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POM > ch 2. > Flashcards

ch 2. Flashcards

1
Q

mission statement

A

a statment about the type of business products/services, customers, reasons for existence, etc. for customers, stakeholders, prospective employees, competition, other businesses, etc.

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2
Q

corporate goals: a set of goals in terms of;

A
  1. products/services
  2. market/customers
  3. growth/profitability
  4. expansion/contraction, etc.
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3
Q

strategy

A

a plan for achieving corporate/organizational goals (based on its competitive priority)

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4
Q

examples of organization goals?

A
  1. satisfy customers
  2. compete in the market place
  3. manage the organization
  4. develop capabilities
  5. sustain growth
  6. achieve financial objectives
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5
Q

tactics

A

the methods and actions taken to accomplish strategies

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6
Q

competitive priority (core competency, or competitive advantage)?

A

Each company uses an option to position itself in the market place

a distinctive competence, or competitive advantage, compared to its competitiors

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7
Q

Examples of competitive priority: Cost

A

low cost producer of goods and services

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8
Q

Examples of competitive priority: quality

A

performance, consistency, reliability, features, durability, aesthetics, appearance, conformance to specifications, etc. (generally an characterisitc of a product for which customers are willing to pay more for)

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9
Q

Examples of competitive priority: Time (responsiveness)

A
  1. product/service delivery time (speed)
  2. product/service development time (speed)
  3. after-sales service time, etc
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10
Q

Examples of competitive priority:differentiation

A

any distinctive product/service features, based on design, quality, flexibility customer service, location, etc

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11
Q

a company may choose to use a combination of competitive priorities for a product or service. Ture? false?

A

true

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12
Q

order qualifiers criteria

A

product or service characteristics necessary to survive in the marketplace

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13
Q

order winners criteria

A

product or service characteristics necessary to outperform the competition and become the market leader

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14
Q

strategy formulation requires?

A

Swot analysis and environmental scanning

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15
Q

Swot analysis

A
  1. strengths
  2. weaknesses
  3. opportunities
  4. threats
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16
Q

environmental scanning

A

economy, technology, markets, competition, customers, suppliers, governmental regulations

17
Q

Elements of strategy: Strategic positioning

A

defines the position that a firm wants to occupy in its competitive product space using its competitive priorities, such as

  1. cost
  2. quality
  3. time
  4. differentiation
18
Q

Operations strategy

A

configuring and developing operations process (transformation process: inputs resources, activities), specified by and consistent with business strategy, to produce products and/or create services in order to achieve corporate goals

19
Q

ten Most Important Decisions RegardingOperations Strategy?

A
  1. Product and Service Design
  2. Quality of Products and 3.Services
  3. Process and Capacity design
  4. Location selection
  5. Process layout decision
  6. Human resources and job 8.design
  7. Supply Chain Management
  8. Inventory management
  9. Production scheduling
  10. Maintenance decision
20
Q

Operations strategy: long range

A 
Strategic Level 1	
-Long-range ( 1 year or more)
Product Decision
Process Decision
Technology
Location Decision
Plant Decision
Sourcing Decision
Capacity Planning
Quality Direction, etc.
21
Q

operations strategy: medium-range

A 
Tactical Level 2		
-Medium-range (3 to 12 months) 
Equipment, Machinery Decision
Plant Layout
Quality Control System
Work Systems Design
Worker Selection, Training
Capacity Planning
Plant Maintenance
Inventory Policy
22
Q

operations strategy: short-range

A 
Operational Level 3	
Short-Range (up to 3 months) 
Daily/Weakly Production Plan
Inventory Control
Scheduling/Dispatching
Maintenance Control
Quality Control
Purchasing
     1 2 3  these levels also differ with regard to the level of details and the 	frequency of decision making

POM (8 decks)

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