| Efficiency | Doing something at the lowest possible cost.
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| Effectiveness | Doing the right things to create the most value for the company.
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| Mass Customization | Producing products to order in lot sizes of one.
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| Operations and supply management (OSM) | Design, operation, and improvement of the systems that create and deliver the firm's primary products and services.
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| Transformation Process | System by which resources are used to convert inputs into desired output.
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| Value | Ratio of quality to price paid. Competitive "happiness" is
being able to increase quality and reduce price while maintaining or improving profit margins. (This is a way that operations can directly increase customer retention and gain market share.)
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