define: Form Utility
Definition
the  value  producers  add  to  materials  in  the  creation  of  finished  goods  and  services,  such  as  by  transforming  silicon  into  computer  chips
Term
Andrew Grove's  three  basic  requirements  of  production
Definition

(1) to build and deliver products in response to the  demands of the customer at a scheduled delivery time

 

(2)  to  provide  an  acceptable  quality level


(3) to provide everything at the lowest possible cost.

Term
Define: Process manufacturing
Definition
That part  of  the production process  that  physically or chemically  changes materials.
Term
Define: Assembly Process
Definition
That part of the producti on process that puts together components.
Term
Define: continuous process
Definition
A production process in which long production runs turn out finished goods over time
Term
Define: intermittent  process
Definition
A production process  in which the production run  is short and the machines are changed frequently to  make different products
Term
CAD, CAM, and CIM
Definition

computer-aided  design

 

computer-aided  manufacturing

 

 computer-integrated manufacturing

Term
Define: Flexible Manufacturing
Definition
designing  machines  to do  multiple tasks so they  can  produce  a variety  of  products
Term
Lean Manufacturing and its 5 characteristics
Definition

the  production  of  goods  using  less  of  everything  than in  mass  production

 

•  They  take  half  the  human  effort.


•  They  have  half  the  defects  in  the  finished product  or  service.


•  They  require  one-third  the  engineering effort.


•  They use half the floor space for the same output.


•  They  carry  90  percent  less inventory.

Term
Define: Mass Customization
Definition
Tailoring products to meet the needs of individual customers.
Term
Define: Facility Location
Definition
The process of selective a location for a company's operations
Term
Define: Time to Market
Definition
Time it takes to move a completed product from factory/warehouse to customer
Term

The key reason manufacturers move their plants

Definition
Low cost labor
Term
Define: Interfirm Process
Definition
process in which companies work closely together  to  design, produce, and ship products  to  customers.
Term
Define: Facility Layout
Definition
the  physical  arrangement  of  resources,  including  people,  to most  efficiently  produce  goods  and provide  services  for  customers
Term
Assembly line vs modular layouts
Definition

 assembly-line layout - workers  do only a few tasks at a time

 

modular layout - teams  of workers  combine  to  produce  more  complex  units  of  the  final  product. 

Term
Fixed position vs process layouts
Definition

fixed-position layout - allows  workers  to  congregate  around  the product  to  be  completed.

 

process layout - similar  equipment  and  functions  are
grouped  together .

Term
Define: Materials  requirement  planning  (MRP)
Definition
a  computer-based  operations management  system  that  uses  sales  forecasts  to  make  sure  needed  parts  and materials  are  available  at  the  right  time  and  place
Term
Define: Enterprise  resource
planning  (ERP)
Definition
a  newer  version  of  MRP,  combines  the computerized  functions  of  all  the  divisions  and  subsidiaries  of  the  firm into  a single  integrated  software program  that  uses  a single  database
Term
Define: Purchasing
Definition
the  function  that  searches  for  high-quality  material  resources, finds  the  best  suppliers,  and  negotiates  the  best  price  for quality  goods  and services.
Term
just-in-time  (JIT)  inventory  control
Definition
JIT  systems  keep a minimum  of  inventory  on  the premises-and  deliver  parts,  supplies,  and  other needs  just  in  time  to  go  on  the  assembly  line.
Term
Define: Six  Sigma  quality
Definition
a  benchmark  of  just  3.4 defects  per  million
Term
Problems with Quality Testing a completed product
Definition

1.  The  need  to  inspect  work  required  extra people  and  resources .


2.  If  an  error  was  found,  someone  had  to correct  the  mistake  or  scrap  the product -  costly.


3.  If  the  customer  found  the  mistake,  the can be dissatisfied and not buy again

Term
Define: Statistical  quality  control  (SQC)
Definition
to continually  monitor  all  phases  of  the  production process  and  assure  quality  is being  built  into  the  product  from  the  beginning
Term
Define:  Statistical  process  control (SPC)
Definition
the  process  of  testing  statistical  samples  of  product  components  at each  stage  of  production and  plotting  the  test  results  on  a  graph.
Term
Deming  cycle
Definition

 Plan, Do, Check, Act (PDCA).

 

to  find  potential  errors  before  they  happen.

Term
ISO  9000
Definition

the  common  name  given  to quality  management  and  assurance  standards

 

Must meet to operate in EU

Term
ISO  14000
Definition
a collection  of  the  best  practices  for  managing  an  organization's  impact  on  the  environment.
Term
International  Organization  for  Standardization
Definition
worldwide  federation  of  national  standards  bodies  from  more  than  140 countries  that  set global  measures  for  the  quality  of  individual products.
Term
program  evaluation  and  review  technique
(PERT)
Definition
A method for analyzing the tasks involved  in  completing a given project, estimating the time  needed  to complete  each  task,  and identifying the minimum time  needed  to complete the total project
Term
steps  used  in  PERT
Definition

1)  analyzing  and  sequencing  tasks  that
need  to  be  done

 

(2)  estimating the  time needed to complete each task

 

(3) drawing  a  PERT  network  illustrating  the  information  from  steps  1  and  2

 

( 4)  identifying  the  critical  path.

Term
Define: Critical Path
Definition
In  a  PERT  network, the sequence of tasks that takes the longest time to complete and which  a  delay  anywhere  along  this  path  will  cause  the  project  or  production  run  to  be  late
Term
The Malcolm Baldrige National Quality Award
Definition

 

•To qualify, a company has to show overall quality in seven key areas

 

•company leadership

 

•strategic planning

 

•customer and market focus

 

•information and analysis

 

•human resources (employee) focus

 

•process management

 

•business results

 

Term

Quality function deployment (QFD)

Definition

a process of linking the needs of end users (customers) to design, development, engineering, manufacturing, and service functions.

Term
Gantt Chart
Definition

a bar graph showing production managers what projects are being worked on and what stage they are in at any given time.

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