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Mgt 124 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

System design

A

Long term, strategic decisions made by higher level operation managers

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2
Q

What operations are part of the systems design

A

-product design
-capacity planing
-location analysis
-facilities layout
-product and service selections

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3
Q

Systems operations

A

Short term, day to day decisions made by lower level operations managers

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4
Q

What is part of the systems operations

A

-plant maintenance
-inventory management
-scheduling
-project management
-quality control

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5
Q

Systems theory

A

The organization is a system made up of interrelated subsystems that interacts with and is affected by the external environment

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6
Q

Pareto phenomenon

A

Q few factors account for the vast majority of the products or costs

-80/20 rule, 80% of the problems are caused by 20% of the activities

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7
Q

Current Key issues

A

-Sustainability
- Supply chain manangement
-Lean Operations
-factory if the future

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8
Q

Supply chain management issues

A

-last mile delivery
-last 50ft delivery
-trucker shortage
-drones
-e commerce and reverse logistics
-reshoring
-lead time supply shortage and rising costs

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9
Q

Lean operations

A

Minimizing muda/waste

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10
Q

The supply chain

A

-a network of organizations and activities that supplies a firm with goods and services
- members of the supply chain can collaborate to achieve high levels of customer satisfaction, efficiency and competitive advantage

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11
Q

Productivity

A

Single factor measure of output/input

Multi-factor

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12
Q

Why productivity matters

A

-higher productivity leads to higher standards of living
- higher productivity relative to the competitions leads to a competitive advantage in the market place

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13
Q

Competitive advantage

A

The creation of a unique advantage over competitors

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14
Q

Core competencies

A

Things a company does especially well

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15
Q

What are the general strategies

A

-differentiation
-cost leadership
-responsiveness

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16
Q

Differentiation

A

Distinguishing the product/service so the customer perceives added value

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17
Q

Cost leadership

A

Achieving value at a low cost

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18
Q

Responsiveness

A

Offering rapid, flexible, and reliable performance

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19
Q

Outsourcing

A

Transfer activities that have traditionally been internal to external suppliers

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20
Q

Reashoring

A

Bringing manufacturing back to one’s home country or source from suppliers who are in one’s home country after previously having outsourced abroad

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21
Q

Strategy list for operations

A
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22
Q

Strategic products and service design

A

-Products and service design or redesign should be closely tied to an organizations strategy
-design should be responsive to changes in the external environment

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23
Q

Main objectives of product design

A

-customer satisfaction

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24
Q

Secondary objectives of product design

A

-function of product/service, cost/profit, quality, appearance, ease of production/assembly, ease of maintenance/service, ethics/safety, sustainability

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25
Q

Secondary objectives of product design

A

-function of product/service, cost/profit, quality, appearance, ease of production/assembly, ease of maintenance/service, ethics/safety, sustainability

26
Q

Value Analysis

A
27
Q

Sustainability in the triple bottom line

A

The three p’s; people, profit, and planet

28
Q

Breakdown maintenance

A

Reactive approach; dealing with breakdowns are problems when they occur

29
Q

Preventative maintenance

A

Proactive approach; reducing breakdowns through program of lubrication, adjustment, cleaning, inspection, and replacement of worn parts

30
Q

Breakdown consequences

A

-Production capacity is reduced, orders are delayed.
-no production overhead continues, so costs per unit increases quality issues, product may be damaged,
-safety issues, injury to employees or customers.

31
Q

Goal of strategic capacity planning

A

Match the long-term supply capabilities of an organization and the predicted level of long-term demand

32
Q

Goal of strategic capacity planning

A

Match the long-term supply capabilities of an organization and the predicted level of long-term demand

33
Q

Over capacity

A

Handling too much capacity; operating costs are too high because some of the capacity sits unused

34
Q

Under capacity

A

Not having enough capacity; resources are strained, and customers may be lost because the company can’t keep up with demand

35
Q

Solutions to under capacity

A

-short term; raise prices, increased leadtimes, discourage marginally, profitable business
-long-term; increase capacity
-to adjust to seasonal demand; produce products with complementary demand patterns

36
Q

Solutions to over capacity

A

Stimulate markets or change product mix

37
Q

Design capacity

A

Theoretical maximum capacity for which an operation/process or facility is designed

38
Q

Effective capacity

A

What we plan to make keeping in mind current operating constraints

39
Q

Actual output

A

What we actually make,

-affected by things such as machine, breakdowns, materials, shortages, quality, problems, absences

40
Q

Long-term forecasting

A

More than three years,

-add facilities and or equipment

41
Q

Intermediate range forecasting

A

3 to 30 months,
-add equipment, employees, shifts
-use inventory, subcontracting, back orders

42
Q

Short term

A

Less than three months,

adjust use of employees and machines to meet demand

43
Q

Developing capacity alternatives

A

-ForeCast demand accurately,

-design flexibility into systems,

-take stage of life cycle into account,

-take a big picture approach to capacity changes/systems approach,

-prepared to deal with capacity chunks,

-attempt to smooth capacity

-requirements, identify the optimal operating level

44
Q

Service capacity planning

A

Presents challenges related to;
-the need to be near customers,

-the inability to store services,

-the degree of demand, volatility, volume, and timing of demand, service times for individual customers may vary

45
Q

What is forecasting?

A

The art in science of predicting future events,

forecasting can be used for production, inventory personnel, and facilities

46
Q

Accurate forecast help with what?

A

-Improve profits,
-reduce inventory levels,
-reduce inventory shortages,
-improve customer service levels

47
Q

Features of forecasts

A

-Assumes a casual system,
-cast are rarely perfect because of randomness,
-casts are more accurate for groups of items than individual items,
-forecast accuracy decrease as time horizon increases

48
Q

How to decide which casting model to use

A

-Cast accuracy is one of the most important criteria,
-goal is-to minimize forecasting error,
-tries to smooth out randomness while leaving real changes or patterns intact

49
Q

Types of forecast

A

Qualitative, time series, associative model

50
Q

Types of forecast

A

Qualitative, time series, associative model

51
Q

Qualitative

A

Uses subjective inputs, like executive opinions, sales force opinions, and consumer surveys

52
Q

Type series

A

Identifies patterns in the historical data (demanded sales) and then projects patterns into the future

53
Q

Associative models

A

Use explanatory variables to predict the future

54
Q

Time series analysis

A

Naïve approach, moving average, linear trend equation

55
Q

Naïve forecast

A

The forecast for an upcoming period is equal to the previous period actual value. -
Can be used with a stable time series, seasonal variations, trend.

56
Q

Lagging

A

The moving average will always lag behind the real changes that take place

57
Q

Good service continuum

A

Products are typically never partly service or purely good based

58
Q

Business operations overlap

A

Operations marketing, and finance departments overlap

59
Q

Entropy

A

What happens when a company doesn’t pay attention to the exterior environment and makes changes/adjustments

60
Q

Went to do preventative maintenance

A

Usage, passage of time, planed inspection

61
Q

What has to happen in order for a business to pay employees more without having to make other adjustments?

A

Increase productivity

Mgt 124 (11 decks)

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