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27 Cards in this Set
- Front
- Back
service system |
a production system in which services dominate the value of the product |
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production facilities |
the site where production takes place |
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production stages |
steps in the production process |
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Domestic outsourcing |
when the firm doing the outsourcing and the supplier that will provide the outsourced goods and services are located in the same country |
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Global outsourcing |
when the firm doing the outsourcing and the supplier that will provide the outsourced goods and services are located in different countries; also called offshoring |
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manufacturing system |
a production system in which goods dominate the value of the product |
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supply chain |
all activities associated with the flow and transformation of goods and services from the raw material stage to the end user, together with the corresponding flows of monetary funds and information |
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Multi-currency |
a property of ERP systems to handle multiple currencies |
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hollow corporations |
a company that only completes product design and outsources all other production process functions |
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Supply-chain management |
the management of all activities in the supply chain, in order to minimize the total cost of the supply chain, and to maximize the value of the product to the end user |
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components |
goods and services that integrate a product |
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production system |
the system that businesses use to produce products |
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make-or-buy decision |
determining which components and raw materials should be produced in-house and which components and raw materials should be acquired from suppliers; also called the sourcing decision |
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Multi-language |
a property of ERP systems to simultaneously operate in multiple languages |
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global procurement |
when a firm buys components and raw materials globally |
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Telecommunication networks |
collections of computer hardware and software arranged to transmit information from one place to another |
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Internetworking |
the linking of separate networks into an interconnected network, where each network retains its own identity |
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global production |
when a firm globally produces goods and services |
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offshoring |
when a firm and the supplier are located in different countries |
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Enterprise resource planning (ERP) systems |
software packages designed to integrate the majority of a firm’s business processes, execute all transactions related to the firm’s business processes being integrated, store each piece of data only once in an enterprise-wide database, allow access to data and information in real time, and operate in a client-server environment, traditional or web-based |
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location decision |
determining if products made in-house will be produced in one or more facilities, and if these facilities should be located in one or more countries |
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Operations management |
the management of the direct resources that are involved in the production system of a business organization |
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Multi-national |
a property of ERP systems to handle the accounting standards of multiple countries |
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raw materials |
materials used to produce components |
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dual sourcing |
when components and raw materials are produced in-house and purchased from suppliers |
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insourcing |
when the firm has been buying goods and services from suppliers, and then decides to make these goods and services in-house |
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outsourcing |
when a firm has been making goods and services in-house, and then decides to buy these goods and services from suppliers |