OM reviewer

• Brainstorming is an ideal thinking process to pool relevant ideas and impacts to the problem-solving process
• Benchmarking is the process of measuring products, services, and processes against those of organizations known to be leaders in one or more aspects of their operations
• Bottleneck is a step in a process which limits the total capacity of the process
• Capacity planning is the process of determining the production capacity needed by an organization to meet changing demands for its products
• Company culture refers to the attitude that employees within a business interact with each other and other stakeholders
• Competitive advantage is a factor that gives a business an edge within its industry or marketplace, allowing it to continue in business or in its market position
• Continuous improvement is a company culture that encourages all employees to look for ways to enhance the business's operations
• Customer satisfaction is a measurement that determines how happy customers are with a company's products, services, and capabilities
• Efficiency involves performing activities at the lowest possible cost
• Enterprise resource planning (ERP) are large, sophisticated software systems used for identifying and planning the enterprise-wide resources needed to coordinate all activities involved in producing and delivering products
• Flagship product is a company's primary promotion, service, or product that can be purchased by a consumer
• Forecasting is the process of predicting future events, including product demand
• Just-in-time is a philosophy designed to achieve high-volume production through the elimination of waste and continuous improvement
• Lean systems is a philosophy that takes a total system approach to creating efficient operations through the elimination of waste
• Location analysis involves identifying the best location for facilities
• Mass customization is the ability of a firm to highly customize its goods and services at high volumes through its operations management function
• Motivational prowess is a form of strong leadership skills that provide the expertise to motivate others, inspire ideas, and foster a supportive working environment
• Operations management refers to the transformation process of converting raw materials into finished goods and services
• Privacy policy is a legal document that explains how a company collects, uses, and shares personal information
• Product design is the process of deciding on the unique and specific features of a product
• Process selection is the process of identifying the unique features of the production process that will give the product its unique characteristics
• Productivity is a measure of how efficiently an organization converts inputs into outputs, usually measured by a ratio of output divided by input
• Quality culture fosters a customer-oriented culture and the importance of quality in everyday business operations
• Quality management is the process used to ensure the quality of a product, including measuring quality and identifying quality problems
• Reengineering is the process of redesigning a company’s processes to increase efficiency, improve quality, and reduce costs
• Rebranding is a strategy of giving a new name, symbol, or change in design for an already-established brand to create a different identity from its competitors in the market
• Repositioning is the process of changing the way that people think about a product, service, or company
• Root cause analysis is the process of analyzing the effects and symptoms of a process and tracing these faults, failures, and issues
• Scheduling is the process of deciding on the timing and use of resources within an operation
• Shadow Boards are tools, supplies, or equipment storage boards used in production, manufacturing, and service environments
• Standard Operating Procedures (SOP) are a set of clearly written instructions that outline the steps or tasks needed to complete a job or operation
• Supply chain is the set of raw materials, finished goods, and information systems that deliver finished goods into customers' hands
• Total Quality Management (TQM) is a philosophy that seeks to improve quality by eliminating causes of product defects and by making quality the responsibility of everyone in the organization
• Value added is a term used to describe the net increase created during the transformation of inputs into outputs
• Work in progress (WIP) is a form of inventory of unfinished goods which still require further work, processing, assembly, and/or inspection
• Yield management is the concept of segmenting consumers and allocating available capacity to maximize revenue and capacity utilization for the business
• 5 Whys is an approach in analyzing and attempting to find the root cause of a problem