Module 1 Flashcards
What term refers to the systematic design, direction, and control of processes that transform inputs into services and products for both internal and external customers.
Operations Management
As exemplified by Disney, what can be a source of competitive advantage for firms in both service and manufacturing sectors.
Operations Management
Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers is known as
Process
A group of resources performing all or part of one or more processes is known as a
Operation
An interrelated series of processes within and across firms that produces a service or product to the satisfaction of customers is known as a
Supply Chain
The synchronization of a firm’s processes with those of its suppliers and customers to match the flow of materials, services, and information with customer demand is known as
Supply Chain Management
T/F- In manufacturing firms, the head of operations usually holds the title chief operations officer (COO) or vice president of manufacturing (or of production or operations).
True
Based on business strategy, the finance and operations functions then decide how to invest these resources and convert them into physical assets and material inputs. Operations subsequently transforms these material and service inputs into product and service outputs.
Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers.
Process
A group of resources performing all or part of one or more processes.
Operation
An interrelated series of processes within and across firms that produces a service or product to the satisfaction of customers.
Supply Chain
The synchronization of a firm’s processes with those of its suppliers and customers to match the flow of materials, services, and information with customer demand.
Supply Chain Management
What major function of business acquires financial resources and capital for inputs
Finance
What major function of business translates materials and services into outputs
Operations
What major business function generates sales of outputs
Marketing
A customer who is either an end user or an intermediary (e.g., manufacturers, financial institutions, or retailers) buying the firm’s finished services or products. Is known as?
External Customers
One or more employees or processes that rely on inputs from other employees or processes to perform their work. Is known as?
Internal Customers
The businesses or individuals who provide the resources, services, products, and materials for the firm’s short-term and long-term needs. This is known as
External Suppliers
The employees or processes that supply important information or materials to a firm’s processes is known as
Internal Suppliers
Processes can be broken down into subprocesses, which in turn can be broken down further into still more subprocesses. We refer to this concept of a process within a process as a
better known as the concept of process within a process
Nested Process
What are the two major types of processes?
Service
Manufacturing
What type of processes pervade the business world and have a prominent place in our discussion of operations management
Services
What processes are important; without them the products we enjoy as part of our daily lives would not exist.
Manufacturing
What are the 2 main differences between service and manufacturing processes?
1) the nature of their output
2) the degree of customer contact
T/F- manufacturing processes also have longer response times, are more capital intensive, and their quality can be measured more easily than those of service processes.
True
T/F-Service processes tend to produce intangible, perishable outputs. For example, the output from the auto loan process of a bank would be a car loan, and an output of the order fulfillment process of the U.S. Postal Service is the delivery of your letter.
True
A set of activities that delivers value to external customers is known as
Core Process
What are the two main types of processes in the supply chain?
1) Core Processes
2) Support Processes
A process that selects the suppliers of services, materials, and information and facilitates the timely and efficient flow of these items into the firm. This is known as
Supplier Relationship Process
A process that designs and develops new services or products from inputs received from external customer specifications or from the market in general through the customer relationship process. This is known as?
New Service/ Product Development Process
A process that includes the activities required to produce and deliver the service or product to the external customer.
Order Fulfillment Process
A process that identifies, attracts, and builds relationships with external customers and facilitates the placement of orders by customers, sometimes referred to as customer relationship management. Is known as
Customer Relationship Process
A process that provides vital resources and inputs to the core processes and therefore is essential to the management of the business. Is known as?
Support Process
Business processes that have external customers or suppliers. Is known as?
Supply Chain Processes
Exploring available suppliers for the best options to perform processes in terms of price, quality, delivery time, environmental issues is known as
Outsourcing
Providing information to answer questions or resolve problems using automated information services as well as voice-to-voice contact with customers is known as
Customer Service
Receiving shipments from suppliers, verifying quality, placing in inventory, and reporting receipt for inventory records is known as
Warehousing
Selecting transportation mode (train, ship, truck, airplane, or pipeline) scheduling both inbound and outbound shipments, and providing intermediate inventory storage is known as
Logistics
Selecting, certifying, and evaluating suppliers and managing supplier contracts is known as
Sourcing
Packing of products of incoming shipments so they can be easily sorted more economically at intermediate warehouses for outgoing shipments to their final destination is known as
Cross-docking
The means by which operations implements the firm’s corporate strategy and helps to build a customer-driven firm. is known as
Operation Strategy
Which strategy coordinates the firm’s overall goals with its core processes.
Corporate strategy
What type of analysis coordinates the firm’s overall goals with its core processes?
Market Analysis
What type of priorities help managers develop the services or products and the processes needed to be competitive in the marketplace.
Competitive Priorities
T/F-Competitive priorities are important to the design of existing as well as new services or products, the processes that will deliver them, and the operations strategy that will develop the firm’s capabilities to fulfill them.
True
What four considerations are used while developing a corporate strategy?
Environmental Scanning
identifying and developing Core Competencies
Developing firm’s core processes
Developing the firm’s global strategy
monitoring and adjusting to changes in the business environment is known as
(also used to stay ahead of competition)
Environmental Scanning
The unique resources and strengths that an organization’s management considers when formulating strategy. is known as
core competencies
What are the 4 examples of core competencies
Workforce
Facilities
Market and Financial Know How
Systems and Tech
The elapsed time between the receipt of a customer order and filling it is known as
Lead Time
the process of identifying groups of customers with enough in common to warrant the design and provision of services or products that the group wants and needs is known as
Market segmentation
the critical operational dimensions a process or supply chain must possess to satisfy internal or external customers, both now and in the future.is known as
Competitive Priorities
T/F- Competitive priorities are planned for processes and the supply chain created from them
True
The cost, quality, time, and flexibility dimensions that a process or supply chain actually possesses and is able to deliver. is known as
Competitive Capabilities
What are the 9 broad competitive priorities that fall under the 4 competitive capabilities group?
Cost:
Low-cost operations
Quality:
Top
Consistent
Time:
Delivery Speed
On-Time Delivery
Development Speed
Flexibility:
Customization
Variety
Volume Flexibikity
A strategy that focuses on the competitive priorities of delivery speed and development speed is known as
Time-Based Competition
A criterion customers use to differentiate the services or products of one firm from those of another.
Order Winner
Minimal level required from a set of criteria for a firm to do business in a particular market segment.
Order Qualifier
The value of outputs (services and products) produced divided by the values of input resources (wages, costs of equipment, etc.). is known as
Productivity
The interconnectivity of objects, embedded with software, sensors, and actuators that enable these objects to collect and exchange data over a network without requiring human intervention is known as
Internet of Things
T/F-Break-even analysis helps the manager identify how much change in volume or demand is necessary before a second alternative becomes better than the first alternative.
True
The use of the break-even quantity; it can be used to compare processes by finding the volume at which two different processes have equal total costs. is known as the
Break-even analysis
A technique for systematically changing parameters in a model to determine the effects of such changes. is known as
Sensitivity Analysis
Manufacturing processes usually have:
A) customers in the production process
B) high levels of customer contact.
C) physical, durable output.
D) output that cannot be inventoried.
E) fuzzy definitions of quality
C) physical, durable output.
Which of the following is not a primary activity according to Porter’s conception of firm value creation?
A) service
B) production
C) outbound logistics
D) procurement
E) marketing & sales
D) procurement
According to the M1 lecture and course notes, what are the two ends of the spectrum for how good and services are produced?
Craft and Mass
Which of the following are a basic management activity of the SCOR model?
A) Make
B) Source
C) Deliver
D) Plan
E) All of the above
E) All of the above
