| agility | The ability of an organization to respond quickly to demands or opportunities.
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| craft production | System in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods.
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| division of labor | The breaking up of a production process into small tasks, so that each worker performs a small portion of the overall job.
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| e-business | Use of the Internet to transact business.
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| e-commerce | Consumer-to-business transactions.
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| interchangeable parts | Parts of a product made to such precision that they do not have to be custom fitted.
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| lead time | The time between ordering a good or service and receiving it.
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| lean production | System that uses minimal amounts of resources to produce a high volume of high-quality goods with some variety.
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| mass production | System in which low-skilled workers use specialized machinery to produce high volumes of standardized goods.
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| model | An abstraction of reality; a simplified representation of something.
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| operations management | The management of systems or processes that create goods and/ or provide services.
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| outsourcing | Obtaining a product or service from outside the organization.
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| Pareto phenomenon | A few factors account for a high percentage of the occurrence of some event(s).
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| six sigma | A process for reducing costs, improving quality, and increasing customer satisfaction.
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| supply chain | A sequence of activities and organizations involved in producing and delivering a good or service.
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| system | A set of interrelated parts that must work together.
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| technology | The application of scientific discoveries to the development and improvement of goods and services.
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| value-added | The difference between the cost of inputs and the value or price of outputs.
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