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1st Year - First Sem (Midterm) > Operations Management > Flashcards

Operations Management Flashcards

1
Q

It is the management of systems or processes that create goods and provide services

A

Operation Management

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2
Q

Physical items produced by business organizations

A

Goods

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3
Q

Activities that provide some combination of time, location, form, and psychological value.

A

Services

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4
Q

Transfer of Ownership:
Tangible

A

Goods

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5
Q

Transfer of Ownership:
Intangible

A

Service

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6
Q

It is the sequence of activities and organizations involved in producing and delivering a good or service.

A

Supply Chain

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7
Q

It is the difference between cost of inputs and the value or price of outputs.

A

Value-added

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8
Q

Goods or Services:
Surgery and Teaching

A

Service

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9
Q

Goods, Services or Mix:
Internet

A

Survice

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10
Q

Goods, Services or Mix:
Netflix

A

Service

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11
Q

Goods, Services or Mix:
Burger Store

A

Goods

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12
Q

Evey aspect of business affects or is affected by operations

A

True

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13
Q

Service jobs that are closely related to operations

A

Financial, Accounting, Marketing, and Information Services

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14
Q

3 Main parts of Organization

A

Operation, Finance, Marketing

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15
Q

Objective of Operations

A

Match the supply and demand

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16
Q

Supply > Demand

A

Wasteful & Costly

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17
Q

Supply < Demand

A

Opportunity Loss & Customer Dissatisfaction

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18
Q

Supply = Demand

A

Ideal

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19
Q

(Stevenson) How effectively an organization meets the needs and wants of customers relative to others that offer similar goods and services

A

Competitiveness

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20
Q

Ability of a firm or a nation to offer products and services that meet the quality standards of the local and world markets at prices that are competitive and provide adequate returns on the resources employed or consumed in producing them

A

Competitiveness

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21
Q

Business Competes using MARKETING: (4)

A

Identifying consumer wants and needs
Pricing
Advertising,
Promotion

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22
Q

Pricing

A

Marketing

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23
Q

Advertising

A

Marketing

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24
Q

Identifying consumer needs and wants

A

Marketing

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25
Q

Business Competes using Operations: (6)

A

Product and service design
Cost
Location
Quality
Quick Response
Flexibility

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26
Q

Quick Response

A

Operations

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27
Q

Flexibility

A

Operations

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28
Q

Quality

A

Operations

29
Q

Product and service design

A

Operations

30
Q

Location

A

Operations

31
Q

Why some organization failed!

A

Failing to recognize and adapt to emerging technologies and digital trends.

32
Q

_____ relates to the plans that determine how an organization pursues its goal.

A

Strategy

33
Q

Action Plans > Strategy > Goal > Vision > Mission

A

False

34
Q

Action Plans > Strategy > Goal > Mission > Vision

A

True

35
Q

Action Plans > Goal > Strategy > Vision > Mission

A

False

36
Q

_____ without tactics is the slowest route to victory.

A

Strategy

37
Q

______ without strategy is the noise before defeat.

A

Tactics

38
Q

It relates to the effective use of resources and it has a direct impact on competitiveness.

A

Productivity

39
Q

Operations Strategy (6)

A

Automation, ERP System, IT, Technology in Services, eServices, Data Analytics

40
Q

It is the driving force of an organization.

A

Competition

41
Q

______ and _____ must be aligned to organizations mission.

A

Goals and Strategy

42
Q

It drives lower cost and gets firms more competitive.

A

Productivity

43
Q

______ is critical

A

Execution

44
Q

It is the statement about the future value of a variable interest.

A

Forecast

45
Q

Having ______ of demand is essential for determining how much capacity or supply will be needed to meet demand.

A

Forecast

46
Q

Elements of Good Forecast: (7)
TARCSIM

A

Timely
Accurate
Reliable
Cost-effective
Simple to understand and use
In writing
Meaningful Units

47
Q

Quantitative or Qualitative Forecast:
Executive Opinion

A

Qualitative Forecast

48
Q

Sales Force Opinions

A

Qualitative Forecast

49
Q

Delphi Technique

A

Qualitative Forecast

50
Q

Time ordered sequence of observations taken at regular intervals.

A

Time Sequence

51
Q

pataas na diretso (patterns)

A

Trend

52
Q

mataas na bumaba tapos tataas (patterns)

A

Seasonal

53
Q

bumaba tapos tumaas na bumaba uli tapos tataas
-medyo magkakadikit (patterns)

A

Cycle

54
Q

pataas na pataas pero may part na bumaba tapos tumaas uli

A

Irregular Variation

55
Q

Basic input in the decision process of operations management because they provide information of FUTURE DEMAND.

A

Forecast

56
Q

Quantitative or Qualitative Forecast:
Consumer Survey

A

Qualitative Forecast

57
Q

Quantitative or Qualitative Forecast:
Trend Projection

A

Quantitative Forecast

58
Q

Quantitative or Qualitative Forecast:
Naive

A

Quantitative Forecast

59
Q

Quantitative or Qualitative Forecast:
Exponential Smoothing

A

Quantitative Forecast

60
Q

In multiple regression how many variables are used to predict values of a dependent variable.

A

Two or more

61
Q

Choosing a Forecasting Technique:
CAAAT

A

Cost
Accuracy
Availability of Historical Data
Availability of Computer Software
Time needed to gather and analyze data and prepare forecast

62
Q

____ forecast are essential inouts for many business decisions.

A

Demand

63
Q

It uses a single previous value of time series as the basis of a forecast.

A

Naive

64
Q

Forecast is based on average of recent values.

A

Moving Average

65
Q

It is similar to a moving average, except that it assigns more weight to the most recent values in a time series.

A

Weighted Average

66
Q

A sophisticated weighted averaging method that is still relatively easy to use and understand. Each new forecast is based on the previous forecast and the actual value of the series at that point.

A

Exponential Smoothing

67
Q

Productivity is defined as the ratio of output and input

A

True

68
Q

Productivity is directly related to the ability of an organization to compete.

A

True

69
Q

An organization that is twice as productive as its competitor will be twice as profitable.

A

False
(Productivity advantages doesn’t necessarily translate into profitability advantages)

1st Year - First Sem (Midterm) (3 decks)

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