EfficiencyDoing something at the lowest possible cost.

EffectivenessDoing the right things to create the most value for the company.

ValueRatio 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.)

Operations and supply management (OSM)Design, operation, and improvement of the systems that create and deliver the firm's primary products and services.

Transformation processSystem by which resources are used to convert inputs into desired output.

Mass customizationProducing products to order in lot sizes of one.