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Operations Management > Final Material > Flashcards

Final Material Flashcards

1
Q

how effectively an organization meets the wants and needs of customers relative to others that offer similar goods or services

A

competitiveness

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2
Q

The reason for an organization’s existence; it answers the question: “What business are we in?”

A

Mission statement

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3
Q

What serves as the basis for organizational goals?

A

Mission statement

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4
Q

special attributes or abilities that give an organization a competitive edge?

A

core competencies

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5
Q

What does a swot analysis stand for? What are external/internal factors?

A

S: strengths (internal)
W: weaknesses (internal)
O: opportunities (external)
T: threats (external)

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6
Q

What are key external factors?

A
  • economic conditions
  • political conditions
  • legal environment
  • technology
  • competition
  • markets
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7
Q

What are key internal factors?

A
  • Human resources
  • facilities and equipment
  • financial resources
  • customers
  • products and services
  • technology
  • suppliers
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8
Q

Strategies that focus on the reduction of time needed to accomplish tasks

A

time-based strategies

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9
Q

characteristics that customers perceive as minimum standards of acceptability for a product or service to be considered as a potential for purchase

A

order qualifiers

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10
Q

characteristics of an organization’s goods or services that cause it to be perceived as better than the competition

A

order winners

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11
Q

customized goods/services that are able to handle a wide variety of work but has a slow, high cost per volume because of the complex planning/scheduling

A

job shop

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12
Q

semi-standardized goods/services that have flexibility and have a moderate cost per unit/schedule complexity

A

batch

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13
Q

highly standardized with high efficiency/volume, costly to change, low variety

A

continuous

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14
Q

layout that uses standardize processing operations to achieve smooth, rapid, high volume flow; used for continuous processing

A

product layout

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15
Q

layouts that can handle varied processing requirements, used for job shop and batch processing

A

process layouts

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16
Q

layout in which the product or project remains stationary and workers, materials, and equipment are moved as needed (hospitals, supermarket, shipyards)

A

fixed postion layouts

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17
Q

emphasizes a systematic, logical approach to job design, refinement of Frederick Winslow Taylor’s scientific management concepts

A

Efficiency School

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18
Q

emphasizes satisfaction of needs and wants of employees

A

behavioral school

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19
Q

giving a worker a larger portion of the total task by horiza

A

job enlargemen

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20
Q

workers periodically exchange jobs

A

job rotation

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21
Q

increasing responsibility for planning and coordination task, by vertical loading

A

job enrichment

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22
Q

compensation based on time an employee has worked during the pay period

A

time-based system

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23
Q

compensation based on amount of output an employee produced during the pay period

A

output-based (incentive) system

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24
Q

worker’s pay is a direct linear function of his or her output

A

straight piecework

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25
Q

workers is guaranteed a base rate, tied tot an output standard that serves as a minimum

A

base rate + bonus

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26
Q

a pay system used by organizations to reward workers who undergo training that increases their skills

A

knowledge-based pay

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27
Q

Disadvantages of locating globally (5)

A
  • transportation costs
  • security costs
  • unskilled labor
  • import restrictions
  • criticism for locating out of country
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28
Q

Potential risks when locating globally (6)

A
  • political instability/unrest
  • terrorism
  • economic instability
  • legal regulation
  • ethical considerations
  • cultural differences
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29
Q

Benefits for locating globally

A
  • markets
  • cost savings
  • financial
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30
Q

a statement about the future value of a variable of interest

A

forecast

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31
Q

___________ techniques permit the inclusion of soft information such as human factors, personal opinions, hunches

A

Qualitative Forecasting

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32
Q

_______ techniques rely on hard evidence

A

Quantitative Forecasting

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33
Q

What are human factors involved in forecasting?

