The benefit lost from the next best alternative foregone
Term
Quality control
Definition
Inspection of products to check they meet necessary standards.
Term
Total Quality Management
Definition
an approach to quality that aims to involve all employees in the quality improvement process
Term
Outsource
Definition
The contracting of an outside organisation to provide a product or service that might be too expensive, complicated or time-consuming for the business to do itself
Term
productivity
Definition
The average output of each worker over a period of time
Term
Operations Management
Definition
Multidisciplinary field that focuses on managing all aspects of an organization's operations
Term
Aspects of Operations Management
Definition
Product or services, building size and location, marketing plans, processes & equipment, employee training & supervision, means of measuring quality
Term
Process Mapping
Definition
Taking a strategic plan and turning it into process objectives by identigying key steps to move from the beginning of the process to the end of the process
Term
Five Competitive Forces
Definition
Rivalry among existing competitors, threat of new entrants, bargaining power of buyers, threat of substitute products or services, bargaining power of suppliers
Term
Suppliers
Definition
a person or entity that is the source for goods or services
Term
Best Practices/Benchmarking
Definition
The process of comparing the practices and strategies of other companies
Term
Supply Chain Management
Definition
A system management concept employed by some organizations to optimize the factors of marterial costs, quality and service
Term
Who is involed in a supply chain
Definition
Suppliers, purchasing department, operations management, employees, transporters, retailers, and customers
Term
Business Continuity Plan
Definition
A plan that can be put into action if a situation arises where normal process flow is affected due to some issue with a particular activity
Term
Project Management
Definition
The process of planning, controlling,monitoring and reviewing a project
Term
Malcom Baldrige Award
Definition
The highest quality award a US based industry can receive
Term
SWOT stands for
Definition
Strength, weakness, opportunities, threats
Term
Change agent
Definition
is a person who deals with and addresses the objectively real resistance of change recipients
Term
Strategic Planning
Definition
a management‐directed process that is intended to determine a desired future state for a business entity and to define overall strategies for accomplishing the desired state
