Technology
comprises machinery and equipment arranged in a sequence with components added to a good as it proceeds through each step, with the process controlled by computers
automated production line
resources used in the process of production
inputs
a materials planning tool that relies on data from the past and present and analysis of trends to attempt to determine future events
forecasting
an ongoing commitment to achieving perfection
continuous improvement
the contracting of a specific business operation to an external person or business in another country
global outsourcing
a computerised design tool that allows a business to create product possibilities from a series of input parameters
computer-aided design (CAD
the use of inspections at various points in the production process to check for problems and defects
quality control
a materials management strategy that ensures that the right amount of material inputs will arrive only as they are needed in the operations process
Just in Time
goods that can be touched
tangibles
the practice of seeking the most cost-efficient materials and other inputs, including from countries overseas
global sourcing
the use of software to direct and control manufacturing processes
computer-aided manufacturing (CAM)
an ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation
Total Quality Management
a plan that details what is to be produced and when
master production schedule
the conversion of inputs (resources) into outputs (goods or services)
transformation process
the production of a good in a country that is different to the location of the business’s headquarters
overseas manufacture
highly specialised form of technology capable of complex tasks
robotics
the degree of excellence of goods or services and their fitness for a stated purpose
quality
involves developing an itemised list of all materials involved in production to meet the specified orders
materials requirement planning
an approach that improves the efficiency and effectiveness of operations by eliminating waste and improving quality
lean management
services that cannot be touched
intangibles
a process involving the reduction of the amount of unwanted or unusable resources produced by a business in an attempt to improve the efficiency and effectiveness of operations
waste minimisation
the use of a system so that a business achieves set standards in production
quality assurance
goods and materials held as stock by a business
inventory
a business making decisions that will allow it, and the rest of society, to continue to interact with the environment
environmental sustainability
the end result of a business’s efforts — the service or product that is delivered or provided to the consumer
outputs