Production & Operations
The five factors of production.
What are land, labor, capital, entrepreneurship, and knowledge?
Production that changes materials chemically or physically.
What is process manufacturing?
Inventory method keeping only short-term supplies.
What is Just-in-Time (JIT) inventory?
Inventory system where firms keep only short-term supplies on hand.
Just-in-Time (JIT) inventory control
Project management method used to analyze tasks and estimate completion time.
PERT
The goal of operations management.
What is to efficiently turn resources into goods and services?
Production that puts parts together.
What is the assembly process?
System focused on using fewer resources and reducing waste.
What is lean manufacturing?
Function responsible for finding suppliers, negotiating prices, and securing quality materials.
Purchasing
First step when building a PERT chart.
Analyzing and sequencing tasks
Difference between production and operations management.
What is production makes goods, operations handles goods and services?
Production type with long, steady runs.
What is a continuous process?
Ensuring products meet customer expectations.
What is quality control?
Production approach that uses fewer resources, less space, and less inventory than mass production.
Lean Manufacturing
The longest sequence of tasks in a project plan.
Critical path
Making unique products for each customer.
What is mass customization?
Technology combining CAD and CAM.
What is Computer Integrated Manufacturing (CIM)?
First step in building a PERT chart.
What is analyzing and sequencing tasks?
Quality standard that allows only 3.4 defects per million opportunities.
Six Sigma quality
Bar graph showing tasks in progress and percent completed.
Gantt chart
Physical arrangement of resources for production.
What is facility layout?
Layout where teams build complex products.
What is a modular layout?
The longest sequence of tasks in a project plan.
What is the critical path?
Main goal of quality management
Consistently producing what customers want while reducing errors
Facility layout where workers gather around a single product.
Fixed-position layout