Ch 4 Flashcards
(26 cards)
A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration
Situational analysis
What does S.M.A.R.T stand for?
Specific Measurable Attainable Relevant Time-bound
The actions or means managers intend to use to achieve organizational goals
Plans
Sets of actions to be taken when a company’s initial plans have not worked well or if events in the external environment require a sudden change
Contingency plans
A sequence of events especially when imagined; an account or synopsis of a possible course of action or events
Scenario
What does SWOT stand for?
Strength
Weakness
Opportunity
Threat
A process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies
Benchmarking
Focus on a single business in a single industry
Concentration
Controlling multiple levels in the supply chain
Vertical integration
Expand into areas that play to your core
Concentric diversification
Expand into areas outside your core
Conglomerate diversification
Build competitive advantage by being efficient and offering a standard, no-frills product
Low-cost strategy
Build competitive advantage by being unique in its industry or market segment along one or more dimensions
Differentiation strategy
A system designed to support managers in evaluating the organization’s progress regarding its strategy and, when discrepancies, taking corrective action
Strategic control system
The capability of an organization to produce an item at an acceptable profit
Manufacturability
The capability of an organization to provide a service at an acceptable cost or profit
Serviceability
Dismantling and inspecting a competitor’s product to discover product improvements
Reverse engineering
The objective of advancing the state of knowledge about a subject without any near-term expectation of commercial applications
Basic research
The objective of achieving commercial applications
Applied research
Converts the results of applied research into useful commercial applications
Development
The responsibility of a manufacturer has for any injuries or damages caused as faulty product
Product liability
What are the three R’s of product design?
Reduction, Re-using, Recycling
Assessment of the environmental impact of a product or service throughout its useful life
Cradle-to-Grave Assessment (Life-Cycle Assessment)
Examination of the function of parts and materials in an effort to reduce the cost and/or improve the performance of a product
Value analysis
