What is the U.S. economy based on? Show
How U.S. manufacturers and service organizations can maintain a competitive edge? -focusing more on customers creation of finished goods and services using the factors of production; land, labor, capital, entrepreneurship, and knowledge describes all
the activities managers do to help their firms create goods specialized area in management that converts or transforms resources (including human resources) into goods and services; the implementation phase of management value producers add to materials in the creation of finished goods and services
3 basic requirements of production -to build and deliver products in response to the demands of the customer at a scheduled delivery time part of the production process that physically or chemically changes materials part
of the production process that puts together components production process in which long production runs turn out finished goods over time production run is short and the machines are changed frequently to make different products computer aided design (CAD) use of computers in the design of products; doubled productivity in many firms computer-aided manufacturing (CAM) use of computers in the manufacturing of products computer-integrated manufacturing
(CIM) uniting of computer-aided design w/ computer-aided manufacturing Major developments that have made U.S. companies more competitive -computer aided design and manufacturing characteristics of lean companies -take half the human effort designing machines to do multiple tasks so that they can
produce a variety of products production of goods using less of everything compared to mass production tailoring products to meet the needs of a large number of individual customers; exists in the service sector as well process of selecting a geographic location for a company's operations working from home via computer and modem physical arrangement of resources (including people) in the production process workers only do a few tasks at a time teams of workers combine to produce more complex units of the final product
allows workers to congregate around the product to be completed similar equipment and functions are grouped together materials requirement planning (MRP) computer-based operations management system that uses sales forecasts to make sure that needed parts and materials are available at
the right time and place enterprise resource planning (ERP) newer version of materials requirement planning (MRP) that combines the computerized functions of all the divisions and subsidiaries of the firm-such as finance, human resources, and order fulfillment - into a single integrated software program that uses a single database function in a firm that searches for high-quality material resources, finds the best suppliers, and negotiates the best price for goods and services just-in-time (JIT) inventory control production process in which a minimum of inventory is kept on the premises and parts, supplies, and other
needs are delivered just in time to go on the assembly line consistently producing what the customer wants while reducing errors before and after delivery to the customer problems w/ completing products first and then testing for quality -need to inspect work required extra people
and resources quality measure that allows only 3.4 defects per million opportunities statistical quality control (SQC) process some managers use to continually monitor all phases of the production process to assure that quality is being built in the product from the beginning statistical process control (SPC) testing statistical samples of product components at each stage of the production process and plotting
those results on a graph common name given to quality management and assurance standards collection of the best practices for managing an organization's impact on the environment program evaluation and review technique (PERT) method
for analyzing the tasks involved in completing a given project, estimating the time needed to complete each task, and identifying the minimum time needed to complete the total project in a PERT network, the sequence of tasks that takes the longest time to complete bar graph showing production managers what projects are being worked on and what stage they are in at any given
time What is the creation of goods and services using land labor capital and entrepreneurship and knowledge?Key Takeaways. Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.
What is the management of systems or processes that convert or transform resources into goods and services?Operations management is systemizing the direction and control of a business process in transforming resources, which are called inputs, into finished goods or services for consumers or clients (outputs).
What are the 4 factors of production and give examples?The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
What are the 4 factors of production and explain each one?Factors of production is an economic concept that refers to the inputs needed to produce goods and services. The factors are land, labor, capital, and entrepreneurship. The four factors consist of resources required to create a good or service, which is measured by a country's gross domestic product (GDP).
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The function of management that deals with land, labor, capital, entrepreneurship, and knowledge
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