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key concepts > chapter 9 > Flashcards

chapter 9 Flashcards

1
Q

important
define operation management

A

an area of management concerned with overseeing, designing and controlling the processes of production and business operations, resources, and activities required for the production and delivery of goods or services with the aim of creating value for customers and profitability for shareholders

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2
Q

difference between goods and services in operation management in terms of the nature of output

A
  1. Product-based operations are typically standardized and can be physically measured and inspected
  2. Services are customized to meet individual customer needs, making them more difficult to standardize
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3
Q

difference between goods and services in operation management in terms of production and delivery process

A
  1. Product-based operations involve the physical transformation of inputs into finished goods through manufacturing processes.
    2.service-based operations are characterized by simultaneous production and consumption. Service delivery often involves direct interaction between service providers and customers
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4
Q

difference between goods and services in operation management in terms of inventory management

A
  1. Products can be stored as inventory until they are sold or delivered
  2. Services are typically consumed as they are produced
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5
Q

difference between goods and services in operation management in terms of quality assurance

A
  1. Quality control in product-based operations involves inspecting and testing finished goods to ensure they meet predetermined standards
  2. In service-based operations, quality assurance is more challenging. It often involves monitoring customer feedback, service delivery processes, and employee performance to maintain service quality.
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6
Q

difference between goods and services in operation management in terms of customer involvement

A

1.In product-based operations, customers are typically less involved in the production process. They have limited interaction with the manufacturing process
2.in service based operations customers are active participants in the service delivery process, their feedback play a crucial role in shaping the service experience.

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7
Q

what is craft manufacturing?

A

when skilled craftsmen produce goods individually or in small batches

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8
Q

example of products of craft manufacturing

A

handcrafted jewelry
handmade furniture

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9
Q

example of service of craft manufacturing

A

custom tailoring
traditional woodworking

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10
Q

advantage of craft manufacturing

A

product meets customer’s exact requirement

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11
Q

the disadvantage of craft manufacturing

A

less chance for eos

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12
Q

what is mass production?

A

large-scale production of standardized goods using machinery and automation

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13
Q

example of products of mass production

A

automobiles
packaged food product

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14
Q

example of service of mass production

A

standardized menu

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15
Q

advantage of mass production

A

opportunities for eos

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16
Q

the disadvantage of mass production

A

high capital costs for setting up production line

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17
Q

what is flexible specialization?

A

combined benefits of mass production efficiency with customization to meet varying customer demands

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18
Q

advantage of flexible specialization

A

help companies become more efficient

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19
Q

the disadvantage of flexible specialization

A

requires highly skilled workers

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20
Q

what is lean production

A

aim to eliminate waste and reduce cost; it involves streamlining process and empowering employees

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21
Q

advantage of lean production

A

reduce inventory cost

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22
Q

the disadvantage of lean production

A

need highly trained employees

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23
Q

what is mass customization?

A

combines the benefits of mass production with customized products or services. It allows customers to personalize products within predefined options

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24
Q

what is agile manufacturing?

A

ability to rapidly reconfigure production system and processes, it focuses on flexibility and quick adaption to changing customer demands

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25
Q

what is production

A

input+process=input
economics tends to ignore process

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26
Q

important
what is productivity

A

measure of efficiency that evaluates how well resources are used to generate output
measures the ratio of output to input

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27
Q

important
example of improving productivity in the manufacturing industry

A

reduce production time

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28
Q

important
example of improving productivity in the service industry

A

reduce call handling times

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29
Q

important
example of improving productivity in the retail industry

A

streamlining checkout process

30
Q

important
example of improving productivity in the healthcare sector

A

reduce patient waiting times

31
Q

what does operation management consider in value creation

A
  1. quality
  2. cost efficiency
  3. flexibility and responsiveness
    4.innovation and new product development
32
Q

important
what is value chain analysis

A

a strategic management process that helps identify the primary activities and support activities within an organization’s value chain.
it involves breaking down the organization’s activities into specific steps, and identify opportunities for cost reduction.

