world-class manufacturing

world-class manufacturing

the ability of a firm to compete successfully against the best anywhere in the world. This requires the firm to have the right manufacturing capability to supply products at competitive prices and high levels of product quality and sophistication, depending on customers' demands. Achieving world-class status involves the firm embracing sound PRODUCTION AND OPERATIONS MANAGEMENT practices (for example, METHOD STUDY), concepts and techniques (for example, TOTAL QUALITY MANAGEMENT), systems (for example, MANUFACTURING RESOURCE PLANNING) and technologies (for example, COMPUTER-INTEGRATED MANUFACTURING).

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson