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UGBA 10 > Module 1 Exam Vocab + Companies > Flashcards

Module 1 Exam Vocab + Companies Flashcards

1
Q

Operations Management

A

In charge of supplying products and services in the right amount, at the right place, at the right time and at the right quality.

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2
Q

Corporate Sustainability

A

Business approach that creates long-term value through green strategy aimed at natural environment that considers how a business operates in social, cultural, and economic context

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3
Q

Shareholders

A

People who have an equity share in a company

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4
Q

Stakeholders

A

Shareholders, employees, customers, society, interested institutions; anybody/group involved with the company

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5
Q

Scholastic + Harry Potter

A

Distributed millions, no info leak, coordinated, sustainable.
Done through bypassing warehouses, thousands of trucks, same-size pallets, and GPS transponders to coordinate delivery

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6
Q

Apple

A

Had to double production to keep up with demand. Leader in operations –> former COO Tim Cook became CEO. Understands impact of products, life cycles, and supply chain.

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7
Q

Marketing

A

Creates demand and generates sales of outputs

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8
Q

Operations

A

Supplies good and services while also translating materials/services into outputs

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9
Q

Finance

A

Manages resources/capital and acquires them for the inputs

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10
Q

Support Functions

A

Include accounting , IT, HR, and engineering

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11
Q

Process

A

Activity of activity group that takes input(s) and transforms them into output(s)

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12
Q

Manufacturing Process Characteristics

A 
Physical, durable input
Output can be inventoried
Low customer contact
Long response time
Capital intense
Quality easily measured
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13
Q

Service Process Characteristics

A 
Intangible/perishable input
Output can't be inventoried
High customer contact
Short response time
Labor intense
Quality hard to measure
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14
Q

Core Processes

A

Set of activities that directly deliver value to external customers and help drive core competencies

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15
Q

Support Processes

A

Provides vital resources/inputs to core processes and are essential

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16
Q

4 kinds of Core Processes

A

Supplier relationship process
New service/product development
Order fulfillment process
Customer relationship process

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17
Q

Supplier relationship process

A

Process that selects that suppliers of services, materials, and information and facilitates inflow of these

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18
Q

New service/product development

A

Process to design and develop new services or products from customer/market inputs

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19
Q

Order fulfillment process

A

A process to produce and deliver services or products to the external customer

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20
Q

Customer relationship process

A

A process that identifies, attracts and builds relationships with external customers and facilitates the placement of orders

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21
Q

Corporate Strategy

A

Provides an overall direction that serves as the framework for carrying out organizations functions (such as finance, marketing and operations).
It includes the firms overall goals with its core competences.

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22
Q

Environmental Scannning

A

Understanding key trends in industry/marketplace/society and economic trends, technological changes, and political conditions

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23
Q

Core Competencies

A

Identifying the unique resources and strengths.

Examples include workforce, facilities, sector understanding, cutting-edge/proprietary technology, etc

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24
Q

Global Strategies

A

Having a response to global trends, opportunities and risks; can take form of strategic alliances and overseas expansion

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25
Q

Market Analysis

A

Consists of market segmentation and needs assessment

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26
Q

Market Segmentation

A

Find a group of customers with enough in common to warrant the design and provision of products and services

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27
Q

Needs Assessment:

A

Identify customers needs and understand how well competitors are addressing those needs.

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28
Q

Competitive Priorities

A

What you want to deliver; the critical dimensions that a process or supply chain must possess to satisfy its internal or external customers, both now and in the future

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29
Q

Competitive Capabilities

A

What you can deliver; the cost, quality, time, and flexibility dimensions that a process or supply chain actually possesses and is able to deliver.

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30
Q

Order Qualifiers

A

The minimum level required from a set of criteria for a firm to do business in a particular market segment; allows product to be considered but not selected for final purchase; only positions firm to compete

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31
Q

Order Winners

A

The criterion customers use to differentiate the services or products of one firm from those of another (and make a final decision).

