What does SPC stand for and what is it?
Statistical Process Control
Method for measuring and controlling quality during a process
What does TQM stand for and what does it do?
Total Quality Management
Continuous improvement in quality, productivity and effectiveness obtained by establishing management responsibility for processes as well as output
What is Kaizen?
Japanese term for the philosophy of continuous improvement in performance via small, incremental steps.
What is Six sigma?
Quality management programme that was pioneered in the 1980 by Motorola.
Aim is to achieve a reduction in the number of faults that go beyond an acceptable tolerance limit through the use of statistical techniques
What is lean thinking?
Lean is a philosophy that aims to systematically eliminate waste through identification and elimination of all non value adding activities
What is lean synchronisation?
Aims to meet demand instantaneously with perfect quality and no waste
What is JIT and what does it do?
Just in time
Objective is to produce or procure products or components as they are required by the customer or for use, rather than for inventory.
What does BPR stand for and what does it do?
Business process re-engineering
fundamental rethinking and radical redesignof existing business processes
What does MRP stand for and what does it do?
Material Requirment Planning
It is a computerised system for planning the requirements for raw materials, work-in-progress and finished items.
What is MRPII?
Manufacturing resource planning (MRP II)
It goes further than MRP and also considers the requirements of the entire manufacturing process through production planning, quality checks, forecasting demand etc
What is ERP?
Enterprise resource planning (ERP)
ERP is the next evolution of a MRP system.
ERP combines information from different parts of operations and support functions into one single system.
What is going rate pricing?
Price set to match competitors
What is dynamic pricing?
Price altered in line with demand
What is price skimming?
High price set at product launch.
What is price discrimination?
Different prices are set for the same products in different markets
What is penetraticion pricing?
Low price set to gain market share
What does AIDA stand for?
What is concentrated marketing?
Specialises in one of the identified markets
What is differentiated marketing?
Company makes several products each aimed at seperate target segments
What is undifferentiated marketing?
Delivery of single product to entire market