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OM 300 > OM 300 Test 1 Vocab > Flashcards

OM 300 Test 1 Vocab Flashcards

OM 300 Vocab from Chapters 1, 2, 4, and 7 (97 cards)

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1
Q

Production

A

The creation of goods and services

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2
Q

Operations Management

A

Activities that relate to the creation of goods and services through the transformation of inputs to outputs

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3
Q

Supply Chain

A

A global network of organizations and activities that supplies a firm with goods and services

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4
Q

Services

A

Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services)

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5
Q

Service Sector

A

The segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations

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6
Q

Productivity

A

The ratio of outputs (goods and services) divided by one or more inputs (such as labor, capital, and management)

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7
Q

Single-Factor Productivity

A

Indicates the ratio of goods and services produced (outputs) to one resource (input)

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8
Q

Multifactor productivity

A

Indicates the ratio of goods and services produced (outputs) to many or all resources (inputs)

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9
Q

Productivity Variables

A

The three factors critical to productivity improvement– labor, capital, and the art and science of management

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10
Q

Knowledge Society

A

A society in which much of the labor force has migrated from manual work to work based on knowledge

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11
Q

Industry 4.0

A

The fourth industrial revolution with widespread real-time digitalization

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12
Q

Stakeholders

A

Those with a vested interest in an organization, including customers, distributors, suppliers, owners, lenders, employees, and community members

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13
Q

Operational Hedging

A

Maintaining excess capacity in different countries and shifting production levels among those countries as costs and exchange rates change

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14
Q

Maquiladoras

A

Mexican factories located along the U.S.–Mexico border that receive preferential tariff treatment

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15
Q

World Trade Organization (WTO)

A

An international organization that promotes world trade by lowering barriers to the free flow of goods across borders

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16
Q

NAFTA and USMCA

A

Free trade agreements between Canada, Mexico, and the United States

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17
Q

European Union

A

A European trade group that has 27 member states

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18
Q

Mission

A

The purpose or rationale for an organization’s existence

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19
Q

Strategy

A

How an organization expects to achieve its missions and goals

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20
Q

Competitive Advantage

A

The creation of a unique advantage over competitors

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21
Q

Differentiation

A

Distinguishing the offerings of an organization in a way that the customer perceives as adding value

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22
Q

Experience Differentiation

A

Engaging a customer with a product through imaginative use of the five senses, so the customer “experiences” the product

