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What is GDP?
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Everything legally produced within our country in a time period
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Productivity?
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Output divided by some input.
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Partial productivity?
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How much of a particular kind of input it takes to produce an output
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What are the 3 characteristics that quality products possess?
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Reliability, serviceability, and durability.
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5 characteristics that distinguish a quality service?
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Reliability, tangibles, responsiveness, assurance, and empathy.
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4 kinds of inventory?
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Raw materials, component parts, work-in-progress, and finished goods.
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What is management?
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Getting work done through others.
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What are 3 management skills?
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Technical skill (job knowledge); human skill (get people together and see your point of view); conceptual skill (critical thinking, analyzing a problem)
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What are three types of cost?
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Fixed cost, variable cost, mixed cost
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Another definition of _________ skill is job knowledge.
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Technical
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Fixed cost?
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A cost which is not directly tied to the level of production, revenue, or sales
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Who is Frederick Taylor?
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Father of scientific management.
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Who is Frank and Lillian Gilbreth?
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Applied time and motion studies to the study of work.
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Who is Henrey Gantt & What was emphasized?
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Know for Gantt Charts; they emphasized the importance of training workers
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Who is Alfred P. Sloan?
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Oversaw the growth of GM into largest corporation in the world.
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