The ability of
a good or service to satisfy a human need.
Utility that
is created by converting production inputs into finished
products.
All the
activities that managers engage in for the purpose of producing
goods and services.
The process of
converting resources into goods, services, or ideas.
The knowledge
and process required to transform input resources into outputs
such as specific products.
An economy in
which the majority of the work force is involved in service
industries; one in which more effort is devoted to the
production of services than to the production of goods.
An organized
set of activities intended to identify new ideas and technical
advances that have the potential to result in new goods and
services.
The
development of a plan for converting a product idea into an
actual commodity ready for marketing.
A group of
similar products that differ only in relatively minor
characteristics.
The process of
creating a set of specifications from which a product can be
produced.
The amount of
input a facility can process or output it can produce in a given
time.
One in which
people must do most of the work.
One in which
machines and equipment do most of the work.
The
arrangement of machinery, equipment, and personnel within a
facility.
The
development of plans for utilizing production facilities and
resources.
The period
during which a plan will be in effect.
All the
activities involved in obtaining required materials, supplies,
and parts from other firms.
Stocks of
goods and materials.
The process of
managing inventories in such a way as to minimize inventory
costs, including both holding costs and potential stockout
costs.
A system
designed to ensure that materials or supplies arrive at a
facility just when they are needed.
The process of
ensuring that materials are at the right place at the right
time.
A graphic
scheduling device that displays the tasks to be performed on the
vertical axis and the time required for each task on the
horizontal axis.
A technique
for scheduling a process or project and maintaining control of
the schedule.
The process of
ensuring that goods and services are produced in accordance with
design specifications.
A group of
employees who meet on company time to solve problems of product
quality.
The
examination of output to control quality.
The use of
programmable machines to perform a variety of tasks by
manipulating materials and tools.
A recent
development in automation that combines robotics and computer&-aided
manufacturing in a single system.
The average
level of output per unit of time per worker.
