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Operations Managment > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

What is the US business strategy

A

Short term profit maximization

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2
Q

USA financial results

A

Focus on bottom line directly

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3
Q

Japanese business strategy

A

Maximize market share through quality products

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4
Q

Japanese financial results

A

The financial results are the results of a business strategy and the operation to back it up

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5
Q

What are 2 things Arnold Feigenbum is known for?

A

Concept of internal and external customers

Began total quality management (TQM)

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6
Q

What are 2 things Fredrick Taylor is known for?

A

To take up a task, divide it up into its simplest elements , and assign a person to each element

Incentive system: incremental profits
1/3 to the worker
2/3 to the owners

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7
Q

What is Good-will

A

Cost of warranty
administration
shipping
repairing or replacement

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8
Q

What is ill-will

A

Loss of future sales

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9
Q

What is a hidden factory

A

A factory within a factory where a group of workers correct the defects made by other workers

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10
Q

what are elements to the costs of a hidden factory

A 
inspectors
rework
scraping 
good-will
ill-will
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11
Q

according to who dose hidden factories cost 30-50%

A

Arnold Feigenbaum

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12
Q

what was Edward Deming’s view on quality control

A

Remove cause of defects, not the defects alone

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13
Q

Founder of small group dynamics

A

Edward Deming

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14
Q

What is small group dynamics

A

The thought that creating a small group would improve productivity

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15
Q

What are factors the contribute to small group dynamics

A

perception of being special
social bonding: extended family
Teaching: each other easier ways of performing a task
Discovering: a new way of performing a task

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16
Q

what is the concept of Edward Deming chain reaction

A

continues improvement

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17
Q

Edward Deming’s chain reaction

A 
Make a better product 
more satisfied customers 
positive word of mouth advertising 
more repeat business 
greater market share 
greater profits 
greater job security 
good for god and country 
repeat cycle 
.......quality is free.......
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18
Q

what was Matsushita concept

A

Ideas out of the hands of bosses into the hands of the laborers, pulling together the intellectual resources of all employees in the service of the firm

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19
Q

What was Adam smiths biggest contribution

A

Free enterprise system

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20
Q

what is free market

A

Customers determine if the company will stay in business

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21
Q

what is Laissez Faire economics

A

no interference of the government “hands off”

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22
Q

What is Mercantilism

A

State intervention to encourage domestic trade
tariffs
quotas

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23
Q

What is Free trade

A

Introduced by Adam Smith was the removal of trade barriers between countries

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24
Q

What is Specialization

A

Focus on what he knows best

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25
Q

What was Adam Smiths thoughts about the barter system

A

Disagreed, thought money was meant to be the medium of exchange

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26
Q

According to Adam Smith, What will price tell us and what will it not tell us

A

Price will tell us when to produce

won’t tell us when to stop until its too late

27
Q

What is the business cycle

A

Boom and bust times

28
Q

What has to be done to be able to recover from depression according to he business cycle

A

Excess inventory has to be liquidated

29
Q

Privatization

A

Taking a nationalized company and giving it back to business people

30
Q

Nationalized company

A

Company that is controlled by the government

31
Q

Eli Whitney was known as a?

A

Mechanical genius

32
Q

What was Eli Whitney’s greater contributions

A

Interchangeable parts

the first factory

33
Q

what is Reverse engineering

A

Dismantling a competitors product or examining a competitors service with intent to discover improvements for a product or service

34
Q

Benchmarking

A

The process of continuously comparing and measuring the business processes of an organization with business leaders

35
Q

Reengineering

A

The fundamental rethinking and radical redesign of a business process

36
Q

What was Isaac Singer known for?

A

Advertising

37
Q

What 5 acts contributed to singers success

A

Advertising; Let public know the product
Demonstration:let people see the product in action
Training: those trained in the product are more likely to buy the product
Hire purchase: start of consumer credit
First global company: saw world as market

38
Q

What was Cyrus McCormack’s greatest contribution?

A

Annual model change

39
Q

What helped Ford become successful

A 
Adam smiths enterprise system 
Eli Whitney's interchangeable parts 
US gov't for insisting interchangeable parts 
singer for assembly operations 
Bicycle for stamping parts 
early examples of the conveyor belt 
gasoline engines and pneumatic tires
40
Q

What is Economies of scale

A

Cost will decrease while production increases as long as you change the technology

41
Q

Ford cycle

A

Build a car with low profit margin
Improve economies of scale
pass savings to the customers with lower prices
more volume allows greater economy of scale
pass savings to customers again
stay on the cycle until factory is at full capacity
build new factory with greater economies of scale and around the cycle again

42
Q

What was the River Rouge plant known for

A

Vertically integrated

The whole process under one roof

43
Q

What was fords operating philosophy

A

Examine every step in the process, every step has a cost, dose the step add value to the process, if not eliminate the step

44
Q

according to Ohno, what was responsible for Toyotas success?

A

Updating ford and adopting his philosophy

45
Q

What is push manufacturing

A

The process of producing a product and pushing it to a warehouse for others to draw upon

46
Q

What is pull manufacturing

A

Immediate consumption of a product, if it can’t be consumed it can’t be produced

47
Q

What are the savings in going from a push to pull manufacturing?

A
  • elimination of work process inventory
  • Immediate discovery of defective pars
  • no unimportant workers, improvement of worker moral and productivity
48
Q

According to Arnold Feignbum unter Total quality management who should determine standard of performance

A

Customers

managers

49
Q

Undoing of the assembly line

A

Volvo developed a concept of building the car in one spot with highly educated workers

50
Q

What is quantitative solution

A

decision based on price

51
Q

What is quantitative solution

A

decision which takes reliability into account

52
Q

Productivity equation

A

Output / input

53
Q

What is the global political system

A

Democratic process

54
Q

What is the Global economic system

A

Adam smiths free enterprise system

55
Q

What is the Global language

A

English

56
Q

What is the Global culture

A

American

57
Q

What is the Global Currency

A

The dollar

58
Q

What is Global banking

A

Done through foreign offices of domestic banks

59
Q

Global communication

A

Ability to speed dial anyone throughout the world

60
Q

Global Telecommunication

A

To keep track of shipments

61
Q

What is global logistics

A

Movement of goods around the world

62
Q

What is containerization

A

Load goods in a 8x8x40 box and move it

63
Q

What is intermodalism

A

The thought that a individuals is indifferent about the mode of transport, the choice will depend on whichever delivers best in terms of cost and time

Operations Managment (1 decks)

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