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OPERATIONS MANAGEMENT STUDY GUIDE #18.
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OPERATIONS MANAGEMENT STUDY GUIDE #18.
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OPERATIONS MANAGEMENT STUDY GUIDE 2023-2024 #18Stakeholders - All the people who stand to gain or lose by the policies and activities of a
business and whose concerns the business needs to address.
Stockholders - An individual, group, or organization that holds one or more shares in a
company, and in whose name the share certificate is issued.
E-procurement - Purchasing through electronic connections between buyers and sellers
- usually online
Productivity - The ratio of output (goods and services) divided by one or more inputs
(such as labour, capital or management
Product Life Cycle - The stages through which goods and services move from the time
they are introduced on the market until they are taken off the market.
SWOT analysis - A planning tool used to analyze an organization's strengths,
weaknesses, opportunities, and threats
Theory of Competitive Advantage - A theory which states that countries benefit from
specializing in (and exporting) goods and services in which they have relative
advantage, and they benefit from importing goods and services in which they have a
relative disadvantage
Theory of Comparative Advantage - Theory that implies that you should allow another
firm to perform work activities for your company if that company can do it more
productively than you can
Gantt Chart - A time and activity bar chart that is used for planning, managing, and
controlling major programs that have a distinct beginning and end.
Pareto Analysis - Technique for classifying problem areas according to degree of
importance, and focusing on the most important
Breakeven analysis - The process of determining the number of units a firm must sell to
cover all costs
Japanese method of organizing for product design features: - A single organization
without subdivision or individual teams
Joint Venture - An agreement between two or more companies to share a business
project
Alliance - A joining together for some common purpose
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