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SCM 352 > Module 1 - 4 > Flashcards

Module 1 - 4 Flashcards

Exam 1

1
Q

Operations Management (OM)

A

The art and science of converting materials and labor into goods and services.

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2
Q

Operations Management (OM) Purpose?

A

plans, executes and controls the process to create and deliver goods and services to customers

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3
Q

Principles of OM

A

View business enterprises as a total system. Essential to manufacturing firms and service organizations.

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4
Q

Total System

A

All activities are coordinated, not only vertically throughout the organization, but also horizontally across multiple functional areas.

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5
Q

Operations Management Creates

A

Value

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6
Q

Value

A

The perception of the benefits associated with a bundle of goods and/or services in relation to what buyers are willing to pay for them

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7
Q

Manufacturing Firms creates value by…

A

converting materials and labor into automobiles.

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8
Q

Service Organizations create Value by…

A

providing excellent experience for customers.

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9
Q

Manufacturing firms and service organization create value by…

A

focusing on OM functions and activities.

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10
Q

Service encounters are defined as…

A

the interactions between customer and service provider.

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11
Q

OM Activities & Careers

A

Forecasting, planning, purchasing, technology, quality management, resource and capacity management, process design, supply chain management.

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12
Q

OM Jobs

A

COO, Vice President of Manufacturing, Hotel or Restaurant Manager, Casino Pit Manager, Plant or Factory Manager, Supply Chain Manager.

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13
Q

Seven Eras of Operations Management

A

Cost & Efficiency, Quality, Customization & Design, Time, Service & Value, Sustainability, Data & Analytics.

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14
Q

1960s

A

Cost minimization, Mass production, Manufacturing based technology, focus on goods, local markets.

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15
Q

2020s

A

Sustainability, mass customization, information based technology, focus on value and analytics, global markets.

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16
Q

Current Challenges in OM: High Customer…

A

Expectations.

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17
Q

Current Challenges in OM: Evolving…

A

Technology

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18
Q

Current Challenges in OM: Short…

A

Product Life Cycles

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19
Q

Current Challenges in OM: Managing…

A

Workforce

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20
Q

Current Challenges in OM: Operating on a international Scale

A

Globalization

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21
Q

Current Challenges in OM: maintaining at a certain rate or level.

A

Sustainability

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22
Q

Current Challenges in OM: Optimizing…

A

Supply Chains

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23
Q

Current Challenges in OM: Business

A

Analytics

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24
Q

80-90% of the jobs in the US economy are in the…

A

Service Sector

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25
Q

Good flow is…

A

Left to Right

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26
Q

Good product is…

A

Physical

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27
Q

Service is..

A

Primary or complementary activity that does not directly produce a physical product. (Legal service, accounting service, travel by air or bus and warranty)

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28
Q

Standardized goods/services is…

A

(make to stock) (Goods/services made to fixed design, and the customer has no options from which to choose)

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29
Q

High goods content

A

tangible, pure goods

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30
Q

Low Goods content

A

Intangible, pure service

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31
Q

Five Modes of Transportation

A

Air, Rail, Motor, Water, Pipelines, Multimodal

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32
Q

Supply Chain is…

A

network of facilities and processes that describes the flow of goods, services, information, and financial transactions from suppliers through the facilities and processes that create goods and services and deliver them to customer.

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33
Q

Supply Chain Management is

A

The management of all activities that facilitate the fulfillment of a customer order for a manufactured good or service to achieve satisfied customers at a reasonable cost.

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34
Q

Supply Chain Purpose is…

A

The basic purpose of a supply chain is to coordinate the flow of materials,
services, and information along the elements of the supply chain to maximize customer value.

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35
Q

The Earth is ->

A

Miners/ Raw Materials

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36
Q

Miners/ Raw Materials is ->

A

Raw Material Fabricators

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37
Q

Raw Material Fabricators ->

A

Component Manufactures

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38
Q

Component Manufactures ->

A

Final Product Manufactures

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39
Q

Final Product Manufactures ->

A

Wholesalers

40
Q

Wholesalers->

A

Retailers

41
Q

Retailers ->

A

Final Consumers

42
Q

Final Consumers ->

A

Returns &Recycles

43
Q

The Two Perspectives of SCM

A
  • Purchasing & Supply Management Perspective (Manufactures)
    &
    Transportation & Logistics Perspective (Retailers)
44
Q

EMS

A

Electronic Manufacturing Services

45
Q

Electronic Manufacturing Services

A

a term used for companies that design, test, manufacture, distribute, and provide return/repair services for electronic components and assemblies for original equipment manufacturers (OEMs). Some of the major global EMS contract manufacturers are Flextronics International Ltd., S

46
Q

Outsourcing Contract Manufactures

A

an offer significant competitive advantages, such as access to advanced manufacturing technologies, faster product time-to-market, customization of goods in regional markets.

47
Q

Third Party Logistics (3PL)

A

providers provide integrated services that include packaging, warehousing, inventory management, and inbound/outbound transportation

48
Q

3PL

A

Third Party Logistics

49
Q

Rail and Pipelines are very…

A

Expensive

50
Q

Sustainability

A

Ability to address current business needs and successfully develop a long term strategy to preserve resources for future generations

51
Q

Economic Sustainability

A

focuses on making sound financial and operational decisions such as financial management, resource management, and emergency preparedness

52
Q

Environmental Sustainability

A

focuses on OM activities like remanufacturing, waste management,
green supply chains, and energy conservation.

