Definitions
The creation of finished goods and services using the factors of: natural resources, labor, and capital
What is production?
A computer-based operations management system that uses sales forecasts to make sure that needed parts and materials are available at the right time and place
What is Materials Requirement Planning (MRP)?
Working from home via computers and internet connections
What is telecommuting?
The business function responsible for planning, coordinating, and controlling the resources needed to produce products and services for a company
What is operations?
A production process in which a minimum of inventory is kept on the premises and parts, supplies, and other needs are delivered just in time to go on the assembly line
What is just-in-time (JIT) inventory control?
The management of transformation of resources into goods or services.
What is operations management?
Designing machines to do multiple tasks so that they can produce a variety of products
What is flexible manufacturing?
The physical arrangement of resources (including people) in a facility
What is facility layout?
An economy in which more effort is devoted to the production of services than to the production of goods
What is a service economy?
The use of statistical methods in the monitoring and maintaining of the quality of products and services.
What is statistical quality control (SQC)?
A method for analyzing the tasks involved in completing a given project, estimating the time needed to complete each task, and identifying the minimum time needed to complete the total project
What is Program Evaluation and Review Technique (PERT)?
The uniting of computer-aided design with computer-aided manufacturing
What is computer-integrated manufacturing (CIM)?
A type of facility layout in which similar processes or functions are grouped together
What is process layout?
All the activities involved in obtaining required materials, supplies, components, and parts from other firms
What is purchasing?
A worldwide federation of national standard bodies
What is the International Organization for Standardization (ISO)?
A design used to produce large quantities of a few types of products
What is a product layout (also called assembly-line layout)?
The implementation of machines, control systems, and software to carry out tasks or processes without continuous human input.
What is automation?
In terms of manufacturing output measured in dollars, this country and China are the top two countries
What is the U.S.?
The quantity of a product that customers will purchase at the going price
What is market demand?
A chart that enables a production managers to see when projects are scheduled to be completed and what the status is now
What is a Gantt chart?
The value producers add to materials in the creation of finished goods and services
What is form utility?
With this products are created one layer at a time by a nozzle; typically used to make prototypes; revolutionizing the production of many products
What is 3D printing?
A sequence of tasks that must be completed; any delay in these will delay the project
What is the critical path?
The process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock-out costs
What is inventory management (inventory control)?
The process of selecting a geographic location for a company’s operations.
What is Location Analysis?