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Production and Operations Management (Production (The creation of finished…
Production and Operations Management
Production
The creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge.
Operations management
A specialized area in management that converts or transforms resources (including human resources) into goods and services.
Production management
Description ofall the activities managers do to help their firms create goods.
Form utility
The value producers add to materials in the creation of finished goods and services.
Process manufacturing
That part of the production process that physically or chemically changes materials.
Assembly process
That part of the production process that puts together components.
Continuous process
A production process in which long production runs turn out finished goods over time.
Intermittent process
A production process in which the production run is short and the machines are changed frequently to make different products.
Computer-aided design
The use of computer in product design.
Computer-aided manufacturing
The use of computers in manufacture of products.
Flexible manufacturing
Designing machines to do multiple tasks so that they can produce a variety of products.
Lean manufacturing
The production of goods using less of everything compared to mass production.
Mass customization
Tailoring products to meet the needs of individual customers.
Facility location
The process of selecting a geographic location for a company's operations.
Telecommuting
Working from home via computer.
Facility layout
The physical arrangement of resources (including people) in the production process.
Materials requirement planning
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.
Enterprise resource planning
A new version of materials requirement planning (MRP) that combines the computerized functions of all the divisions and subsidiaries of the firm - such as finance, human resources, and order fulfillment - into a single integrated software program that uses a single database.
Purchasing
The function in a firm that searches for high-quality material resources, finds the best suppliers, and negotiates the best price for goods and services.
Just-in-time (JIT) inventory
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.
Six Sigma quality
A quality measure that allows only 3.4 defects per million opportunities.
Quality
Consistently producing what the customer wants while reducing errors before and after delivery to the customers.
Statistical quality control
The process some managers use to continually monitor all phases of the production process to assure that quality is being built into the product from the beginning.
ISO 9000
The common name given to quality management and assurance standards.
Statistical process control
The process of testing statistical samples of product components at each stage of the production process and plotting those results on a graph. Any variances from quality standards are recognized and can be corrected if beyond the set standards.
Program evaluation and review technique
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.
Critical path
In a PERT network, the sequence of tasks that takes the longest time to complete.
ISO 14000
A collection of the best practices for managing an organization's impact on the environment.
Gantt chart
Bar graph showing production managers what projects are being worked on and what stage they are in at any given time.