53
Q

Social Sustainability

A

focuses on activities that impact the society as a part of the firm’s overall
corporate responsibilities, such as creating a zero carbon footprint product, product safety, gambling addiction, & second-hand smoke.

54
Q

Sustainability Practices

A

Green Purchasing, Eco - design, Reverse Logistics, Corporate Social Responsibility.

55
Q

Institutional Pressures

A

Customer Exceptions -> Government Regulations -> Industry Pressures

56
Q

Triple Bottom Line Performers

A

Economic Outcomes, Enviromental Outcomes, Social Outcomes

57
Q

SCOR Model

A

Framework for analyzing SCM Scope based on five basic functions.

58
Q

5 SCOR Model

A

Plan, Source, Make, Deliever, Return

59
Q

SCOR Model is…

A

Framework for analyzing SCM Scope based on five basic functions.

60
Q

SCOR spans (1)

A

All supplier/ customer interactions from order entry through paid invoice

61
Q

SCOR (2)

A

All physcial material and service transactions, from suppliers supplier to customer’s customers, includeing equipment, supplier, spare parts, bulk product, software, etc

62
Q

SCOR (3)

A

All market interactions, from aggregate demand to the order fulfillment, and

63
Q

SCOR (4)

A

Returns.

64
Q

VMI is

A

Vendor Manged Inventory

65
Q

Reverse Logistics is

A

MAnage returns along the revere supply chain.

66
Q

Performance Measurement

A

The act of quantifying the outcomes of a business activities. It provides an objective basis for decision making.

67
Q

Financial Measure

A

Sales, profit, ROA, EPs

68
Q

Customer and Market

A

Market shares, customer satisfaction

69
Q

Quality

A

Product recalls, defects/million, number of warranty repairs

70
Q

Time

A

(speed & variability) average delivery time, cycle time, tardiness.

71
Q

Flexibility

A

Design flexibility, volume flexibility, changeover time

72
Q

Innovation

A

New products developments rates, patents, staff turnover

73
Q

Sustainability (Performance Measures)

A

Toxic waste discharge rate, workplace safety violations

74
Q

Two Macro Models of Organizational performance

A

Malcolm Balridge National Quality Award (MBNQA) and Balanced Scorecard

75
Q

MBNQA Framework

A

Is to provide a framework for performance excellence through self - assessment to understand an organizations strengths and weaknesses, thereby setting priorities for improvement.

76
Q

Total Performance Measures

A

1000

  1. Leadership (120)
  2. Strategic planning (85)
  3. Customer focus (85)
  4. Measurement, analysis, and knowledge management (90)
  5. Workforce focus (85)
  6. Operations Focus (85)
  7. Results (450)
77
Q

Innovation and Learning Perspective

A

Focuses on people and infrastructure

78
Q

Internal Business Perspective

A

Focuses on processes

79
Q

Customer Perspective

A

Increases customer satisfaction and market growth

80
Q

Financial Perspective -

A

Creates Value to shareholders

81
Q

Productivity Formula

A

Quantity of Output / Quantity of input

82
Q

VLC (Value of a Loyal Customer

A

(P)(CM)(RF)(BLC)

P = revenue per unit
CM= Contribution margin
RF= Repurchase Frequent = # of purchase per year
BLC= buyer’s life cycle = 1 / defection rate = 1/ (1 - retention rate)

83
Q

Competitive Advantage

A

the strategic superiority of a firm over its competitors.

84
Q

Core Competencies

A

contribute to its competitive advantage that allows it to outperform competitors

85
Q

Competitive Priority

A

the strategic focus that a firm choose to achieve competitive advantage

86
Q

Order Qualifiers

A

Basic performance expectations of customers. Meeting or exceeding performance on an order qualifier is not a competitive advantage

87
Q

Order Winners

A

A performance characteristic that customers use to differentiate the products and/or services of a firm it competitors

88
Q

How customers evaluate goods and services

A

Search attributes, Experience Attributes, Credence Attributes

89
Q

Search attributes

A

he characteristics of a good or service that a customer can determine prior to purchase. Supermarket food, furniture, clothing, and automobiles are high in search attributes
Examples: color, price, freshness, style, fit, feel, hardness, smell

90
Q

Experience attributes

A

the characteristics that can be determined only after purchase or during consumption
Examples: friendliness, taste, wearability, safety, fun, and customer satisfaction

91
Q

Credence Attributes

A

aspects of good or service that the customer must believe in, but cannot personally evaluate even after purchase and consumption
Example: the expertise of a surgeon or mechanic, knowledge of a tax advisor…

92
Q

Competitive Priorities (1)

A

Cost Leadership - high volumes of standardized products by taking advantage of economies of scale and learning curve effects (McDonalds, Marriott’s Fairfield inns, southwest airlines.)

93
Q

Competitive Priorities (2)

A

Differentiation - Creating a unique product or service in terms of
- quality ( Mercedes), time (CNN) , flexibility (Mass customization | Dell) , innovation (apple)

94
Q

Competitive Priorities (3)

A

Focus Strategy - focus on niche market segment (southwest airlines (focus on the shortfall
point to point market instead of the hub and spoke model of mainstream carriers, family dollar (focus on value shoppers)

95
Q

Corporate Strategy is…

A

Defines the business in which the firm will participate (ie: start a new restaurant)

96
Q

Business Strategy is

A

Defines the market segments and competitive priorities (ie: student population low cost, fast foods)

97
Q
A

SCM 352 (1 decks)

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