ADM 3301 Study Guide - Comprehensive Final Exam Guide - Time, Standard Deviation, Carrying Cost

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Craft production = system in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods. > believed in a science of management based on observation, measurement, analysis and improvement of work methods, and economic incentives. > refined and developed management practices that increased productivity, credited with fuelling the quality revolution , just-in-time production. Goods = physical items that include raw materials, parts, subassemblies, and final products. Services = activities that provide some combination of time, location, form or psychological value. > time to serve the food - variety in the menu- quality of the food- price of the food. What companies do you think of as low-cost competitors? (e. g, walmart) Measured by cost per unit, labor productivity, utilization. How do you measure cost of treating a cancer patient: quality. Ability to bring many new products to market. Ability to maintain a large product mix. Measured by number of possible combinations, number of options.

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