Operations management-Test 1 Chapter 1

Production
The creation of goods and services
Operations management
Activities that relate to the creation of goods and services through the transformation of inputs to outputs
Supply Chain
A global network of organizations and activities that supplies a firm with goods and services
10 Strategic OM Decisions
Design of goods and services, managing quality, process strategy, location strategies, layout strategies, human resources, supply-chain management, inventory management, scheduling, maintenance
Services
Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and health services)
Service Sector
The segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations.
Productivity
The ratio of outputs (goods and services) divided by one or more inputs (such as labor, capital, or management)
Single factor productivity
Indicates the ratio of one resource (input) to the goods and services produced (outputs)
Multifactor productivity
Indicates the ratio of many or all resources (inputs) to the goods and services produced (outputs)
Productivity variables
The three factors critical to productivity improvement-labor, capital, and the art and science of management
Knowledge society
A society in which much of the labor force has migrated from manual work to work based on knowledge
Stakeholders
Those with a vested interest in an organization, including customers, distributors, suppliers, owners, lenders, employees, and community members