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Bus 140 - Fundamentals of Operational Management > Midterm #1 > Flashcards

Midterm #1 Flashcards

1
Q

3 functions of business organizations

A

finance
operations
marketing

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2
Q

what is operation

A

transformation process from input to output

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3
Q

operations management

A

managaement of systems of processes that create goods and/or provide services

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4
Q

5 Ms of the Input part of operations

A 
Management
Methods
Material
Machines
Maintenance
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5
Q

parts of the transformation process in operations

A 
cutting
machining
storing
transporting
investing
...
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6
Q

output part of operations

A

value is added

final good/service

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7
Q

what does operations management include

A 
forecasting
capacity planning
scheduling
managing inventories
assuring quality
motivating employees
...
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8
Q

why is operations management important

A

operations contribute to economy

one of interval parts of any organization

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9
Q

what does feedback do for operations

A

makes sure we stay on right track (internal or external)

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10
Q

what is operations management

A

managing the process of transformation that creates products or services

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11
Q

what are centerpieces of wal-marts competetive strategy

A 
logisitcs
own warehouses
own transportation system
large database
...
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12
Q

succesful operations of Southwestern Airlines

A

point-to-point service not Hub and Spoke
no frills
simple operations
high utilization

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13
Q

hub

A

center of operations

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14
Q

what are keys for successfully competing

A

understanding competetive issues helps managers develop successful strategies

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15
Q

mission statement

A

reason for existence of organization

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16
Q

goals

A

details and scope of mission

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17
Q

what is strategy

A

plans for achieving organizational goals

provides focus for decision making

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18
Q

what are tactics

A

methods/actions taken to acomplish strategies

provide guidance to operations

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19
Q

what is an important part of strategy formulation

A

core competencies
environmental scanning
order qualifiers
order winners

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20
Q

what is core competencies

A

what brand image a company wants to have

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21
Q

part of environmental scanning

A

SWOT analysis

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22
Q

what are order qualifiers

A

minimum standards of acceptability for a potential purchase

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23
Q

what are order winners

A

goods or services that cause it to be better than the competitors

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24
Q

what is productivity

A

measure of effective use of recources

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25
Q

what is productivity expressed as

A

ratio of output to input

output/input

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26
Q

examples for input

A

labor
material
energy
…

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27
Q

examples for output

A

goods and services

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28
Q

partial productivity measure

A

units of output/units of one input

e.g. labor productivity - unity per hour/shift

29
Q

what are multifactor productivitiy measures

A

multiple denomitators added together
units of output/combined units of input
e.g. output/labor + material

30
Q

importance for productivity measurements

A

include the units of measurements

31
Q

importance for multifactor productivity measures

A

added denominators need to be the same unit

32
Q

productivity growth equation

A

(current productivity - previous productivity) / previous productivity X 100

33
Q

what does productivity growth express

A

how productivity has changed over time
+ -> increase
- -> decrease

34
Q

what is a forecast

A

statement about the future value of a variable of interest, such as demand

35
Q

what needs to be always added to a forecast

A

a # of potential error

36
Q

types of forcasting

A

qualitative

quantitative

37
Q

qualitative forecast

A

based on knowledge and intuition

judgemental

38
Q

quantitative forecast

A

time series

associative models

39
Q

what is judgemental forcast

A

uses subjective inputs

40
Q

examples of judgmental forecasts

A 
executive opinions (longrange planning)
sales force composite
consumer surveys
outside opinion
opinions of managers and staff
41
Q

what are sales force composite

A

retailer forecasts for the manufacturer

42
Q

what are examples for outside opinions when it comes to judgemental forcasts

A

financial and consulting gurus and companies

43
Q

mentod that underlies opinions of managers and staff when it comes to judgemental forecasts

A

delphi method -> series of questionnaires developed sequentially

44
Q

subdivisions of time series forcasting

A

naive
averaging
trend
seasonality

45
Q

what is time series forecasting

A

sequence of observations taken at regular intervals over a period of time
future values estimated from past values

46
Q

types of variations in time series data

A

trend - longterm movement
seasonality - short term regular variations
cycles - longterm wavelike variations
irregular variations - caused by unusual circumstances
random variations - caused by chance

47
Q

what is Naive forecasts

A

previous period´s actual value = forecast for any period

48
Q

pros and cons of naive forecasts

A

pros: simple to use (no costs), easy understandable
cons: no high accuracy

49
Q

techniques of averaging time series forecasting

A

moving average
weighted moving average
exponential smoothing

50
Q

moving averages

A

average a # of most recent actual data

needs to be updated as new values become recent

51
Q

what effect does n (time span) has on moving average

A

the larger n the smoother the average curve

the short n the closer average follows volatile trends

52
Q

pros and cons of moving average

A

pros: easy to compute and understand
cons: all values are weighted equally

53
Q

weighted moving average

A

assigns more weight o recent values in time series

54
Q

what is important to remeber when choosing weight

A

needs to sum up to 1

55
Q

how to choose weight

A

experience and trial and error

most recent past gets highest weight

56
Q

how does weighted moving average have an advantage over normal moving average

A

it can vary the effects of past data points

57
Q

exponential smoothing

A

based on previous forecast plus a percentage of forecast error

58
Q

equation of exponential smoothiing

A

current forecast = previous forecast + alpha(actual - previous forecast)

59
Q

relation between alpha and the forecast curve at exponential smoothing

A

the larger alpha, the more responsive
the smaller alpha, smoother the forecast curve
alpha = 1 -> naive forecast

60
Q

models of seasonality

A

additive model

multiplicative model

61
Q

additive model

A

seasonality factor expressed as quantitive

add or subtract from series average

62
Q

multiplicative model

A

seasonality expressed as percentage of average amount

63
Q

what is important for forecast accuracy

A

calculate error

64
Q

measurements of forecasts accuracy

A

mean absoulte deviation (MAD)
mean squarred error (MSE)
Mean absolute percent error (MAPE)

65
Q

why do different measures of forecasting accuracy exist

A

they describe forecasts from different perspectives (percentage can be different)

66
Q

important factors that influence what forcasting technique is chosen

A

most important factors: cost, accuracy

other factors: availability of data, computer, time…

67
Q

which forecasting technnique has the lowest costs

A

naive technique

the more complex the forecast, the more expensive

68
Q

short term forecasting technique

A

moving average

exponential smoothing

69
Q

long term forecasting

A

trend
the delphi method
executive opinion method

Bus 140 - Fundamentals of Operational Management (3 decks)

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