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23
Q

Low-cost leadership

A

Achieving maximum value, as perceived by the customer

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24
Q

Response

A

A set of values related to rapid, flexible, and reliable performance

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25
Resources View
A method managers use to evaluate the resources at their disposal and manage or alter them to achieve competitive advantage
26
Value-chain analysis
A way to identify those elements in the product/service chain that uniquely add value
27
Five Forces Model
A method of analyzing the five forces in the competitive environment
28
SWOT Analysis
A method of determining internal strengths and weaknesses and external opportunities and threats
29
Key success factors
Activities or factors that are key to achieving competitive advantage
30
Core competencies
A set of outstanding skills, talents, and capabilities that differentiates an organization from its competition
31
Activity Map
A graphical link of competitive advantage, KSFs, and supporting activities
32
Outsourcing
Transferring a firm's activities that have traditionally been internal to external suppliers
33
Theory of Comparative Advantage
A theory which states that countries benefit from specializing in (and exporting) goods and services in which they have relative advantage, and they benefit from importing goods and services in which they have a relative disadvantage
34
International Business
A firm that engages in cross-border transactions
35
Multinational corporation
A firm that has extensive involvement in international business, owning or controlling facilities in more than one country
36
International Strategy
A strategy in which global markets are penetrated using exports and licenses
37
Multidomestic Strategy
A strategy in which operating decisions are decentralized to each country to enhance local responsiveness
38
Global Strategy
A strategy in which operation decisions are centralized and headquarters coordinates the standardization and learning between facilities
39
Transnational Strategy
A strategy that combines the benefits of global-scale efficiencies with the benefits of local responsiveness
40
Forecasting
Art and Science of predicting future events
41
Economic Forecasts
Planning indicators that are valuable in helping organizations prepare medium-to long-range forecasts
42
Technological Forecasts
Long-term forecasts concerned with the rates of technological progress
43
Demand Forecasts
Projections of a company's sales for each time period in the planning horizon
44
Quantitative Forecasts
Forecasts that employ mathematical modeling to forecast demand
45
Qualitative Forecasts
Forecasts that incorporate such factors as the decision maker's intuition, emotions, personal experiences, and value system
46
Jury of Executive Opinion
A forecasting technique that uses the opinion of a small group of high-level managers to form a group estimate of demand
47
Delphi Method
A forecasting technique using a group process that allows experts to make forecasts
48
Sales Force Composite
A forecasting technique based on a salespersons' estimates of expected sales
49
Market Survey
A forecasting method that solicits input from customers or potential customers regarding future purchasing plans
50
Time-Series
A forecasting technique that uses a series of past data points to make a forecast
51
Naïve Approach
A forecasting technique that assumes that demand in the next period is equal to demand in the most recent period
52
Moving-Average
A forecasting method that uses an average of the n most recent periods of data to forecast the next period
53
Exponential Smoothing
A weighted-moving-average forecasting technique in which data points are weighted by an exponential function (alpha)
54
Smoothing Constant
A weighting factor used in an exponential smoothing forecast, a number greater than or equal to 0 and less than or equal to 1
55
Mean Absolute Deviation (MAD)
A measure of the overall forecast error for a model
56
Mean Squared Error (MSE)
The average of the squared differences between the forecasted and observed values
57
Mean Absolute Percent Error (MAPE)
The average of the absolute differences between the forecast and actual values
58
Trend Projection
A time-series forecasting method that fits a trend line to a series of historical data points and then projects the line into the future for forecasts
59
Seasonal Variations
Regular upward or downward movements in a time series that tie to recurring events
60
Cycles
Patterns in the data that occur every several years
61
Linear Regression Analysis
A straight-line mathematical model to describe the functional relationships between independent and dependent variables
62
Standard Error of the Estimate
A measure of variability around the regression line-- its standard deviation
63
Coefficient of Correlation
A measure of the strength of the relationship between two variables
64
Coefficient of Determination
A measure of the amount of variation in the dependent variable about its mean that is explained by the regression equation
65
Multiple Regression
An associate forecasting method with more than one independent variable
66
Tracking Signal
A measurement of how well a forecast is predicting actual values
67
Bias
A forecast that is consistently higher or consistently lower than actual values of a time series
68
Adaptive Smoothing
An approach to exponential smoothing forecasting in which the smoothing constant is automatically changed to keep errors to a minimum
69
Focus Forecasting
Forecasting that tries a variety of computer models and selects the best one for a particular application
70
Stagger Chart
A short-term rolling forecast that is easily prepared, discussed, and evaluated
71
Process Strategy
An organization's approach to transforming resources into goods and services
72
Process Focused
A production facility organized around processes to facilitate low-volume, high-variety production
73
Repetitive Process
A product-oriented production process that uses modules
74
Product Focused
A facility organized around products; a product-oriented, high-volume, low-variety process
75
Mass Customization
Rapid, low-cost production that caters to constantly changing unique customer desires
76
Build-to-Order (BTO)
Produce to customer order rather than to a forecast
77
Postponement
The delay of any modifications or customization to a product as long as possible in the production process
78
Crossover Chart
A chart of costs at the possible volumes for more than one process
79
Flexibility
The ability to respond with little penalty in time, cost, or customer value
80
Flowchart
A drawing used to analyze movement of people or material
81
Time-Function Mapping (Process Mapping)
A flowchart with time added on the horizontal axis
82
Process Charts
Charts that use symbols to analyze the movement of people or material
83
Value-Stream Mapping (VSM)
A process that helps managers understand how to add value in the flow of material and information through the entire production process
84
Service Blueprinting
A process analysis technique that lends itself to a focus on the customer and the provider's interaction with the customer
85
Computer Numerical Controls
Machinery with its own computer and memory
86
Automatic Identification Systems (AISs)
A system for transforming data into electronic form, for example, bar codes
87
Radio Frequency Identification (RFID)
A wireless system in which integrated circuits with antennas send radio waves
88
Process Control
The use of information technology to control a physical process
89
Vision Systems
Systems that use video cameras and computer technology in inspection roles
90
Robots
A flexible machine with the ability to hold, move, or grab items. It functions through electronic impulses that activate motors and switches
91
Automated Storage and Retrieval Systems (ASRSs)
Computer-controlled warehouses that provide for the automatic placement of parts into and from designated places in a warehouse
92
Automated Guided Vehicles (AGVs)
Electronically guided and controlled cart used to move materials
93
Flexible Manufacturing Systems (FMSs)
A system that uses electronic signals from a centralized computer to automate production and material flow
94
Computer-Integrated Manufacturing (CIM)
A manufacturing system in which CAD, FMS, inventory control, warehousing, and shipping are integrated
95
Heat Mapping
A graphical representation of data where values are depicted by color
96
Process redesign
The fundamental rethinking of business processes to bring about dramatic improvements in performance
97

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