Final Flashcards
A global network of organizations and activies that supply a firm with goods and services is referred to as
supply chain
A large percentage of the revenue of most firms is spent on which function?
operations
The economic activities that typically produce an intangible product are referred to as
services
Henry Ford is known for his contributions to
assembly line operations
The total of all outputs produced by thhe transformation process divided by the total of the inputs is
multifactor productivity
The service sector has lower productivity improvements than the manufacturing sector because
services are labor intensive
Competition in the 21st century is no longer between companies; it is between
supply chains
How can productivity be improved?
Decreasing inputs while holding outputs steady or vice versa
Competing on differentiation is
concerned with uniqueness
An international business is a firm that
engages in international trade of investment
SWOT analysis refers to
Strengths, opportunities, weaknesses, and threats
A strategy is
An action plan to achieve a mission
A set of skills, talents, and capabilities inwhich a firm is particuarly strong is reffered to as
core competencies
Response based competiton includes
Quick
Reliable
Flexible
Porter’s Five forces model is used to evaluate competiton based on which 5 aspects
immediate rivals, potential entrants, customers, suppliers, and substitute products
Standardization is an appropriate strategy in which stage of the product life cycle
maturity
What OM strategy should a firm with a product in the maturity stage of its life cycle be least concerned?
Increase capacity
Products iin the growth stage should not focus on
cost cutting
What is true KSFs?
KSFs are often necessary, but not sufficient for a competitive advantage
Contract manufacturing is also known as
contract manufacturing
What theory implies you should allow another firm to perform work activities for your company if that company can do it more productively that you can?
theory of comparative advantage
A method managers use to evaluate the resources at their disposal and manage or alter them to acheve competitive advantage is referred to
resources view
What is the difference between an MNC and an international company?
The MNC business done outside home country is very significant
Which of the following international operations strategies involves a high degree of centralization
global
Which of the following international operations strategies uses decentralized authority with substantial autonomy at each business
multidomestic
Which of the following international operations strategies uses the existing domestic model globally
multidomestic strategy
What is the practice f transferring a firm’s activities that have traditionally been internal to external suppliers
outsourcing
The ability of an organization to produce services that by utilizing the consumer’s five senses have some uniqueness in their characteristics
experience differentiation
Which of the international strategies involves low cost reductions and low local responsiveness
international strategy
Which of the international operations strategies involves high cost reduction and high local responsiveness
transnational strategy
What visual devices to show the duration of activities in a project
Gantt chart
What is the major difference between PERT and CPM?
PERT uses three time estimates
What is making sure that the people assigned to the project receive the motivation direction and information needd to do their jobs?
Direct responsibility of project manager
The three phases involved in the management of large projects are
planning, scheduling, and controlling
Dummy activities are used when
two activities has identical strating and ending events
In a PERT network, non-critical activities that have little slack need to be monitored closely because
near critical paths could become critical paths with small delays
the beta distribution is used in project management to
calculate expected activity times
What time is used when calculating CPM?
normal
What is the shortest duration required to complete an activity
crash time
The probability that a project will be completed by its earliest completion date is
50%
A Measure of the strength of the relationship between two variables is called the
coefficient of correlation
Is forecasting exclusively objective?
Nope
With regard to a regression-based forecast, the sandard error of the estimate gives a measure of
the variability around the regression line
Whan can forecasting not predict?
outside factors that cannot be predicted
A forecast that addresses the business cycle by predicting planning indicators is
an economic forecast
A forecast that predicts a company’s sales is
a demand forecast
What is a data pattern that repeats itself after a period of days, weeks, months, or quarters
seasonality
What forecast error method is easiest to interpret?
MAPE
Which forecasting method considers several variables that are related to the variable being predicted
multiple regression
Forecasting that ttries a variety of computer models and selects the best one for a particular application is reffered as
focus forecasting
What decision tree symbol represents a decision node
square
If a decision can assign probabilities of occurrences to the states of nature, then the decision-making environment is decision making under uncertainty
false
What is the average return under complete certainty
expected value with perfect information
What is an occurrence or situation over which the decision maker has little or no control
state of nature
eMV is most appropriate when
under conditions of risk
Does the term product refer to tangible goods only?
N
What is the first step in building a house of quality?
Identify customer desires
Three major elements of product decision
selection, definition, design
When should product strategy focus on forecasting capacity requirements?
at the growth stage
At what stage of the product life cycle should product strategy focus on process modification?
introductory
What behaviors mihgt time-series data exhibit
seasonality trend random varations cycles
A tracking signal is
measurement of how well a forecast is predicting actual values
What is the main diff between cycle and seasonality
duration of the repeating patterns
purpose of MAD
measure forecast accuracy
With the multiplicative seasonal method of forecasting
seasonal factors are multiplied by an estimate of average demand to arrive at a forecast
QFD
translates desire into design
determines where to deploy quality effort
early
what satisfiees
What techniques use variables such as price and promotion expenditures, which are related to demand, to predict demand
associative model (linear regression)
Most commonly used criterion of decision tree analysis
EMV
An assembly line is an example of what type of process?
repetitive
High-volume, low variety production is best suited to which process strategy
product focus
In many applications, what can human quality inspectors be replaced with
vision systems
What are the four process focuses
Process focus, Repetitive focus, and product focus
Low-volume, high variety
process focus
Fast food restaurant is an example of
low customization and low degree of labor
What is design capacity
the theoretical maximum output of a system in a given period under ideal conditions
What is sometimes referreed to as rated capacity
expected output
effective capcity is
capacity a firm expects to achieve given the current operating constraints
Utilization with always be lower than efficiency because
effective capacity is less than design capacity
When should a company add a complmentary product
existing product has seasonal or cyclical demand
What is the theory of constaints
a body of knowledge that deals with anything that limits an organizations ability to achieve its goals
What advantages do lag and straddle strategies for increasing capacity have vs leading strategies
delaying capital expenditures
Electronically guided and controll cart
AGV
What is a drawing of the movement of material, product, or people
flowchart
Advances in tech have
had a dramatic impact on customer interaction with services and with products
Time function mapping is
a flowchart with time added on horizontal axis
What are two popular methods for testing the capability of a process
cp and cpk
The objective of a statistical process control system is
provide a statistical signal when assignable causes of variation are present
The c chart is based on the
poisson distribution
