Topic 8: Chapters 9-10 Flashcards
(39 cards)
Production
Creation of finished goods
Factors of production
Land, labor, capital, entrepreneurship and knowledge
Production management
What managers do to help a firm create goods
Operations management
Transforms resources into goods and services
Form utility
The value of producers add to materials in the creation of finished goods
Process manufacturing
Part of production that physically or chemically changes materials
Assembly process
Part of production process that puts together components
Continuous process
Long production runs turn out finished goods over time
Intermittent process
Production run is short and the machines are changed frequently to make different products
Computer aided design
Use of computers in the design of products
Computer aided manufacturing
Use of computers in manufacturing of products
Computer integrated manufacturing
Both computer aided design and manufacturing
Flexible manufacturing
Machines that can do multiple tasks to produce a variety of products
Lean manufacturing
Using less of everything compared to mass production
Mass customization
Tailoring products to meet the needs of a large number of individual customers
Six sigma quality
A quality measure that allows only 3.4 defects per million opportunities
Statistical quality control
Continually monitor all phases of the production process
Statistical process control
Taking samples of product components at each stage of production and plotting on a graph
ISO 14001
Collection of best practices
Program evaluation and review technique
Analyzing tasks involved in making a product and how long it takes
Critical path
In PERT the sequence of tasks that takes the longest time to complete
Gantt Chart
What projects are being worked on and what stage they are in
Intrinsic reward
Personal satisfaction when you complete goals
Extrinsic reward
Pay, praise and promotions given as recognition for good work
