Operations Exam 1 Flashcards - Question/Answer

1
Q

What is Operations Management?

A

A set of activities that creates value in the form of goods and services by transforming inputs into outputs.

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2
Q

Who is credited with the early popularization of interchangeable parts?

A

Eli Whitney (1800) – achieved this through standardization and quality control.

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3
Q

Who is known as the father of scientific management?

A

Frederick W. Taylor (1881) – contributed to personnel selection, planning and scheduling, motion study, and ergonomics.

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4
Q

What did Henry Ford and Charles Sorensen contribute?

A

Developed assembly lines where workers stood still and materials moved.

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5
Q

What is productivity?

A

The ratio of outputs (goods/services) divided by one or more inputs (such as labor, capital, or management).

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6
Q

What is single-factor productivity?

A

The ratio of goods and services produced (outputs) to one resource (input). Example: Units produced / labor hours used.

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7
Q

What is multifactor productivity?

A

The ratio of goods and services produced (outputs) to many or all resources (inputs). Example: Output / (labor + material + energy + capital).

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8
Q

What is percentage change in productivity?

A

A metric that helps measure how efficiently inputs (like labor, time, or materials) are converted into outputs.

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9
Q

What is a mission?

A

The purpose or rationale for an organization’s existence; what the organization contributes to society.

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10
Q

What is strategy?

A

An action plan detailing how an organization expects to achieve its mission and goals.

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11
Q

What is Blue Ocean Strategy?

A

Creating a new market space that is uncontested, making competition irrelevant through innovation.

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12
Q

What is Red Ocean Strategy?

A

Competing within an existing market space, outperforming rivals to capture a greater market share.

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13
Q

What is competitive advantage?

A

A unique advantage over competitors.

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14
Q

What are the three main strategies for competitive advantage?

A
  1. Differentiation – Making products unique to add value.
  2. Low Cost – Achieving maximum value without implying low quality.
  3. Response – Focusing on rapid, flexible, and reliable performance.
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15
Q

What are Key Performance Indicators (KPIs)?

A

Measurable values demonstrating how effectively an organization is achieving business objectives.

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16
Q

What are SMART goals?

A

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

17
Q

What are process metrics?

A

Metrics that evaluate efficiency and effectiveness of processes, e.g., time taken to complete a task.

18
Q

What are outcome metrics?

A

Metrics that assess the results of processes, e.g., sales growth or customer satisfaction.

19
Q

What are the five stages of Design Thinking?

A
  1. Empathize – Understand user needs.
  2. Define – Clearly articulate the problem.
  3. Ideate – Generate potential solutions.
  4. Prototype – Build tangible representations.
  5. Test – Gather user feedback and refine solutions.
20
Q

What is co-design?

A

A collaborative approach involving stakeholders in the design process.

21
Q

What are key ideation guidelines?

A
  1. Encourage wild ideas.
  2. Defer judgment.
  3. Build on the ideas of others.
22
Q

What are the four stages of a product lifecycle?

A
  1. Introduction – Awareness and promotion.
  2. Growth – Rapid sales increase.
  3. Maturity – Market saturation and competition.
  4. Decline – Decreasing sales and market saturation.
23
Q

What is an AON diagram?

A

Activity-on-Node (AON) diagrams visualize and schedule tasks in a project.

24
Q

What is the Critical Path Method (CPM)?

A

A project management technique using a single time estimate per activity.

25
Q

What is PERT methodology?

A

A project management technique that uses three-time estimates for each activity (optimistic, pessimistic, and most likely).

26
Q

How do you determine the probability of completing a project on time?

A
  1. List all activities and estimate durations.
  2. Create a network diagram (CPM or PERT).
  3. Calculate expected project duration and variance.
  4. Use statistical methods to compute probability.
27
Q

What is Waterfall project management?

A

A linear, step-by-step approach used for projects with known constraints (e.g., construction, aerospace).

28
Q

What is Agile project management?

A

A flexible, iterative approach requiring constant collaboration, commonly used in software development.