Introductions to Operations Management

Question 1

The part of a business organization that is responsible for producing goods or services

Answer 1

Operations

Question 2

The management of systems or processes that create goods
and/or provide services

Answer 2

Operations Management

Question 3

a sequence of activities and
organizations involved in producing and delivering
a good or service

Answer 3

Supply Chain

-Suppliers’ suppliers
-Direct suppliers
-Producer
-Distributor
-Final Customers

Question 4

Products are typically neither purely service- or purely
goods-based.

Answer 4

Goods-service Continuum

Question 5

Why Study Operations Management?

Answer 5

1. Every aspect of business affects or is affected by operations

2.Many service jobs are closely related to operations

3. Through learning about operations and supply chains you will have a better understanding of:

Question 6

What are the service jobs are closely related to operations?

Answer 6

(FMAI)
Financial services
Marketing services
Accounting services
Information services

Question 7

Through learning about operations and supply chains you will have a better understanding of:

Answer 7

-The world you live in
-The global dependencies of companies and nations
-Reasons that companies succeed or fail
-The importance of working with others

Question 8

Function Overlap of Finance & Operations

Answer 8

(BEP)
-Budgeting
-Economic analysis of investment proposals
-Provision of funds

Question 9

Marketing and Operations : Function Overlap

Answer 9

(DPCL)
-Demand data
-Product and service design
-Competitor analysis
-Lead time data

Question 10

one or more actions that transform inputs into outputs

Answer 10

Process

Question 11

Three Categories of Business Process

Answer 11

(UOS)
-Upper-Management Processes
-Operational Processes
-Supporting Processes

Question 12

These govern the operation of the entire organization.

Answer 12

Upper-management Processes

Question 13

These are core processes that make up the value stream.

Answer 13

Operational Processes

Question 14

These support the core processes.

Answer 14

Supporting processes

Question 15

The Operations Function consists of all activities of what?

Answer 15

directly related to producing goods or providing services.

Question 16

A primary function of the operations manager is to guide the system by decision making which includes?

Answer 16

System Design Decisions
System Operation Decisions

Question 17

Most operations decisions involve many alternatives that can have quite different impacts on costs or profits

Answer 17

OM Decision Making

Question 18

Typical operations decisions include:

Answer 18

What: What resources are needed, and in what amounts?

When: When will each resource be needed? When should the work be
scheduled? When should materials and other supplies be ordered?

Where: Where will the work be done?

How: How will he product or service be designed? How will the work be done?
How will resources be allocated?

Who: Who will do the work?

Question 19

All managers use metrics to
manage and control operations

Answer 19

PERFORMANCE METRICS
(PCQPFISF)
-Profits
-Costs
-Quality
-Productivity
-Flexibility
-Inventories
-Schedules
-Forecast accuracy

Question 20

A trade-off is giving up one
thing in return for something
else

Answer 20

Analysis of Trade-Offs

Question 21

Carrying more inventory
(an expense) in order to
achieve a greater level of
customer service

Answer 21

Trade-Offs

Question 22

5 Historical Evolution of OM

Answer 22

Industrial Revolution
Scientific Management
Human Relations Movement
Decision Models and Management Science
Influence of Japanese Manufacturers

Question 23

5 Key Issues for Operations Managers Today

Answer 23

Economic conditions
Innovating
Quality problems
Risk management
Competing in a global economy

Question 24

In the past, organizations did little to manage the supply
chain beyond their own operations and immediate
suppliers which led to what numerous problems ?

Answer 24

-Oscillating inventory levels
-Inventory stockouts
-Late deliveries
-Quality problems

Question 25

What are the SUPPLY CHAIN ISSUES?

Answer 25

1.The need to improve operations
2.Increasing levels of outsourcing
3.Increasing transportation costs
4.Competitive pressures
5.Increasing globalization
6. Increasing importance of e-business
7.The complexity of supply chains
8.The need to manage inventories