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Definition of all terms

12 Pages

Management (MGT)
Course Code
Chris Bovaird

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MANAGEMENT InformationChapter 1 Producing goods and services1Service operations production activities that yield intangible services 2Goods production Productions activities that yield tangible products3Operations production management The systematic direction and control of the processes that transform resources into finished goods and services4Production managers Managers responsible for ensuring that operations processes create value and provide benefits5Operations processA set of methods and technologies used in the production of good or a service6Analytical process Any productions in which the resources are broken down7Synthetic process Any production process in which resources are combined8Highcontact system A system in which the service cannot be provided without the customer being physically in the system9Lowcost system A system in which the service can be provided without the customer being physically in the system10Forecast Estimates of future demand for both new and existing products11Business planoutlines goals and objectivesincluding the specific goods and services the firm will offer12CapacityThe amount of a good that a firm can produce under normal working conditions13Process layoutA way of organizing productions activities such that equipment and people are grouped together according to their function14Cellular layoutused to produce goods when families of products can follow similar flow paths15Product layoutA way of organizing production activities such that equipment and people are set up to produce only one type of good16Assembly lineA type of product layout in which a partially finished product moves through a plant on a conveyor belt or other equipment17Service flow analysisAn analysis that shows the process flows that are necessary to provide a service to customersit allows managers to determine which processes are necessary18Master production scheduleSchedule showing which products will be producedwhen production will take place and what resources will be used19Gantt ChartsProduction schedule diagramming the steps in a project and specifying the time required for each20PERT chartProduction schedule specifying the sequence and critical path for performing the steps in a project21Operations controlManagers monitor production performance by comparing results with plans and schedules22Follow upChecking to ensure that production decisions are being implemented23Materials managementPlanningorganizing and controlling the flow of materials from purchase through distribution of finished goods24Standardizationusing standard and uniform components in the production process25TransportationThe means of transporting resources to the company and finished goods to buyers26WarehousingThe storage of both incoming materials for production and finished goods for physical distribution to customers27Inventory controlIn materials management receiving storing handling and counting all raw materials partly finished goods and finished goods28Purchasingthe acquisition of all the raw materials and services that a company needs to produce its product29Holding costsCosts of keeping extra supplies or inventory on hand
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