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Operation and inventory Mgmt > First Exam > Flashcards

First Exam Flashcards

1
Q

1.What is wealth, and how is it created?

A
  • the output of goods and services produced

- manufacturing or production, makes a society wealthier and creates a better standard of living

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2
Q

What is value added

A
  • Value added: the amount by which the value of an article is increased at each stage of its production, exclusive of initial costs.
  • -Value is added by transform resources into useful goods.
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3
Q

four major factors affecting operations management

A
  1. Gov- regulations, safety
  2. Economy- demand, shortages, and surplus
  3. Customer- price, quality, lead time, services, flexibility
  4. quality- eceed customers expectations
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4
Q

order qualifier

A

supplier must meet set minimum requirements to be considered a viable competitor in the marketplace

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5
Q

Order Winner

A

must have characteristics that encourage customers to choose its products and services over competitor

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6
Q

five primary manufacturing strategies

A
  1. Engineered to order
  2. made to order
  3. Configure to order
  4. Assemble to order
  5. Made to stock
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7
Q

What is a supply chain?

A
  • the sequence of processes involved in the production and distribution of a commodity.
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8
Q

Describe five important factors in supply chains

A
  1. all activities and processes
  2. linking companies
  3. forming relationships among customer and suppliers
  4. it can contain intermidieries
  5. product and services flow to customer, information and demand flow from customer to supplier
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9
Q

What is the major way in which management plans and controls?

A

through the flow of materials; the right materials in the right quantities and at the right time.

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10
Q

What must manufacturing management do to manage a process or operation?

A

Managing the operation means planning for and controlling the resources used in the process: labor, capital and material

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11
Q

three main divisions of supply, production, and distribution systems

A
  1. Raw materials flow
  2. manufacturing company
  3. distributors
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12
Q

four objectives of a firm wishing to maximize profit?

A
  1. Provide best customer service.
  2. Provide lowest production costs
  3. Provide lowest inventory investment.
  4. Provide lowest distribution costs.
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13
Q

objective of marketing? who does is do it

A

maintain and increase revenue; therefore, it must provide the best customer service possible

  • high inv.
  • high csr
  • good shipped fast
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14
Q

the objectives of finance? How can these objectives be met?

A
  • must keep investment and costs low.
  • reduce inv.
  • decrease warehouses
  • produce large quantities, and produce to order
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15
Q

what are the objectives of production?

A
  • keep its operating costs as low as possible
  • make long run productions
  • maintain high raw material
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16
Q

What is the purpose of materials management?

A

The concept of having one department responsible for the flow of materials, from supplier through production to consumer, thereby minimizing total costs ( maximizing use of the firm’s resources) and providing a better level of customer service

17
Q

three primary activities of manufacturing planning and control.

A
  1. Production Plannign
  2. Implementation and control
  3. Inventory management
18
Q

inputs to a manufacturing planning and control system

A
  • Product description
  • product specification
  • time
  • available facilities
  • quantities requried
19
Q

six activities involved in the physical supply/distribution system?

A
  1. Transporation
  2. Warehouses
  3. Order entry
  4. packaging
  5. Material Handling
  6. distribution inventory
20
Q

Why can materials management be considered a balancing act

A
  • ObjectiveL give customers what they want, where they want it at a low cost.
  • must make tradeoffs between the level of customer service and the cost of providing that service
21
Q

.What are metrics?

A

is a verifiable measure stated in either quantitative or qualitative terms defined with respect to a reference point.

22
Q

Uses of metrics

A
  1. Identify Problems
  2. direct action
  3. Motivat eemployees
  4. communicate expectation

Operation and inventory Mgmt (1 decks)

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