Final answer:
The term describing the managerial focus on significant deviations from performance standards in a production environment is 'management by exception'.
Step-by-step explanation:
The term that describes Jennifer, a manager at Nanosystems, Inc., focusing on significant deviations from established standards to ensure the precise production of components for surgical devices is management by exception. This strategy emphasizes that managers should intervene only when there are significant deviations from the performance standards, allowing them to focus on the most important issues rather than being involved in every aspect of daily operations. Management by exception can help in efficient resource allocation by allowing managers to prioritize issues that could cause significant impact on the production process or the quality of the output.