Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SEM142 > Operations and Supply Chain Management > Flashcards

Operations and Supply Chain Management Flashcards

1
Q

What is operations management?

A

The systematic design, direction and control of processes that transform inputs in to products and services for internal and external customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is supply chain management?

A

The synchronization of a firms processes and suppliers and customer that match the flow of materials & information with customer demand.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a process?

A

Activities/group of activities that takes inputs and transforms them in to one or more outputs for its customers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Explain Supply chain point of view?

A

Each process should add value to the proceeding one (Waste should be eliminated)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are competitive priorities?

A

Critical dimensions a supply chain must complete to satisfy all customers now and future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are competitive capabilities?

A

Cost, Quality, time, flexibility actual processes in a supply chain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are order winners?

A

How customers differentiate the service/product of a firm from another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are order qualifiers?

A

minimum level required from a set of criteria.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Explain low cost operation

A

Lowest possible cost for a customer e.g. Costco

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Explain Top quality?

A

Quality with no compromise e.g. Rolex

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Explain Consistent Quality

A

A service or product that = design specifications consistently e.g. McDonalds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Explain Delivery Speed

A

Ability to quickly fill orders e.g. Dell

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Explain On Time Delivery

A

Meeting agreed time delivery’s e.g. UPS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Explain Development Speed

A

Fast introduction of a new product e.g. Zara

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is productivity?

A

Outputs/Inputs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the Labor productivity equation?

A

of products sold / # of employee hours

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the multi factor productivity equation?

A

Value of output / labor costs + materials + overheads

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are projects?

A

Interrelated set of activities with a definite starting and end point. Results in a unique outcome from specific resources.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are two attributes of projects?

A
  • The are temporary
  • They are unique
  • Projects can be called a program
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is the main goal of a project?

A
  • Complete on time
  • On budget
  • Meet specifications
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is project management?

A

Systemised, phased approach to defining, organisation, planning, monitoring and controlling projects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What makes a good project manager?

A

The can facilitate, communicate and make decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What makes a good project team?

A
  • Technical competence
  • Sensitivity
  • Dedication
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Explain a Work break down structure?

A
  • Break down of all required tasks that must be completed

- Each activity has an owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is PERT?

A

(Program Evaluation Review Technique)

- The process of reviewing the WBS to make sure everything is running to plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is planning?

A

What needs to be done

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Explain scheduling

A

The timing aspect

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Explain Strategic Fit

A
  • Are we conducting the right process for this organization to get what we want?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What is project team capability?

A

Do we have the right people for the job?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Risk management plan in operations.

A

What are the potential risks?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What are the 4 T’s of Risk management?

A
  • Tolerance, How much can we absorb?
  • Transfer, can we give the risk to someone else?
  • Treat, how can we increase/decrease exposure?
  • Terminate, what is the exit strategy?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What are the 6 reasons projects fail?

A
  • Poorly defined requirements
  • Poor control
  • Inadequate testing
  • Failure to kill
  • Unrealistic
  • Scope Creep
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What is process strategy?

A

A pattern of decisions made in managing processes, so that the processes will achieve their competitive priorities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

What is Job Process?

A
  • Produce wide varieties of products
  • Large quantities
  • has large divergence in steps performed
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What is Batch Process?

A
  • Only manufactures when a reasonable number of orders come in
  • Only a few products
  • Not very large quantity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What is Line Process?

A
  • Products are standardized
  • High volumes
  • Resources can be organized around product
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What is Continuous Process?

A
  • Extreme High volume
  • Highly standardized
  • ridged line flows
  • doesn’t stop
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

What are the negatives of customer involvement?

A
  • Can be disruptive
  • hard to manage timing and volume
  • Quality measurement can be difficult
  • Requires interpersonal skills
  • Office layouts might have to be revised
  • multiple locations might be necessary
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

How to construct a new layout?

