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OPS Flashcards

1
Q

LO1
Operations Management**

A

the planning and organising of the production of manufactured goods and delivery of services

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2
Q

LO2
Competitive Advantage

A

Companies must create a Competitive Advantage in their markets to sell their products.
new technology, lower cost, better features offered to the market all raise the bar to reach a Competitive Advantage.

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3
Q

LO3
List and describe the 5 performance objectives +1

A

Cost
quality
Flexibility
Dependability
Speed
Sustainability

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4
Q

LO4
The role of operations of companies

A

Operations is the function in organisations that must provide the physical products and the services that the company can market profitably.

In other words: provide the Performance Objectives necessary to get the customer to buy.

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5
Q

LO5
Recognize the relationship between operations and other business functions

A

To achieve overall organisational goals.

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6
Q

LO1
Explain what demand entails

A

Demand is the customers desire for a particular product, at a given price.
1. Willingness to buy, is the customers desire for the good.
2. ability to pay, it is the customers purchasing power to pay for the price of the goods.

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7
Q

LO1 (2)
Explain what supply entails

A

Supply implies the quantity of a product or service which are offered by the manufacturer for sale at various prices to the customer.
1. Willingness, the quantity of the product which the producer want to sell.
2. Ability to supply, how much of a product is available at a time.

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8
Q

LO2
Explain order qualifiers

A

Characteristics of a product that are required for it to be even considered by a customer.

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9
Q

LO2
Explain order winners

A

Characteristics of a product that directly contribute to winning business from a customer.

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10
Q

LO3
Understand the order management flow

A

keeping track of customers’ orders and handling the steps involved with fulfilling them.

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11
Q

LO4
List the 4 market structures of the business model

A

B2B
B2C
C2B
C2C

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12
Q

Perfect competition

A

Many buyers & sellers

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13
Q

Imperfect competition

A

Many buyers & sellers + Product differentiation

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14
Q

LO1 (3)
Understand supply chain basics

A

A sequence of business and information processes, that links suppliers of products or services to operations. Which, then link those operations through distributions to end users.

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15
Q

SIPOC

A

A model of the logistic supply chain, material and informational flow are going left and right.
Supplier
Inbound
Process operation
Outbound
Customer

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16
Q

LO2
Understand process and operation

A

A series of actions or steps taken in order to achieve particular outcome or objective.

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17
Q

LO 4
Describe and manage processes with SCOR model

A

A framework that sets clear guidelines on the management of the key processes in the supply chain

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18
Q

SCOR

A

PLAN
SOURCE
MAKE
DELIVER
RETURN

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19
Q

Plan

A

Requirements and resources should be aligned.

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20
Q

Source

A

Meeting demand with effective procurement of goods by
selecting right suppliers
scheduling deliveries
and managing inventories.

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21
Q

Make

A

Producing what is required by effective production scheduling, manufacturing, testing and packaging

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22
Q

Deliver

A

Managing and fulfilling orders and transporting goods to customers

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23
Q

Return

A

Managing customer returns, repairs, disposal, or replacement

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24
Q

Supply chain planning
Collaborative

A

All key stakeholders should participate and share plans and data so everyone is
well-informed, plans are synchronized, and disruption and risk are mitigated.

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25
Q

Agile

A

New opportunities arise every day. A supply chain strategy must scale up or down to
respond to changing market demands so opportunities are not missed and so productivity is
not wasted.

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26
Q

Resilient

A

In an ever-changing market, organizations must be prepared for any and all
disruptions. Supply chains must expect problems, create plans to avoid or mitigate them, and
recover from them to full functionality as swiftly as possible.

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27
Q

Digital

A

A variety of digital solutions can help make your supply chain more connected,
controlled and informed. For example, modern enterprise resource planning (ERP) tools
orchestrate all supply chain activities and offer real-time information about processes,
machine status, inventory and more.

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28
Q

The internet of Things

A

help monitor
machine productivity and prepare for predictive maintenance or unscheduled
downtime.

29
Q

Artificial intelligence

A

automate manufacturing,
warehousing, transportation and distribution activities

30
Q

LO 1 (4)
List the 4 Vs of operations management

A

Volume
Variety
Variation
Variability

31
Q

Volume

A

Output, how much?

32
Q

Variety

A

Products, How many different

33
Q

Variation

A

Demand High low over timer

34
Q

Variability

A

Customization, none or many options

35
Q

List and explain the key characteristics of Manufacturing

A
  1. To make into a product suitable for use
    2a. To make from raw materials by hand or machinery
    2b. to produce according to an organised plan and with division and labor
  2. Prefabricate a manufactured home.
  3. Invent, fabricate known to manufacture evidence
  4. To produce as if by manufacturing
  5. Create, writers who manufacture stories for television
36
Q

LO 3
List and explain the key characteristics of Services

A

A valuable action, deed or effort performed to satisfy a need or to fullfil a demand

37
Q

Professional service

A

Highly customised, and high customers contact

38
Q

Service shop

A

slightly standard tasks & some customer contact

39
Q

Mass service

A

Standardised and routine tasks & little or no customer contact

40
Q

LO 4
List the 4 evolution of process types

A
  1. The craft era
  2. Mass production era
  3. Strategic operation ere
  4. The fourth industrial revolution i.40
41
Q

Operation management

A

Focusses on managing processes

42
Q

Operations managers

A

have to manage service operations differently from manufacturing processes

43
Q

3 key elements of decision making

A
  1. Amount of customer contact
  2. Level of variation in the product or service
  3. The volume of the product produced
44
Q

LO6
Discuss the role of ethics, sustainability and CSR in ops

A

By prioritizing these aspects, companies can create a win-win situation, achieving operational excellence while contributing to a better future for the environment, society, and their own long-term success.

