Chapter 1 MGT

Chapter 1 MGT - Chapter1 KeyTerms Agility: refers to the...

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Chapter 1 Key Terms Agility: refers to the ability of an organization to respond quickly to demands or opportunities Craft production: system in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods Division of labor: the breaking up of a production process into small tasks, so that each worker performs a small portion of the overall job E-business: use of the internet to transact business E-commerce: consumer-to-business transactions Goods: physical items produced by business organizations Interchangeable parts: parts of a product made to such precision that they do not have to be custom fitted. Lead time: the time between ordering a good or service and receiving it. Lean system: system that uses minimal amounts of resources to produce a high volume of high-quality goods with some variety. Mass production: system in which low-skilled workers use specialized machinery to produce high volumes of standardized goods. Model: an abstraction of reality; a simplified representation of something. Operations Management: the management of systems of processes that create goods and/or provide services Outsourcing: buying goods or services instead of producing or providing them in- house. Pareto phenomenon: a few factors account for a high percentage of the occurrence of some events. Process: one or more actions that transform inputs into outputs. Services: activities that provide some combination of time, location, form, and
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This note was uploaded on 09/02/2011 for the course MGT 3305 taught by Professor Reed during the Spring '08 term at Baylor.

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Chapter 1 MGT - Chapter1 KeyTerms Agility: refers to the...

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