33
Q

important
which activities are involved in the value chain

A
  1. primary activity
  2. support activity
34
Q

important
what are the primary activities?

A

directly involved in the production, marketing, delivery, and after-sales service of a product or service

35
Q

important
examples of primary activities

A

inbound logistics
outbound logistics
marketing and sales

36
Q

important
what are the support activities?

A

they provide the necessary support for the primary activities

37
Q

important
examples of support activity

A

human resource management
firm infrastructure

38
Q

important
importance of value chain

A

can identify competitive advantage
can identify opportunities for improving efficiency

39
Q

important
purpose of value chain analysis

A

identify emotional needs of customers
identify primary and support activity
evaluate competitors in the market
analyze financial performance

40
Q

important
what is inbound logistics

A

it brings supplies or materials into a business

41
Q

important
what is outbound logistics

A

deals with moving goods and products out to customers

42
Q

what is emotional bridge

A

connection between a product/brand with the emotional needs and desires of a customers

43
Q

example of emotional bridge

A

fender guitar taps into the emotional connection that muscians have with their instrument

44
Q

how does emotional connection contribute to competitive advantage

A
  1. increased customer loyalty
  2. differentiation from competitors
45
Q

porter’s generic strategies

A

it defines different approaches a company can take to achieve competitive advantage

46
Q

what is porter’s generic strategy based on

A

cost leadership
differentation

47
Q

what is cost leadership

A

being the lowest-cost producer in the industry while maintaining product quality

48
Q

what is differentiation

A

create a unique product or service

49
Q

what is the focus strategy?

A

targeting a specific market segment

50
Q

example of a business having a focus strategy

A

rolex

51
Q

what is production planning

A

process of determining the best use of resources, materials, and labor to ensure efficient and timely production of goods or services

52
Q

what does production planning involve

A

setting production goals
creating schedules
allocating resources
minimizing costs
maximizing productivity.

53
Q

components of production planning

A

Facility Planning
Supplier Location
Internet Operations
Facility Layout
Material Requirements Planning
Enterprise Resource Planning
Quality Control
Just-in-Time
Purchasing

54
Q

what is facility planning?

A

determining the location, size, layout, and design of production facilities

55
Q

what is the supplier location?

A

the strategic decision of selecting the appropriate geographic locations for sourcing materials, components, or services

56
Q

what is internet operations

A

utilizing digital platforms and technologies to facilitate production and sales activities.

57
Q

what is facility layout

A

arranging the physical layout of production facilities to optimize efficiency, workflow, and productivity.

58
Q

what is material requirement planning

A

managing and planning material requirements based on production schedules and customer orders.

59
Q

what is enterprise resource planning

A

comprehensive system that integrates various business functions, including production planning, inventory management, finance, HR, and customer relationship management.

60
Q

what is quality control

A

procedures taken to ensure that products or services meet predefined quality standards

61
Q

what is just in time

A

a production strategy aimed at minimizing inventory levels by producing and delivering items precisely when needed

62
Q

what is purchasing

A

involves acquiring the necessary materials, components, and services for production

63
Q

what is computer-aided design

A

software tool that assists in designing and creating detailed models or blueprints of products

64
Q

what is computer aided manufacturing

A

utilizes computer-controlled machines to automate the manufacturing process

65
Q

what is flexible manufacturing

A

quick changes in production processes to adapt to varying demand or customization requirements

66
Q

what is robotics

A

the use of automated machines or robots to perform tasks.

67
Q

what is machine learning

A

using algorithms and statistical models to enable computers to learn from data and make predictions or decisions.

68
Q

what is project evaluation and review techniques

A

identifying the critical path
estimating task durations
determining project timelines.

69
Q

what is a gantt chart

A

a visual representation of project tasks, schedules, and dependencies. It displays tasks as horizontal bars along a timeline, indicating their start and end dates

70
Q

what are project management tools

A
  1. project evaluation and review techniques
  2. Gant chart
71
Q

importance of gantt chart

A

help in project planning, tracking, and communication

key concepts (7 decks)

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