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MGTA02H3 Study Guide - Midterm Guide: Bookkeeping

Management (MGT)
Course Code
Chris Bovaird
Study Guide

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Management Notes- Terms
Chapters 1-5
Service operations: Production activities that yield intangible services
Goods production: Production activities that yield tangible products
Operations (production) management: The systematic direction and control of the
processes that transform resources into finished goods and services
Production manages: Managers responsible for ensuring that operations processes create
value and provide benefits
Operations process: A set of methods and technologies used in the production of a good
or service
High-contact system: A system in which the service cannot be provided without the
customer being physically in the system
Low-contact system: A system in which the service can be provided, without the
customer being physically in the system
Forecast: Estimates of future demand for both new and existing products
Capacity: The amount of a good that a firm can produce under normal working
Process layout: A way of organizing production activities such that equipment and people
are grouped together according to their functions
Cellular layout: Used to produce goods when families of products can follow similar flow
Product layout: A way of organizing production activities such that equipment and people
are set up to produce only one type of good
Assembly line: A type of product layout in which a partially finished product moves
through a plant on a conveyor belt or other equipment
Service flow analysis: An analysis that shows the process flows that are necessary to
provide a service to customers; it allows managers to determine which processes are
Master production schedule: Schedule showing which products will be produced, when
production will take place, and what resources will be used
Gantt chart: Production schedule diagramming the steps in a project and specifying the
time required for each
PERT chart: Production schedule specifying the sequence and critical path for
performing the steps in a projects
Operations control: Managers monitor production performance by comparing results with
plans and schedules
Follow-up: Checking to ensure that production decisions are being implemented
Materials management: Planning, organizing or controlling the flow of materials from
purchase through distribution of finished goods
Standardizations: Using standard and uniform components in the production process
Transportation: The means of transporting resources to the company and finished goods
to buyers
Warehousing: The storage of both incoming materials for production and finished goods
for physical distribution to customers

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Inventory control: In materials management, receiving, storing, handling, and counting of
all raw materials, partly finished goods and finished goods
Purchasing: The acquisition of all the raw materials and services that a company needs to
produce its products
Holding costs: Costs of keeping extra supplies or inventory on hand
Lead times: In purchasing control, the gap between the customers’ placement of an order
and the sellers shipment of merchandise
Supplier selection: Finding and determining suppliers to buy from
Just-in-time (JIT) production system: A method of inventory control in which materials
are acquired and put into production just as they are needed
Productivity: a measure of efficiency that compares how much is produced with the
resources used to produce it
Quality: a product’s fitness for use in terms of offering the features that consumers want
Labour productivity: Partial productivity ratio calculated by dividing gross domestic
product by total number of workers
Total quality management: A concept that emphasizes that no defects are tolerable and
that all employees are responsible for maintaining quality standards
Performance quality: The overall degree of quality, how well the features of a product
meet consumers’ needs and how well the product performs
Quality reliability: The consistency of quality from unit to unit of a product
Quality ownership: The concept that quality belongs to each employee who creates or
destroys it in producing a good or service; the idea that all workers must take
responsibility for producing a quality product
Business process re-engineering: Redesigning of business processes to improve
performance, quality and productivity
Supply chain: Flow of information, materials and services that starts with raw materials
suppliers and continues through other stages in the operations process until the product
reaches the end customer
Supply chain management: Principle of looking at the chain as a whole to improve the
overall flow through the system
Chapter 4:
Accounting: A comprehensive system for collecting, analyzing and communicating
financial information
Bookkeeping: Recording accounting transactions
Accounting information system: An organization for identifying, measuring, recording,
and retaining financial information so that it can be used in accounting statements and
management reports
Controller: The individual who manages all the firms accounting activitis
Financial accounting system: That process whereby interested groups are kept informed
about the financial condition of a firm
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