Description
Strategic Management Definations
Production
The processes and methods employed to transform tangible inputs (raw materials, semi finished goods, or subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services.
Production system
Manufacturing subsystem that includes all functions required to design, produce, distribute, and service a manufactured product.
Production mgmt
The job of coordinating and controlling the activities required to make a product, typically involving effective control of scheduling, cost, performance, quality, and waste requirements.
Quality
In manufacturing, a measure of excellence or a state of being free from defects, deficiencies, and significant variations, brought about by the strict and consistent adherence to measurable and verifiable standards to achieve uniformity of output that satisfies specific customer or user requirements. ISO 8402-1986 standard defines quality as "the totality of features and characteristics of a product or service that bears its ability to satisfy stated or implied needs."
Quality mgmt
The act of overseeing all activities and tasks needed to maintain a desired level of excellence. This includes creating and implementing quality planning and assurance, as well as quality control and quality improvement. It is also referred to as total quality management (TQM).
Productivity
The amount of output per unit of input (labour, equipment, and capital). There are many different ways of measuring productivity. For example, in a factory productivity might be measured based on the number of hours it takes to produce a good, while in the service sector productivity might be measured based on the revenue generated by an employee divided by his/her salary.
Productivity mgmt Material
. Having a logical connection with a subject matter or the consequential events or facts, or the knowledge of which would significantly affect a decision or course of action.
Material mgmt
The planning and control of the functions supporting the complete cycle (flow) of materials, and the associated flow of information. These functions include (1) identification, (2) cataloging, (3) standardization, (4) need determination, (5) scheduling, (6) procurement, (7) inspection, (8) quality control, (9) packaging, (10) storage, (11) inventory control, (12) distribution, and (13) disposal. Also called materials planning.
Inventory
The raw materials, work-in-process goods and completely finished goods that are considered to be the portion of a business's assets that is ready or will be ready for sale. Inventory represents one of the most important assets that most businesses possess, because the turnover of inventory represents one of the primary sources of revenue generation and subsequent earnings for the company's shareholders/owners.
Inventory management
The overseeing and controlling of the ordering, storage and use of components that a company will use in the production of the items it will sell as well as the overseeing and controlling of quantities of finished products for sale. A business's inventory is one of its major assets and represents an investment that is tied up until the item is sold or used in the production of an item that is sold. It also costs money to store, track and insure inventory. Inventories that are mismanaged can create significant financial problems for a business, whether the mismanagement results in an inventory glut or an inventory shortage.
doc_808504895.doc
Strategic Management Definations
Production
The processes and methods employed to transform tangible inputs (raw materials, semi finished goods, or subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services.
Production system
Manufacturing subsystem that includes all functions required to design, produce, distribute, and service a manufactured product.
Production mgmt
The job of coordinating and controlling the activities required to make a product, typically involving effective control of scheduling, cost, performance, quality, and waste requirements.
Quality
In manufacturing, a measure of excellence or a state of being free from defects, deficiencies, and significant variations, brought about by the strict and consistent adherence to measurable and verifiable standards to achieve uniformity of output that satisfies specific customer or user requirements. ISO 8402-1986 standard defines quality as "the totality of features and characteristics of a product or service that bears its ability to satisfy stated or implied needs."
Quality mgmt
The act of overseeing all activities and tasks needed to maintain a desired level of excellence. This includes creating and implementing quality planning and assurance, as well as quality control and quality improvement. It is also referred to as total quality management (TQM).
Productivity
The amount of output per unit of input (labour, equipment, and capital). There are many different ways of measuring productivity. For example, in a factory productivity might be measured based on the number of hours it takes to produce a good, while in the service sector productivity might be measured based on the revenue generated by an employee divided by his/her salary.
Productivity mgmt Material
. Having a logical connection with a subject matter or the consequential events or facts, or the knowledge of which would significantly affect a decision or course of action.
Material mgmt
The planning and control of the functions supporting the complete cycle (flow) of materials, and the associated flow of information. These functions include (1) identification, (2) cataloging, (3) standardization, (4) need determination, (5) scheduling, (6) procurement, (7) inspection, (8) quality control, (9) packaging, (10) storage, (11) inventory control, (12) distribution, and (13) disposal. Also called materials planning.
Inventory
The raw materials, work-in-process goods and completely finished goods that are considered to be the portion of a business's assets that is ready or will be ready for sale. Inventory represents one of the most important assets that most businesses possess, because the turnover of inventory represents one of the primary sources of revenue generation and subsequent earnings for the company's shareholders/owners.
Inventory management
The overseeing and controlling of the ordering, storage and use of components that a company will use in the production of the items it will sell as well as the overseeing and controlling of quantities of finished products for sale. A business's inventory is one of its major assets and represents an investment that is tied up until the item is sold or used in the production of an item that is sold. It also costs money to store, track and insure inventory. Inventories that are mismanaged can create significant financial problems for a business, whether the mismanagement results in an inventory glut or an inventory shortage.
doc_808504895.doc