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OPS216 > FINAL EXAM REVISION (LEC 1, 2, 3 & 4) > Flashcards

FINAL EXAM REVISION (LEC 1, 2, 3 & 4) Flashcards

1
Q

Operations management

A

Managing an organization’s resources or production systems

 It involves
o Product design
o Manufacturing
o Logistics
o Distribution

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2
Q

Operations

A

Manufacturing used to transform resources into products

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3
Q

Process

A

Any activity that takes one or more inputs, transforms them and provide one or more outputs for its customer.

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4
Q

Operations and Supply Chain Management (OSCM)

A

Design, operation and improvement of the systems that create and deliver firm’s primary product and services

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5
Q

Strategic planning

A

Defining the strategy, or direction, and making decisions on allocating resources to pursue this strategy.

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6
Q

Tactical planning

A

Short range planning emphasizing on achieving strategic objectives

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7
Q

Operational planning

A

Linking strategic goals and objectives to tactical goals and objectives

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8
Q

Operational performance

A

The level at which all business units in an organization work together to achieve core business goals

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9
Q

Measurement

A

Act of quantifying the performance criteria

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10
Q

Quality

A

Measures the degree to which the output (product/service) meets customer requirements

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11
Q

Goods quality

A

Physical performance and characteristics of a good

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12
Q

Service quality

A

meeting or exceeding customer expectations (external focus) and service delivery performance (internal focus)

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13
Q

Tangibles

A

the physical evidence

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14
Q

Reliability

A

ability to perform the promised service dependably and accurately

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15
Q

Responsiveness

A

willingness to help customers and provide prompt recovery to service upsets

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16
Q

Assurance

A

ability to inspire trust and confidence in customers

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17
Q

Empathy

A

caring attitude and individualized attention provided to customers

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18
Q

Service Upsets or Service Failures

A

Errors in service creation and delivery

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19
Q

Processing time

A

time it takes to perform some

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20
Q

Queue time

A

time spent waiting

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21
Q

Flexibility

A

Ability to adapt quickly and effectively to changing requirements

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22
Q

Volume flexibility

A

Ability to respond quickly to changes in the volume and type of demand

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23
Q

Innovation

A

Ability to create unique goods and services that serve customers and create competitive advantage

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24
Q

Learning

A

Acquiring and transferring knowledge to modifying the behavior of employees in response to internal and external change

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25
Q

Productivity

A

Ratio of the output of a process to the input

26
Q

Productivity formula

A

Quantity of Output / Quantity of Input

27
Q

Operational Efficiency

A

Ability to provide goods and services to customers with minimum waste and maximum utilization of resources

28
Q

Triple Bottom Line

A

measurement of environmental, social, and economic sustainability

29
Q

Environmental Sustainability

A

measures include:
- energy consumption
- recycling
- air emissions
- hazardous waste rates

30
Q

Social Sustainability

A

measures include:
- consumer and workplace safety
- community relations
- corporate ethics and governance
- ethical violations

31
Q

Economic Sustainability

A

measures include:
- financial audit results
- regulatory compliance
- sanctions and fines
- accomplishment of strategic initiatives

32
Q

Sustainable Strategy

A

The firm’s strategy describes how it will create and sustain value for its current shareholders

33
Q

Shareholders

A

Individuals or companies that legally own one or more shares of stock in the company

34
Q

Stakeholders

A

Individuals or organizations who are directly or indirectly influenced by the actions of the firm

35
Q

Operations effectiveness

A

Performing activities that implement strategic priorities at minimal cost

36
Q

Straddling

A

Seeking to match a successful competitor by adding features, services, or technology to existing activities

37
Q

Order qualifiers

A

Dimensions that are necessary for a firm’s products to be considered for purchase by customers

(Features customers will not forego)

38
Q

Order winners

A

Criteria used by customers to differentiate the products and services of one firm from those of other firms

(Features that customers use to determine which product to ultimately purchase)

39
Q

Supply chain risk

A

The potential disruptions or negative impacts that can occur within a supply chain, affecting the flow of goods or services from suppliers to customers

40
Q

Decouple

A

Separating the various stages of production and inventory to increase flexibility and reduce the impact of disruptions

41
Q

Circular economy

A

Decouples economic activity from the consumption of finite resources

42
Q

Lead production

A

Activities that achieve high-volume production using minimal inventories

43
Q

Pull system

A

A system in which production is initiated only when a customer places an order or a downstream process signals a need for more products

44
Q

Lean-Focused Supply Chain

A

Supply chain management approach that incorporates lean principles into every stage of the supply chain, from suppliers to customers

45
Q

Uniform Plant Loading

A

Balancing the production schedule across all work cells to avoid bottlenecks or underutilization

46
Q

Kanban Production Control Systems

A

Controlling production and inventory, by tracking when new products are needed

47
Q

Specialized Plants

A

Specialized factory that focuses on a specific product, allowing for greater efficiency and cheaper operations

48
Q

Work with Suppliers

A

Having a transparent relationship with suppliers to ensure quality standards are met

49
Q

Building a Lean Supply Chain

A

Involves applying lean principles across the entire supply chain, from sourcing to delivery, to ensure that waste is minimized and efficiency is maximized.

50
Q

Plant layout (factory layout)

A

Designed to ensure balanced workflow with a minimum of WIP inventory

Aims to eliminate waste such as overproduction, waiting time, and unnecessary movement

51
Q

Preventive maintenance

A

Regularly scheduled maintenance activities to keep equipment in good working condition

Essential to minimize downtime and avoid costly repairs

52
Q

Group technology

A

A philosophy in which similar parts are grouped into families

53
Q

Quality at the source

A

Doing it right at the first time and if something goes wrong stop the process immediately

54
Q

Just-in-time production

A

Producing what is need when its needed

55
Q

Level schedule

A

Pulls material into final assembly at a constant rate

56
Q

Freeze windows

A

Schedule is fixed and no further changes are possibleSS

57
Q

Backflush

A

Calculating how many parts were required for the finished product’s quantity

58
Q

Uniform plant loading

A

Smoothing the production flow to dampen schedule variation

59
Q

Kanban system

A

A sign-based scheduling method which shows:
- goods in
- goods in production
- goods out.
It’s now seen as a precursor to bar codes

It is used to manage the flow of materials in the production system to ensure that production is aligned with customer demand to minimize waste and reduce inventory

60
Q

Value stream mapping (VSM)

A

Special type of flowcharting tool that analyzes whether or not value is added though a process

61
Q

Current state (VSM)

A

Where products are at currently

In order to reach the maximum number of sales, you need suggested improvement

62
Q

Future state (VSM)

A

Suggests areas for improvement

OPS216 (4 decks)

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