A
  • Executive opinions
  • sales force opinions
  • consumer survey’s
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34
Q

a time-ordered sequence of observations taken at regular time intervals

A

time-series forecast

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35
Q

a long-term upward or downward movement in data

A

Trend

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36
Q

short-term, fairly regular variations related to the calendar or time of day

A

seasonal

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37
Q

wavelike variations lasting more than one year

A

cycle

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38
Q

due to unusual circumstances that do not reflect typica behavior

A

irregular variation

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39
Q

residual variation that remains after all other behaviors have been accounted for

A

random variation

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40
Q

using a single previous value of a time series as the basis for a forecast

A

naive

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41
Q

technique that averages a number of the most recent actual values in generating a forecast

A

moving average

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42
Q

the most recent values in a time series are given more weight in computing a forecast

A

weighted moving average

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43
Q

a weighted averaging method that is based on the previous forecast plus a percentage of the forecast error

A

exponential smoothing

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44
Q

The upper limit or ceiling on the load that an operating unit can handle

A

capacity

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45
Q

what is the goal of strategic capacity planning

A

to achieve a match between the long-term supply capabilities of an organization and the predicted level of long term demand

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46
Q

the maximum output rate or service capacity an operation, process, or facility is designed for

A

design capaicty

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47
Q

design capacity minus allowances such as personal time and maintenance

A

effective capacity

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48
Q

actual output/effective capacity

A

efficiency

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49
Q

actual output/design capcity

A

utilization

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50
Q

determinants of effective capacity

A
  • facilities
  • product and service factors
  • process factors
  • human factors
  • policy factors
  • operational factors
  • supply chain factors
51
Q

build capacity in anticipation of future demand increases

A

leading

52
Q

build capacity when demand exceeds current capacity

A

following

53
Q

adds capacity in relatively small increments to keep pace with increasing demand

A

tracking

54
Q

Problems with service planning (3)

A
  1. need to be near people
  2. inability to store services
  3. degree of demand volatility
55
Q

How do you effect demand?

A
  • pricing
  • promotions
  • discounts
  • back orders
56
Q

an operation in a sequence of operations whose capacity is lower than that of other operations

A

bottleneck

57
Q

if output rate is less than optimal level, increasing the output rate results in decreasing average per unit costs

A

economies of scale

58
Q

if the output rate is more than the optimal level, increasing the output rate results in increasing average per unit costs

A

diseconomies of scale

59
Q

something that limits the performance of a processor system in achieving its goals

A

constraint

60
Q

the volume of output at which total cost and total revenue are equal

A

Break-even Point (BEP)

61
Q

intermediate-range capacity planning that typically covers a time horizon of 2-18 months

A

aggregate planning

62
Q

Aggregate planning inputs

A
  • resources
  • demand forecasts
  • policies
  • costs ( inventory carrying, back order, hiring/firing, overtime)
63
Q

Aggregate planning outputs

A
  • inventory
  • output
  • employment
  • subcontracting
  • backordering
64
Q

alter demand to match capcity

A

proactive

65
Q

alter capacity to match demand

A

reactive

66
Q

Ways to alter capacity

A
  • subcontracting
  • hire/layoff workers
  • overtime/slack time
  • part-time workers
  • inventories
67
Q

maintaining a steady rate of regular-time output while meeting variations in demand by a combination of options

A

level capacity

68
Q

matching capacity to demand; the planned output for a period is set at the expected demand for that period

A

chase demand

69
Q

an approach to maximizing revenue by using a strategy of variable pricing; prices are set relative to capacity available (manufacturing doesn’t typically use)

A

yield management

70
Q

unique, one-time operations designed to accomplish a specific set of objectives in a limited time frame

A

projects

71
Q

5 steps to a project life cycle

A
  1. initiating
  2. planning
  3. executing
  4. monitoring and controlling
  5. closing
72
Q

What are the two sides and base titles for the project management triangle:

A

sides: costs and schedule
base: performance objectives
center: qualitites

73
Q

a person who promotes and supports a project

A

project champion

74
Q

the length of time required under optimal conditions

A

optimistic time

75
Q

the length of time required under the worst conditions

A

pessimistic time

76
Q

the most probably length of time required

A

most likely time

77
Q

project duration may be shortened by increasing direct expenses thereby realizing savings in indirect project costs

A

crashing

78
Q

the longest path, indicated by the activities with zero slack

A

critical path

79
Q

a flexible system of operation that uses considerably less resources than a traditional system

A

lean operation

80
Q

a highly coordinated processing system in which goods move through a system, and services are performed, just as they are needed

