{"id":917,"date":"2026-04-26T01:35:43","date_gmt":"2026-04-26T01:35:43","guid":{"rendered":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/?post_type=part&p=917"},"modified":"2026-04-26T01:35:43","modified_gmt":"2026-04-26T01:35:43","slug":"10-key-terms","status":"publish","type":"part","link":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/part\/10-key-terms\/","title":{"rendered":"10 Key Terms"},"content":{"raw":"

Key Terms<\/span><\/h2>\r\nOperations Management: <\/strong>The process of creating value by managing the activities that produce goods and services and deliver them to customers.\r\n\r\nEfficiency: <\/strong>Achieving a goal or producing output at the lowest possible cost.\r\n\r\nEffectiveness: <\/strong>Using resources in ways that create genuine value for customers.\r\n\r\nGoods: <\/strong>Tangible physical products. Durable goods last three or more years; non-durable goods are consumed quickly.\r\n\r\nServices: <\/strong>Intangible activities that provide benefits without resulting in a physical product.\r\n\r\nMass Customization: <\/strong>Using technology to produce personalized products or services at a scale and cost comparable to mass production.\r\n\r\nValue Chain: <\/strong>The full network of activities, organizations, and resources involved in creating and delivering a product or service.\r\n\r\nVertical Integration: <\/strong>Taking over processes previously handled by other organizations in the supply chain.\r\n\r\nOutsourcing: <\/strong>Handing off certain business functions to outside organizations.\r\n\r\nOffshoring: <\/strong>Moving business processes or operations to another country, typically to reduce costs.\r\n\r\nInventory: <\/strong>Stocks of goods or materials held by an organization.\r\n\r\nServicescape: <\/strong>The physical environment in which a customer and service provider interact.\r\n\r\nAutomation: <\/strong>Replacing human operation and control of machinery with programmed systems.\r\n\r\nCAD (Computer-Aided Design): <\/strong>Software used to create and edit detailed digital blueprints and 3D models.\r\n\r\nCAM (Computer-Aided Manufacturing): <\/strong>Software that translates digital designs into manufacturing instructions for automated equipment.\r\n\r\nCIM (Computer-Integrated Manufacturing): <\/strong>A system combining CAD, CAM, and flexible manufacturing to automate the design-to-production process.\r\n\r\nTotal Quality Management (TQM): <\/strong>An approach in which everyone in an organization takes responsibility for continuous quality improvement.\r\n\r\nSix Sigma: <\/strong>A data-driven quality improvement approach targeting fewer than 3.4 defects per million opportunities.\r\n\r\nLean Production: <\/strong>A manufacturing and operations philosophy focused on eliminating waste and doing more with less.\r\n\r\nISO 9000: <\/strong>A family of international standards for quality management systems.\r\n\r\nSustainability: <\/strong>Meeting current organizational objectives while protecting and preserving the environment for future generations.","rendered":"

Key Terms<\/span><\/h2>\n

Operations Management: <\/strong>The process of creating value by managing the activities that produce goods and services and deliver them to customers.<\/p>\n

Efficiency: <\/strong>Achieving a goal or producing output at the lowest possible cost.<\/p>\n

Effectiveness: <\/strong>Using resources in ways that create genuine value for customers.<\/p>\n

Goods: <\/strong>Tangible physical products. Durable goods last three or more years; non-durable goods are consumed quickly.<\/p>\n

Services: <\/strong>Intangible activities that provide benefits without resulting in a physical product.<\/p>\n

Mass Customization: <\/strong>Using technology to produce personalized products or services at a scale and cost comparable to mass production.<\/p>\n

Value Chain: <\/strong>The full network of activities, organizations, and resources involved in creating and delivering a product or service.<\/p>\n

Vertical Integration: <\/strong>Taking over processes previously handled by other organizations in the supply chain.<\/p>\n

Outsourcing: <\/strong>Handing off certain business functions to outside organizations.<\/p>\n

Offshoring: <\/strong>Moving business processes or operations to another country, typically to reduce costs.<\/p>\n

Inventory: <\/strong>Stocks of goods or materials held by an organization.<\/p>\n

Servicescape: <\/strong>The physical environment in which a customer and service provider interact.<\/p>\n

Automation: <\/strong>Replacing human operation and control of machinery with programmed systems.<\/p>\n

CAD (Computer-Aided Design): <\/strong>Software used to create and edit detailed digital blueprints and 3D models.<\/p>\n

CAM (Computer-Aided Manufacturing): <\/strong>Software that translates digital designs into manufacturing instructions for automated equipment.<\/p>\n

CIM (Computer-Integrated Manufacturing): <\/strong>A system combining CAD, CAM, and flexible manufacturing to automate the design-to-production process.<\/p>\n

Total Quality Management (TQM): <\/strong>An approach in which everyone in an organization takes responsibility for continuous quality improvement.<\/p>\n

Six Sigma: <\/strong>A data-driven quality improvement approach targeting fewer than 3.4 defects per million opportunities.<\/p>\n

Lean Production: <\/strong>A manufacturing and operations philosophy focused on eliminating waste and doing more with less.<\/p>\n

ISO 9000: <\/strong>A family of international standards for quality management systems.<\/p>\n

Sustainability: <\/strong>Meeting current organizational objectives while protecting and preserving the environment for future generations.<\/p>\n","protected":false},"parent":0,"menu_order":27,"template":"","meta":{"pb_part_invisible":null},"contributor":[],"license":[],"class_list":["post-917","part","type-part","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/wp-json\/pressbooks\/v2\/parts\/917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/wp-json\/pressbooks\/v2\/parts"}],"about":[{"href":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/wp-json\/wp\/v2\/types\/part"}],"version-history":[{"count":1,"href":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/wp-json\/pressbooks\/v2\/parts\/917\/revisions"}],"predecessor-version":[{"id":918,"href":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/wp-json\/pressbooks\/v2\/parts\/917\/revisions\/918"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/wp-json\/wp\/v2\/media?parent=917"}],"wp:term":[{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/wp-json\/wp\/v2\/contributor?post=917"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ulib.csuohio.edu\/business-essentials-for-future-professionals\/wp-json\/wp\/v2\/license?post=917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}