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32
Q

Example Order Winners

A

Low price, quality, time, flexibility, after sale support, tech support, reputation

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33
Q

Southwest Airlines

A

Priorities: Deliver connection services at low cost, timely and frequent.
Product Planning: Minimize costs and idle land-time, simplify operations, pleasant travel, on-time performance
Process Planning: No ticket/seat reservations, no meals, no baggage transfer, lean/quick processes, flexible employees, secondary airport usage
Order Winners: Frequent/reliable departures, lean/flexible/productive ground and gate crew, high aircraft utilization/standardization, low ticket price, limited service, short routes

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34
Q

3 trends in Ops Management

A

Productivity Improvement
Global Competition
Ethical/Workforce Diversity and Environmental Issues

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35
Q

Productivity Meaning/Equation

A

The value of outputs (services and products) produced divided by the values of input resources (wages, costs of equipment, etc.)

Productivity = Outputs’ Value/Inputs’ Value

36
Q

Labor Productivity

A

Labor Productivity = (Units of Work Done)/(Employee Hours)

37
Q

Global Competition

A

Advantages: Increased market penetration, comparative cost advantages
Disadvantages: Political risks, lower skilled workers, vulnerability to supply chain disruptions

38
Q

4 Decisions of Process Strategy

A

Process Structure, Customer Involvement, Resource Flexibility, and Capital Intensity

39
Q

Process Structure

A

Determines process type relative to kinds of resources needed and characteristics. Includes layout decisions

40
Q

Dimensions of Customer Contact (Services)

A

Physical presence, what is processed, contact intensity, personal attention, and method of delivery

41
Q

Front Office

A

High customer interaction and customization.

Flexible flows with individualized processes

42
Q

Hybrid Office

A

Some customer interaction, standard services with some options
Flexible flows but with dominant paths, and few exceptions to workflow

43
Q

Back Office

A

Low customer interaction and very standardized

Line flows, and routine work done the same for all customers

44
Q

Job Process

A

Low-volume products made to order

Customized process with flexible/unique task sequence

45
Q

Batch Process

A

Multiple products of low/moderate volume

Disconnected line flow, moderately repetitive

46
Q

Line Process

A

Few major products, high volume

Connected line, highly repetitive

47
Q

Continuous-Flow Process

A

High volume/standardization, usually commodity products

Continuous flow

48
Q

Make-to-Order

A

Built exactly to customer specifications

49
Q

Make-to-Stock

A

Mass production, created to fill a forecasted need

50
Q

Assemble-to-Order

A

Made of modular parts; involves mass production of modules, which can then be mass customized through postponement of creation until customer orders

51
Q

Layouts

A

Efficient layout can reduce handling, lower costs, and maintain product flow

52
Q

Walmart

A

Corporate strategy is based around quality goods at competitive prices
Operations strategy involves short flow times and low inventory levels
Operations structure involves cross docking, EDI (electronic data interchange), logistics, focused locations, store-supplier communication

53
Q

Key to Walmart’s Low Prices

A

Huge volume of sales
Supply chain that maximizes efficiencies and reduces outlays
Minimizes overhead and operational cost
Leverages bargaining power to force suppliers to lower prices

54
Q

Customer Involvement

A

Way in which customers become part of the process and participate; essential to service processes
Process and equipment must be easy/friendly to use

55
Q

Starbucks

A

Process, layout, cup, and communications are designed to deal with high variety/volumes of drinks
80,000 drinks possible, done using universal code
Coffee cups are a concise/clear medium of communication between cashier and barista

56
Q

Advantages of Customer Involvement

A

Better net value/quality/delivery speed/flexibility to customer, lower costs, supply chain coordination, more accommodating process revisions

57
Q

Disadvantages of Customer Involvement

A

Disruptive, time/volume management can be challenging, hard to measure quality, interpersonal skills needed, revised layouts, multiple locations may be needed

58
Q

Resource Flexibility

A

Ease with which employees and equipment can handle a wide variety of products, output levels, duties and functions.