A
  1. Gather information
  2. Develop a block plan
  3. Design a detailed layout
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

What are two types of automation in manufacturing/

A
  • Flexible

- Fixed

41
Q

What are the elements to process analysis

A
  • Define scope
  • Establish boundaries
  • Should match available resources
  • Beware of scope creep
  • May involve a team
  • Must be agreed upon
42
Q

What are some ways of documenting the process?

A
  1. FlowChart
  2. Service Blueprints
  3. Process Charts
  4. Walk Through
43
Q

What is TQM?

A

Total quality management is made up of 3 elements

  1. Customer Satisfaction
  2. Employee Involvement
  3. Continuos Improvement
44
Q

What is the KAIZEN method?

A

The idea that a process must be continuously improved.

45
Q

What is the JIDOKA method?

A

Finding a problem and correcting it.

46
Q

What are the 7 tools in Quality?

A
  1. Checklists
  2. Histograms
  3. Prato Charts
  4. Scatter diagrams
  5. Cause and effect diagrams
  6. Flow Chart
  7. Control Charts
47
Q

Explain 6 sigma

A

system for controlling and minimising defects and variability in a process.

48
Q

What some types of constraints?

A
  • Physical (capacity workstation)
  • Managerial (policy metrics, mindset)
  • Market - Demand
49
Q

What is a bottle neck?

A

A capacity constraint resource whose available capacity limits the organizations ability to meet product volume or mix

50
Q

What is the Theory of Constraints?

A

Management approach, profit maximisation, through effective use of resources.

51
Q

What is the drum buffer approach?

A

Drum - sets the beat for the production rate
Buffer - time buffer that plans early flows into the bottle neck and thus protects
Rope - Feedback loop sync’s with the drum.

52
Q

Explain JIT

A

Just in time - production that happens once the order has been made.

53
Q

What are some problems with JIT?

A
  • Material shortage
  • Machine Breakdowns
  • workers absent
  • quality problems
  • workload imperfections
54
Q

What are the 8 types of MUDA?

A
  1. Overproduction
  2. Inappropriate production
  3. Waiting
  4. Transportation
  5. Motion
  6. Defects
  7. Underutilisation
  8. Inferior
55
Q

What are the 5 best workplace practices Model?

A 
Sort
Straighten 
Sustain
Shine
Standardise
56
Q

What is TPM?

A

Total production maintenance - Having resources regularly checked for functionality (Worker are responsible for maintenance, better performance, prevents unplanned down time)

57
Q

The KanBan System

A

Works with containers & cards that have the instruments on what needs to be complete to make the product

58
Q

What is the value stream?

A

Qualitative lean tool for eliminating waste

- Creates a visual map of every process involved in the flow of materials and information in products value chain.

59
Q

What are some types of decision making tools?

A
  • Break-even analysis
  • Preference matrix
  • Decision theory
  • Decision tree
60
Q

What is the break even analysis?

A

At what point do we sell enough products to cover our variable and fixed costs (C+F=Q)

61
Q

What is a preference matrix?

A

Uses a weighted score against various performance criteria.

62
Q

What is maximin?

A

The best of the worst Pessimistic

63
Q

What is Maximax?

A

The best of the best Optimistic

64
Q

What is Laplace?

A

Best weighted score

65
Q

What is the minimax regret?

A

Minimizing your regret Pessimistic

66
Q

What are the pressures of small inventories?

A
  • Cost, storage, holding, capital
  • Shrinkage
  • Insurance
  • Taxes
67
Q

What are some pressures of large inventories?

A
  • Customer service
  • Ordering cost
  • Setup cost
  • Labor and equipment utilization
  • Transportation cost
  • Payments to suppliers
68
Q

What are some types of inventory?

A

Cycle inventory - Varies with lot size
Safety stock inventory - Protects against supply uncertainties
Anticipation Inventory - Protects against uneven supply or demand
Pipeline inventory - Orders placed by not received

69
Q

What is economic order quantity five assumptions?