45
Q

LO 1 ( 5)
Procurement

A

the function within an organizstion which relates to selecting, negotiating, purchasing and managing the supply of essential materials and services necessary to produce a company’s product.

46
Q

Describe Procurement’s goals and list what Procurements buys

A

Reduction of quality costs
product standardization
pursue interaction with innovative suppliers
increase flexibility
stock reduction
foster synergy
SO TO IMPROVE OWN ORGANISATION

47
Q

Foster synergy

A

“Foster synergy” means to take actions that encourage and create a cooperative and productive working environment where the combined efforts of different people or groups lead to an outcome that is greater than the sum of their individual contributions

48
Q

Procurement= …. + …..

A

Sourcing + purchasing

49
Q

Define the purchasing process

A
  1. Define specifications
  2. select supplier
  3. Contract agreement
  4. Ordering
  5. Expediting
  6. evaluation follow up
50
Q

Key characteristics of salespeople desired by buyers

A

Expertise in their company’s product and the market.
2. Good communication skills
3. Ability to solve problems
4. Ability to understand and satisfy buyers need
5. Thoroughness
6. ability to help in ensuring the reliable and fast delivery orders.

51
Q

The procurement process

A

the added value of the professional buyer lies in the ability to act as a facilitator for the supply process:
1. Supporting internal customers in defining purchasing specifications
2. involved in new product development and investment projects.
3. selecting new suppliers
4. preparing and carrying out contract negotiations

52
Q

procurement process part 2

A

setting up ordering routines in such a way that the users can place orders themselves.
maintain and monitor orders at suppliers
monitoring outstanding orders and payments
Follow up evaluation and performance of supplier §

53
Q

Supplier selection 3 diff approaches

A

Request for information RFI
Request for proposal RFP
Request for quotation RFQ

54
Q

RFP

A

ask for specification and price

55
Q

RFQ

A

specification already known , ask for price only

56
Q

There are three basic types of strategic relationship

A

Conventional
Associated
Partnership

57
Q

Conventional

A

One-off purchase/ Limited/ more operational,
No string attached, arms length
one is the supplier and the other is the buyer. This can be a one-off, i.e. the buyer only uses that supplier once; or routine, albeit that the buyer is not proactive in either selecting the supplier or evaluating them. The strength of the relationship is relatively weak and based solely on the commercial exchange of goods and services.

58
Q

Associated

A

Long-term, guaranteed quality,
Performance driven/ supplier management/ operational tactical
The associated relationship is usually based on a long-term link between the two parties that involves more sophistication in managing the interaction. Often suppliers will guarantee quality of delivery, thereby reducing the buyer’s need to check all deliveries, both in terms of the quality of what is provided and the time at which it is delivered.

59
Q

Partnership

A

strong relationship, joint development.
Create value and innovation/ supplier relationship management/ strategic
A partnership between buyer and seller is the strongest form of relationship. As well as guaranteeing delivery quality, partners typically work together on new product development, jointly invest in new technology, and create a seamless logistics system between the two parties.

60
Q

4 types of contact with suppliers

A
  1. Direct Competition
  2. Contracts in direct competition
  3. Operative contracts
  4. Strategic contracts
61
Q

Direct competition

A

refers to a buyer deciding who to buy from on each occasion an order is placed. Suppliers compete to win an order on whatever criteria the buyer has stipulated—typically cost but not exclusively so. The number of suppliers is relatively high under these conditions, but the total purchase value of each order is relatively low. For example, an organization might purchase its office consumables on this basis.

62
Q

Contracts in direct competition

A

this is similar to direct competition, but instead of competing for single orders, suppliers compete against each for a contract to supply over a specified time period. This may require the buyer to stipulate a minimum order quantity for that period. In the restaurant industry it is common for there to be these nominated suppliers from whom each restaurant in the chain orders its goods.

63
Q

Operative contracts—

A

these tend to be based on supplier performance rather than on comparing one supplier against another, as in the former two cases. Contracts are entered into for the medium term, say three to five years, and tend to be renewed so long as the supplier has performed well against the pre-agreed criteria. Airlines tend to have these types of contracts with flight caterers.

64
Q

strategic contracts

A

there are likely to be relatively few suppliers in these arrangements, but the value of their contracts is likely to be high. These tend to be long term and there may not even be a termination clause in the contract. Such contracts tend to be used in the context of ‘partnership’ as described previously and examples would be in the transport infrastructure and construction environments where public private partnerships (PPPs) are common.

65
Q

Ethics in Procurement

A

A special kind of responsibility is ethical behaviour. A sales person is in the position to influence customers to make a deal,

66
Q

Hard sell

A

pressuring people to decide (a pushy car dealer, or perhaps you have seen hotel booking sites that say ONLY ONE ROOM LEFT AT THIS PRICE, BOOK NOW!)

67
Q

Slotting allowance

A

paying to get a better presentation (on the shelf or on a website) – close to bribery.

68
Q
A

OPs (1 decks)

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