Operations — TQM, JIT, lean for Unit 3 SAC

VCE Business Management · Operations management — key concepts · 6 flashcards, free to study.

The core operations strategies with definitions tight enough to quote on paper.

Define operations management: Activities involved in transforming inputs into outputs (goods/services).
Difference between manufacturing and service operations: Manufacturing: tangible products, often stored. Service: intangible, simultaneous production + consumption.
What is lean management?: Approach minimising waste while maximising customer value — Toyota Production System origin.
Just-in-time (JIT) — explained: Inventory arrives exactly when needed for production, minimising storage costs but vulnerable to supply disruption.
What is Total Quality Management (TQM)?: A holistic approach where every employee is responsible for quality, focused on continuous improvement.
Define corporate social responsibility: Business considers wider stakeholder impact (environmental, ethical, community) beyond profit.