59
Q

General-Purpose Equipment

A

If you are producing at Low Volumes
Low investment/fixed cost, but may have high variable cost
May be good to do the job but not at peak efficiency

60
Q

Special-Purpose Equipment

A

High volumes and low customization

High investment/fixed cost, but may have lower variable cost

61
Q

Break-Even Quantity

A

Point at which special/general purpose equipment would give you same returns.
Under this quantity is general purpose, over is special-purpose
On plot of relationship between process cost and product volume

62
Q

Break-Even Quantity Formula

A

F = Fixed; V = Variable

F1 - F2)/(V2-V1

63
Q

Capital Intensity

A

Mix of equipment and human skills in a process

Greater the cost of equipment relative to cost of labor, the greater the capital intensity

64
Q

Automation

A

Replacing human operations/control of machinery with programmed control
Can happen in manufacturing or service processes

65
Q

Robot

A

Programmable machine capable of manipulating materials
Suited for dangerous, tedious, dirty, and labor-intense tasks
Flexible and don’t get tired

66
Q

Economies of Scope

A

Economies that reflect the ability to produce multiple products more cheaply in combination than separately.

67
Q

Strategic Fit

A

The degree to which an organization is matching its resources and capabilities with the opportunities in the external environment

68
Q

Link between Competitive Priorities and Process Choice

A

Job/Small Batch - Quality, on-time delivery, flexibility

Large Batch/Line/Continuous Flow - Low-cost ops, consistency, delivery speed

69
Q

Link between Competitive Priorities and Inventory Strategy

A

Make to Order - Quality, on-time delivery, flexibility
Assemble to Order - Delivery speed, variety
Make to Stock - Low-cost ops, delivery speed

70
Q

High-Customer Contact Process Characteristics

A

More divergence and flexible flows
More customer involvement
More resource flexibility
Volume-varying capital intensity

71
Q

Low Customer-Contact Process Characteristics

A

Less divergence and more line flows
Less customer involvement
Less resource flexibility
Volume-varying capital intensity

72
Q

Low Volume, Make to Order Process Characteristics

A

More divergence and flexible flows
More customer involvement
More resource flexibility
Less capital intensity

73
Q

High Volume, Make to Stock Process Characteristics

A

Less divergence and more line flows
Less customer involvement
Less resource flexibility
More capital intensity

74
Q

Process Improvement

A

Systematic study of the activities and flows of each process in order to improve it. Involves continuous marginal improvements

75
Q

Process Reengineering

A

Coming up with a radical new design of business processes to dramatically improve costs, quality, speed, and/or service
Key Elements: Critical processes, strong leadership, cross-functional teams, information technology, clean-slate, and process analysis

76
Q

Amazon

A

4 competitive priorities: Delivery speed (distribution centers, robots, inventory, direct shipping), variety, customization (many products in unique order per customer), and low-cost ops (high selling volume and logistic-oriented supply chain)

77
Q

Factors Spurring Supply Chain Improvement

A

Global competition, shorter product life cycle, low-cost distribution channels, better informed customers, internet/E-Business

78
Q

Global Competition Facts

A

Brazil is an expensive place to produce
Chinese manufacturing is more expensive than Mexican and almost the same as American
Manufacturing cost in Eastern Europe are similar to those of USA
UK is lowest cost manufacturer in Western Europe

79
Q

Shorter Product Life Cycles

A

Need to replace products every few years to keep up with demand forces companies to streamline their supply networks
Rapid and sharp fluctuations in demand also call for supply chains that are flexible

80
Q

Supply Chain Management

A

Efficient integration of suppliers, factories, warehouses and stores so that merchandise is produced and distributed in the right quantities, to the right locations and at the right time, and so as to minimize total system cost subject to satisfying service requirements.

81
Q

List of Competitive Priorities

A

Low-cost ops, quality, consistency, delivery speed, on-time delivery, development speed, customization, variety, volume flexibility

82
Q

Supply Chain Measures

A

Inventory measures and Financial measures

83
Q

Inventory Measures

A

Average Aggregate Inventory Value, Weeks of Supply, Inventory Turnover

84
Q

Average Aggregate Inventory Formula

A

(# of units)(value of A) + (# of units)(value of B) …..

85
Q

Weeks of Supply Formula

A

Average Aggregate Inventory Value/Weekly Sales (at cost)

86
Q

Inventory Turnover Formula

A

Annual Sales (at cost)/Average Aggregate Inventory Value

UGBA 10 (4 decks)

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