A
  • Demand rate is constant
  • No constraints are place on the size of each lot
  • The only two relevant costs are the inventory holding cost and the foxed cost per lot for ordering setup
  • decisions for one item can be made independently of decisions for other items
  • Lead time is constant and known with certainty
70
Q

Use the EOQ strategy

A
  • make to stock

- Carrying and setups costs are known and stable

71
Q

Modify the EOQ strategy

A
  • Quantity discounts

- Replenishment not instantaneous

72
Q

Don’t use the EOQ

A
  • Make to order

- Order size is constrained

73
Q

Explain ABC Classification

A

Determine level of control and frequency of review of inventory items (SKU, Pareto Chart,Cycle counting)

74
Q

How to calculate weeks supply?

A

Average aggregated inventory value / Weekly sales at cost

75
Q

how to calculate inventory turnover?

A

Annual sales/ average aggregate inventory value

76
Q

What is mass customization?

A

A strategy where processes generate a wide variety of customised services or products at reasonably low costs

77
Q

What is backward integration?

A

Upstream integration of supply side activities: Raw materials and supplies

78
Q

What is Forward Integration?

A

Integration of distribution side activities. e.g. transport ware house stores

79
Q

What is supply chain integration?

A

The effective coordination of supply chain processes through the seamless flow of information up and down the supply chain.

80
Q

What are the dominant location factors in manufacturing?

A
  • Favorable labor climate
  • Proximity to markets
  • Impact on environment
  • Quality of life
  • Proximity to suppliers and resources
  • Utilities, taxes, and real estate costs
81
Q

What are the dominate location factors in services?

A
  • impact of location on sales and customer satisfaction
  • Proximity to customers
  • Transportation costs and proximity to markets
  • Location of competitors
  • Site-specific factors
82
Q

The bullwhip effect?

A

Each time a supply chain requests a quality of a product they are adding a % on top of the last person who looked at the order. Slowly causing the quantity to be exaggerated.

83
Q

What is the SCOR Model?

A 
Plan
Source
Make
Delivery
Return
84
Q

What is sustainability?

A

A characteristic of processes that are meeting humanity’s needs without harming future generations

85
Q

Explain the Triple bottom line

A

The idea that we have three added costs at the bottom of our balance sheet. Social, Environmental, Financial

86
Q

What are reverse logistics?

A

The process of planning implementating and controlling the efficient, cost-effective flow of products, materials and information from the point of consumption back to the point of origin for returns, repair, remanufacture or recycling.

87
Q

What is a forecast?

A

A prediction of future events used for planning purposes

88
Q

What are the steps in forecasting?

A
  • Decide what needs to be forecast
  • Evaluate and analyse appropriate data
  • Select and test the forecasting model
  • Generate the forecast
  • Monitor forecast accuracy over time
89
Q

What are the three types of forecasting models?

A

Informal (intuitive)
Qualitative (educated guess)
Quantitative (mathematical)

90
Q

What is exponential smoothing?

A

The emphasis given to the most recent demand levels can be adjusted by changing the smoothing parameter.

91
Q

Explain forecast error

A

For any forecasting method, it is important to measure the accuracy of its forecasts

92
Q

Forecasting process

A
  1. Adjust history file
  2. Prepare initial forecasts
  3. Consensus meetings and collaboration
  4. Revise forecasts
  5. Review by operating committee
  6. Finalise and communicate
93
Q

What is CPFR (Collaborative planning, forecasting and replenishment)?

A

A process for supply chain integration that allows a supplier and its customers to collaborate on making the forecast by using the internet

94
Q

What is operations palling and scheduling?

A

The process of balancing supply with demand, from the aggregate level down to the short term scheduling level.

95
Q

What is demand management?

A

The process of changing demand patterns using one or more demand options.

96
Q

Explain Yield (Revenue) Mangement

A

Varying price for different customer segments to maximize revenue of existing supply capacity

97
Q

What are three planning strategies?

A
  • Chase, Hiring and firing employees to mach forecast
  • Level, Keep workforce constrant but varies utilisation
  • Mixed, Considers both options
98
Q

What is FCFS, LCFS, EDD?

A
  • First come first served
  • Last come first served
  • Earliest Due date

SEM142 (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions