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Operations Management > 010 Introduction To Operations Management > Flashcards

010 Introduction To Operations Management Flashcards

1
Q

any activity that harvests value from the
assets of a business

A

Operations

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2
Q

the organization and coordination of
activities of a business to achieve defined objectives

A

Management

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3
Q

the management of systems
or processes that create goods and/or services

A

Operations management

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4
Q

physical items produced by business
organizations

A

Goods

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5
Q

activities that provide some combination of
time, location, form and psychological value

A

Services

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6
Q

is the creation of goods and services

A

Production

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7
Q

Three Basic Functional Areas of Business
Organizations

A

Finance, operations, marketing

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8
Q

secures and allocates financial resources
to fund business operations

A

Finance

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9
Q

produces goods and/or provides
services

A

Operations

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10
Q

assesses consumer wants and needs,
promotes organization’s goods and services

A

Marketing

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11
Q

Supply chain order and flows

A

Raw material, suppliers, producers, distributor, retailer, final customer

Money flow ⬅️
Value added ➡️

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12
Q

Value added formula

A

Price of outputs – cost of inputs

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13
Q

The greater the___added, the greater the
____.

A

Value, profitability

(Value-added)

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14
Q

use less input and produce the
same amount of output

A

Efficient processes

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15
Q

As more value-added to a good, it becomes more
expensive to store and transport within the supply
chain t/f

A

True

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16
Q

As more value-added to a good, it becomes more
expensive to store and transport within the supply
chain

A

False

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17
Q

Are goods tangible or intangible

A

Tangible

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18
Q

Ave services tangible intangible

A

Intangible

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19
Q

One of the 3 major functions of any organization

A

Operations management

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20
Q

Used to understand how people organize themselves
for productive enterprise

A

Operation management

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21
Q

Used to know how goods and services are
produced/provided

A

Operations management

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22
Q

Operations Management is a costly part of an organization t/f

A

True

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23
Q

What functions do operation managers perform?

A

Management functions

24
Q

List management functions

A

Planning, organizing, staffing, directing, controlling

25
Q

Decision making tools for operations management

A

• Models
• Linear Programming
• Optimization
• Fishbone Diagram
• Flowcharts
• Decision Trees
• Queuing models
• Simulation
• Scheduling tools
• Program evaluation and review technique (PERT)
• Critical path method (CPM)
• Forecasting techniques
• Statistical methods

26
Q

an abstraction and simplified
representation of reality

A

Model

27
Q

All models are wrong, but some are useful t/f

A

True

28
Q

What are the three types models?

A

Physical, schematic, mathematical

29
Q

Simple models are preferred over complicated ones t/f

A

True

30
Q

What model includes miniature cars, scale-model
buildings etc.

A

Physical model

31
Q

What model uses graphs, charts, drawings etc.

A

Schematic model

32
Q

What model uses numbers, formulas,
symbols etc.

A

Mathematical models

33
Q

Define quantification

A

You cannot improve something that
you do not measure

34
Q

One or more actions that transform inputs
into outputs

A

Process

35
Q

Order of a process

A

Input ➡️ process (transformation)➡️ output

36
Q

What should you ask when deciding organizational strategy?

A

Responsive or efficient?

37
Q

Process management study card

A

Deciding organizational strategy - Responsive or
Efficient?
• Matching demand and capacity
• Using in-house capacity or outsourcing
• Standardization vs. Customization
• Reducing costs (i.e. inventory, transportation,
material, labor, maintenance costs)
• Increasing productivity
• Improving quality
• Decreasing variability in production

38
Q

What use the four basic sources of variation?

A

The variety of goods and services offered, Structural variation in demand, random variation, assignable variation

39
Q

The variety of goods and services offered

A

Variation

40
Q

predictable,
important for capacity planning

A

Structural variation in demand

41
Q

natural causes such as weather,
cannot be changed

A

Random variation

42
Q

defective inputs, incorrect
work methods, maintenance issues etc. can be
changed

A

Assignable variation

43
Q

a set of interrelated parts that must work
together

A

System

44
Q

The business organization is a system composed of what 3
subsystems

A

marketing subsystem
operations subsystem
finance subsystem

45
Q

Details of system approach

A

• Emphasizes interrelationships among subsystems
• Main theme is that the whole is greater than the sum
of its parts
• The output and objectives of the organization take
precedence over those of any one subsystem –
think about supply chains

46
Q

The output and objectives of the organization take
precedence over those of any one subsystem t/f

A

True

47
Q

Key Issues for Operations Managers Today

A

Economic conditions, innovating, quality issues (total quality management & six sigma), risk management, completing in global economy

48
Q

A philosophy that involves
everyone in an organization in a continual effort to improve
quality and achieve customer satisfaction

A

Total Quality Management (TQM)

49
Q

A process for reducing costs, improving quality,
and increasing customer satisfaction

A

Six sigma

50
Q

economic ups and downs, product recalls,
natural and man-made disasters

A

Risk management

51
Q

labor costs, tax and tariffs,
regulations, cultural differences etc.

A

Competing in a global economy

52
Q

A sequence of activities and organizations
involved in producing and delivering a good or service

A

Supply chain

53
Q

Using resources in ways that do not
harm ecological systems that support human
existence

A

Sustainability

54
Q

Buying goods or services
instead of producing or providing them in-
house

A

Outsourcing

55
Q

A standard of behavior that guides how one
should act in various situations

A

Ethics

Operations Management (3 decks)

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