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AFM 132 > AFM 132 - chp 9: Operations management > Flashcards

AFM 132 - chp 9: Operations management Flashcards

1
Q

define operations management

A

looks at how a company creates goods an services for their customers through effective management of their resources and processes

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2
Q

what questions are asked in regards to product and services in operation management

A

products: are they manufactured efficiently while meeting specific quality standards

services: are quality experiences provided to customers at a reasonable cost?

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3
Q

what’s a common theme in operations management

A

how to be more productive

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4
Q

what helped to kickstart mass production in america?

A

henry ford’s moving assembly line

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5
Q

what has mass production lead to?

A

automation

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6
Q

how has mass production and automation transformed society?

A

increased jobs, growing middle class, and high skilled jobs

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7
Q

how has mass production and automation transformed manufacturing

A

standardized processes, lower costs, higher quality/reliability, just-in-time processes, customization

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8
Q

productivity and innovation can provide a country ______ on the global stage

A

competitive advantage

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9
Q

approximately ___ of working Canadian are employed in the ____ sector

A

80%, service

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10
Q

Canada’s economy is still driven by

A

primary and secondary industries

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11
Q

Canada placed __ in the WEF global competitiveness rankings, how was this measured?

A

placed 14th

measured: economic performance infrastructure, health, education, technological readiness, innovation

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12
Q

what are the 2 strategies to grow innovation?

A

driving innovation in Canada through strategic partnerships between business, academia, and the government

the government can support innovations in manufacturing and technology through their policies or funding (tax credits, grants)

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13
Q

what factors make it hard for innovation to be driven within a company

A
  1. company leadership
  2. established cultures and procedures
  3. short term focus on success
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14
Q

why are some companies more successful at innovating?

A
  1. companies that instill an entrepreneurial mindset
  2. smaller, more flexible organization can quickly adapt to changes in the marketplace
  3. risk taking is rewarded
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15
Q

define productivity

A

examines the efficiency of operations to transform inputs into outputs

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16
Q

how do improvements to productivity occur?

A
  1. use fewer inputs to make the same level of outputs
  2. use same level of inputs to make more outputs
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17
Q

what are some strategies to improve productivity

A
  1. improving efficiency of production processes
  2. waste reduction
  3. improving quality
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18
Q

define activity-based management (ABM)

A

aims to reduce or remove non-value adding activities to save time and money

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19
Q

what are the factors to take in consideration when deciding where to locate HQ at for a company?

A
  1. proximity to customer - lower costs, and reduced time to market if close
  2. proximity to resources
  3. government support
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20
Q

what are the 3 common facility layout?

A
  1. product/line layout
  2. process or functional layout
  3. fixed position layout
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21
Q

individual spaces used to account for ____ of the workplace

A

85%

22
Q

collaborative spaces now dominate ___ of the total office space

A

65%

23
Q

why would a company outsource

A
  1. reduce or control costs
  2. gain access to expertise or technology
  3. free up internal resources
24
Q

an outsourcing requires:

A

reliance on suppliers or other partners, quality check and flexibility check

25
Q

what are the goals for efficient production

A
  1. produce at the lowest possible cost
  2. produce in a timely manner
  3. produce to an acceptable level of quality
26
Q

what are some considerations that can help improve the purchasing process

A
  1. materials requirement planning - setting budgets _ determining what to purchase based on sales forecasts
  2. establishing relationships with a few suppliers - time + money = saved by managing fewer relationships and by having the ability to negotiate better prices with large orders
27
Q

define just in time inventory management

A

where supplies are ordered and delivered just in time to go into the production line - requires appropriate forces to know how much to order and seamless coordination with carefully picked suppliers

28
Q

what are some considerations in selecting a supplier

A
  1. reliability
  2. quality
  3. logistics
29
Q

how can seamless coordination between companies and suppliers be supported?

A

good communication and sharing of data between company and suppliers, building trust and understanding through an ongoing relationship.

30
Q

define the 3 production processes

A
  1. made to order - a company will accept individual orders and produce products to the required specifications of a customer
  2. mass production - to manufacture a large volume of similar good in an efficient manner
  3. mass customization - tailoring a large volume of products to meet the needs of many customers
31
Q

define quality

A

meeting a certain level of standards or being free of deficiencies

32
Q

what’s the international organization for standardization

A

worldwide body composed of member from more than 160n national stanards bodies that encourages knowledge sharing of best prctices in management and production to set international standards

33
Q

what does ISO 9000 and ISO 14000 focus on?

A

9000 - focus on standards for quality
14000- focusing on environment and sustainability

34
Q

define total quality management

A

a continuous process to improve product quality and customer satisfaction

35
Q

define supply chain management

A

managing the logistics for a product from sourcing its raw materials all the way to delivering the finished product to customers and managing the relationships with suppliers and those that will be involved with transportation and distribution along the way

36
Q

what’s teh main objective of supply chain managemnt

A

ensure efficiency and quality throughout the process

37
Q

what questions does the supply chain management ask?

A

do you have the optimal number of partners?
are you able to reduce costs?
do you have flexibility and speed?
can you ensure that the eventual customer will be satisfied?

38
Q

how can sustainability be considered in managing a supply chain

A

use of renewable energy in operations, sourcing materials sustainably

39
Q

what are the 2 tools that can be used to plan and monitor the progress of projects/operations

A
  1. program evaluation and review technique (PERT)
  2. gantt charts
40
Q

what’s PERT?

A

a plannign tool that considers the teasks involved and the relationsips between tasks - helps predict the overall duration of a project

41
Q

what steps are involved in PERT?

A
  1. identifyng the tasks required to get the job done
    2.estimating the time required to complete each task
  2. plotting out and sequencing the tasks - tasks = organized into what needs to occur sequentially and what can occur simultaneously along with other tasks
  3. identifying the critical path
42
Q

define the critical path in PERT

A

the sequence of tasks that will take the longest time to complete

43
Q

what’s a Gantt chart

A

a planning tool that measures progress, and can show what tasks are being worked on and what stage they’re in - shows actual progress

44
Q

what are some investments into innovation from a company perspective

A
  1. research + development
  2. lean manufacturing
  3. technology in operations
45
Q

what’s the importance of R&D?

A

drive innovation, include efforts to increase production capacity or improve product quality - important to economic growth and competitiveness on global stage

46
Q

define lean manufacturing

A

looks a how a company can provide a product/service as quickly as possible by using the least amount of resources possible

47
Q

what’s the goal of lean manufacturing

A

to make high-quality goods at the lowest cost by focusing on continuous improvement to improve the way you do business by reducing time, mistakes, and overall effort

48
Q

what are the technological tools in computing?

A

computer-aided design (CAD) - software can help design products through 2D/3D modelling and developing diagrams for products and their component parts

computer-aided manufacturing (CAM) - use of technology that can take designs and inform equipment how to manufacture the products

computer-integrated manufacturing (CIM) - the integration of CAD with CAM software programs where these systems can directly connect with each other

49
Q

how has technology aided the manufacturing process

A

3d printing can create prototypes more quickly compared to existed manufacturing techniques that may take more time, people, and resources

robotics and AI streamline systems to think and act like humans

50
Q

how has technology aided in managing overall operations

A

help to keep track on inventory as a business grows

51
Q

define an enterprise resource planning system (ERP)

A

software that manages key functions in a company through a shared information database

52
Q

benefits of an ERP system

A

integrated info between various functions across a company

allows all business functions to be able to see an order, be productive and act on what they need to do and be in sync.

AFM 132 (12 decks)

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