A

just-in-time

81
Q

DOWNTIME Acronym

A 
D-defects
O- overtime
W- waiting
N- not utilizing talent
T-transportation
I- inventory
M-motion
E- excess process
82
Q

philosophy for attacking waste

A

Kaizen

83
Q

a system for reducing change over time

A

single-minute exchange of die (SMED)

84
Q

automatic detection of defects during production (automation)

A

jidoka

85
Q

the cycle time needed to match customer demand for final product

A

Takt Time

86
Q

building safeguards into a process to reduce or eliminate the potential for errors during a process (fail-safing)

A

poka-yoke

87
Q

5 building blocks of lean systems

A
  1. workers as assets
  2. cross-train workers
  3. continuous improvement
  4. cost accounting
  5. leadership/project mangement
88
Q

allocation of overhead to specific jobs based on their percentage of activities

A

activity-based costing

89
Q

work is pushed to the next station as it is completed

A

push system

90
Q

a workstation pulls output form the preceding workstation as it is needed

A

pull system

91
Q

What system does a lean system use?

A

pull system

92
Q

visible signal, device tat communicates demand for work or materials from the preceding station

A

kanban

93
Q

What are the 5 S’s

A
  1. set
  2. sort
  3. shine
  4. standardize
  5. sustain
  6. (safety)
94
Q

a visual tool to systematically examine the flows of material and information

A

value stream mapping

95
Q

seeks to eliminate process variation

A

Six sigma

96
Q

Types of inventory

A
  • raw material/purchased parts
  • work-in-process (WIP)
  • finished goods
  • tools/supplies
  • maintenance and repairs
  • goods in transits
97
Q

systems that keeps track of removals from inventory continuously, thus monitoring current levels of each item

A

perpetual inventory system

98
Q

cost to carry an item in inventory for a length of time

A

holding costs

99
Q

classifying inventory according to some measure of importance, and allocating control efforts accordingly

A

ABC approach
a- importnat
b- moderately important
c- least important

100
Q

when the quantity on hand of an item drops to this amount, the item is recordered

A

reorder point

101
Q

stock that is held in excess of expected demand due to variable demand and /or lead time

A

safety stock

102
Q

using resources in ways that do not harm ecological systems that support human existence

A

sustainability

103
Q

the capability of an organization to produce an item at an acceptable profit

A

manufacturability

104
Q

the capability of an organization to provide a service at an acceptable cost or profit

A

serviceablity

105
Q

Motivations behind designing a project

A
  • economic
  • social/demographic
  • policial/legal
  • competitive
  • cost
  • technological
106
Q

Where do ideas come from?

A
  • customers
  • suppliers
  • distributors
  • employees
  • maintenance and repair personnel
107
Q

dismantling and inspecting a competitor’s product to discover product improvements

A

reverse engineering

108
Q

has the objective of advancing the state of knowledge about a subject without any near-term expectations of commercial applications

A

basic research

109
Q

has the objective of achieving commercial applciations

A

applied research

110
Q

converts the results of applied research into useful commercial applications

A

development

111
Q

the responsibility a manufacturer has for any injuries or damages caused by a faulty product

A

product liablity

112
Q

examination of the function of parts and materials in an effort to reduce the cost and/or improve the performance of a product

A

value analysis

113
Q

refurbishing used products by replacing worn-out or defective components

A

remanufacturing

114
Q

recovering materials for future use

A

recycling

115
Q

product life cycle path

A

introduction, growth, maturity, decline

116
Q

extent to which there is an absence of variety in a product, service, or process

A

standardization

117
Q

a strategy of producing basically standardized goods or services, but incorporating some degree of customization in the final product or service

A

mass customization

118
Q

the ability of a product, part, or system to perform its intended function under a prescribe set of condtions

A

reliablity

119
Q

a design that results in products or services that can function over a broad range of conditions

A

robust design

120
Q

bringing engineering design and manufacturing personnel together early in the design phase

A

concurrent engineering

121
Q

Differences between service and product design

A

products= tangible
service create/deliver at same time
services can’t be inventoried

122
Q

measurements taken at various points in the transformation process

A

feedback

123
Q

comparison of feedback against previously established standards to determine if corrective action is needed

A

control

124
Q

3 main functions of an organization

A
  1. Marketing
  2. Finance
  3. Operations

Operations Management (2 decks)

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