Which term refers to the reduction of time needed to complete products or perform services?

The term that refers to the reduction of time needed to complete products or perform services is responsiveness. Responsiveness in operations management signifies the ability of an organization to react swiftly and effectively to customer demands and changes in the market. By minimizing processing time, companies can enhance their efficiency and service delivery, leading to increased customer satisfaction. This focus on speed allows businesses to meet client needs more promptly, ultimately improving competitive advantage.

In contrast, the other terms, while important in their own right, do not specifically address time reduction in completing products or services. Quality relates to the degree of excellence of the products or services provided and focuses on meeting or exceeding customer expectations. Sustainability refers to the environmental and social implications of business practices, emphasizing long-term viability over immediate operational efficiency. Specialization involves concentrating on specific tasks or processes to improve efficiency, which may indirectly relate but does not explicitly focus on the reduction of time across operations.