MGT 364 Exam 1 Vocab Ch 1-3

MGT 364 Exam 1 Vocab Ch 1-3 - CHAPTER 1 Competing with...

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CHAPTER 1 – Competing with Operations - Operations Management—systematic design, direction, and control of processes that transform inputs into products for customers - Process—Activity that takes inputs and transforms them into outputs - Operation—group of resources performing all or part of one or more processes - Supply Chain—series of processes within and across firms that produces a product to the customer’s satisfaction - Supply Chain Management—synchronization of a firm’s processes with those of its suppliers and customers to match the flow of materials, services, and information with customer demand - External Customers—buyer of the firm’s finished products (manufacturers, retailers, etc.) - Internal Customers—employees that rely on inputs from other employees in order to perform their work - External Suppliers—businesses who provide the resources, services, products, and materials for the firm’s short and long term needs - Internal Suppliers—employees that supply important information or materials to a firm’s processes - Nested Process—concept of a process within a process - Core process—set of activities that delivers value to external customers - Supplier relationship process—process that selects the suppliers of services, materials, and information and facilitates the timely and efficient flow of these items into the firm - Product Development Process—process that designs and develops new products from inputs received from external customer specifications or from the market in general through the customer relationship process - Order Fulfillment Process—process that includes the activities required to produce and deliver the product to the external customer - Customer Relationship Process (relationship management)—process that identifies, attracts, and builds relationships with external customers, and facilitates the placement of orders by customers - Support Process—process that provides vital resources and inputs to the core processes and therefore is essential to the management of the business
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- Operations Strategy—how corporate strategy is implemented to build customer driven firm - Core Competencies—strengths considered by management when developing strategy - Lead Time—time between the receipt of a customer order and filling it - Competitive Priorities—critical dimensions that a process or supply chain must possess to satisfy its customers Low-cost operations—delivering a product at lowest possible cost to satisfaction Top Quality—delivering an outstanding product Consistent Quality—producing products that meet design specs on consistent basis Delivery speed—quickly filling a customer’s order
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MGT 364 Exam 1 Vocab Ch 1-3 - CHAPTER 1 Competing with...

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