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MGO KEY TERMS > KEY TERMS EXAM 1 > Flashcards

KEY TERMS EXAM 1 Flashcards

1
Q

bill of materials

A

A description of all raw materials and intermediate assemblies required to create a finished product

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2
Q

biomimicry

A

The imitation of natural processes and systems.

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3
Q

business analytics

A

Continuous investigation of business performance using large volumes of data

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4
Q

business unit

A

A segment of a larger organization, usually managed as a profit-and-loss center.

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5
Q

business-to-business (B2B)

A

Commercial transactions between organizations.

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6
Q

business-to-consumer (B2C)

A

Commercial transactions between an organization and individual

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7
Q

concurrent engineering

A

Integration of a product’s design and process development phases, to enhance manufacturability.

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8
Q

core competency

A

Specific ability that distinguishes a business from its competitors.

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9
Q

correlation coefficient

A

A measure of the strength of any linear relationship between two sets of observations.

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10
Q

cradle-to-cradle

A

Planning sustainability as a perpetual cycle of transformation, in which the

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11
Q

cradle-to-gate

A

Planning sustainability from the procurement of raw materials through the production of the product.

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12
Q

cradle-to-grave

A

Planning sustainability from the procurement of raw materials through the final disposal of the product.

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13
Q

cyclic variation

A

Seasonality with a cycle time longer than 1 year; generally associated with

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14
Q

Delphi method

A

A qualitative forecasting technique in which experts achieve consensus through a blind process via a facilitator.

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15
Q

diseconomies of scale

A

Increasing average unit cost by increasing volume.

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16
Q

e-commerce

A

Buying and selling product through electronic transactions.

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17
Q

economies of scale

A

Decreasing average unit cost by increasing volume.

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18
Q

enterprise resource planning (ERP)

A

A strategic information system that integrates all functional areas of an organization.

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19
Q

exogenous variation

A

A nonrepeating deviation in a time series created by a distinct, identifiable external influence.

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20
Q

extrapolation

A

Projecting existing data into the future.

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21
Q

fishbone diagram

A

Visual model to clarify cause-and-effect relationships.

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22
Q

forecast bias

A

A tendency to create errors that are predominantly positive or negative.

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23
Q

green

A

Assures sustainability.

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24
Q

histogram

A

A bar chart illustrating the relative frequency of occurrences in different categories.

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25
Q

ISO 9000

A

A certification of compliance with an internationally recognized set of quality management standards.

26
Q

Kendall notation

A

A labeling system for classifying waiting line models according to their initial assumptions.

27
Q

lean

A

Operating without waste.

28
Q

mission

A

An organization’s statement about what it’s doing to meet its vision.

29
Q

naïve forecast

A

Assuming a future value equals the most recent actual value available.

30
Q

natural variation

A

he randomness inherent in a process; also known as random variation.

31
Q

order qualifiers

A

Minimum competitive characteristics necessary to be considered for a customer’s order.

32
Q

order winners

A

Those characteristics that give a product competitive advantage.

33
Q

Pareto analysis

A

The use of statistics to identify the factors most influential in a particular outcome of interest.

34
Q

planning horizon

A

The farthest point in the future considered in decision making.

35
Q

Poisson distribution

A

A discrete probability distribution describing the likelihood of a particular number of independent events within a particular interval.

36
Q

processes

A

Activities that transform inputs into outputs.

37
Q

product life cycle

A

Generalized pattern of phases in product demand over time, from incubation to decline.

38
Q

productivity

A

a measurement of value creation, calculated as a ratio of the values of output to input

39
Q

quality circle

A

A group of employees that meets regularly to discuss and develop

40
Q

quality of conformance

A

he degree to which the output of an operation meets the producer’s expectations.

41
Q

quality of design

A

The degree to which the output of an operation meets the customer’s expectations.

42
Q

queue discipline

A

A rule or rules determining the order in which waiting individuals will be served.

43
Q

queuing theory

A

The mathematical modeling of waiting lines.

44
Q

rapid prototyping

A

Creating physical examples of a design as quickly as possible, to allow further assessment and improvement.

45
Q

responsiveness

A

The degree to which a technique modifies forecasts to reflect recent

46
Q

reverse engineering

A

Disassembling and evaluating a competitor’s product.

47
Q

risk

A

The possibility of loss or the source of such a possibility.

48
Q

scientific management

A

A methodology stressing the use of data collection and analysis to redesign processes and improve efficiency.

49
Q

seasonal relatives

A

A set of numerical values that describe a seasonal pattern.

50
Q

seasonality

A

A repeating pattern within a time series.

51
Q

Six Sigma

A

A quality management program emphasizing the application of analytical tools and widespread involvement of employees across the organization.

52
Q

serpentine line

A

A single queue of customers waiting in a line that must bend one or more times to fit within the service facility.

53
Q

strategy

A

A methodology and resulting plan that identifies the long-term goals of an organization.

54
Q

subcontract

A

To engage a third party in the provision of value to a customer.

55
Q

supply chain

A

A system consisting of all organizations that play some role in supplying a particular product to a customer.

56
Q

tactics

A

Means to pursue strategic goals with available resources.

57
Q

total quality management (TQM)

A

Simultaneous and continuous pursuit of improvement in both the quality of design and conformance through the involvement of the entire organization.

58
Q

trend

A

A sustained period of growth or decline.

59
Q

value-added

A

The difference between the total value of the outputs and the total value of the inputs associated with an operation.

60
Q

vision

A

An organization’s defining statement about the future.

MGO KEY TERMS (1 decks)

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