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3rd Year 2nd Sem > OPS Lec > Flashcards

OPS Lec Flashcards

Prelims

1
Q

The part of a business organization that is responsible forproducing goods or services.

A

Operations

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2
Q

The management of systems or processes that create goods and/or provide services.

A

Operations Management

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3
Q

___ are physical items that include raw materials, parts, subassemblies, and final products.

A

Goods

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4
Q

___ are activities that provide some combination of time, location, form, or psychological value:

A

Services

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5
Q

___ is a sequence of activities and organizations involved in producing and delivering a good or services

A

Supply Chain

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6
Q

Measurements taken at various points in the transformation process

A

Feedback

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7
Q

The comparison of feedback against previously established standards to determine if corrective actions are needed

A

Control

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8
Q

Products are typically neither purely service-or goods-based

A

Goods-service Continuum

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9
Q

Manufacturing vs Service
1. Degree of ___ contact
2. Labor ___ of jobs
3. ___ of input
4. Uniformity of ___
5. ___ of productivity
6. Production and ___
7. Quality ___
8. Amount of ___
9. ___ of work
10. Ability to ___ design

A
  1. customer
  2. content
  3. Uniformity
  4. outputs
  5. Measurement
  6. delivery
  7. assurance
  8. inventory
  9. Evaluation
  10. patent
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10
Q

Basic Function of the Business Organization

A

Organization:
* Marketing
* Operations
* Finance

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11
Q

Function Overlap of Finance & Operations

A
  • Budgeting
  • Economic analysis of investment proposal
  • Provision of funds
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12
Q

Function Overlap of Marketing & Operations

A
  • Demand data
  • Product and service design
  • Competitor analysis
  • Lead time data
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13
Q

OM and Supply Chain Career Opportunities

A
  • Operations Manager
  • Supply chain Manager
  • Production analyst
  • Schedule Coordinator
  • Production manager
  • Industrial Engineer
  • Purchasing manager
  • Inventory manager
  • Quality manager
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14
Q

One or more actions that transform inputs into outputs

A

Process

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15
Q

These govern the operation of the entire organization

A

Upper-management processes

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16
Q

These are core processes that make up the value stream

A

Operational processes

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17
Q

These support the core processes

A

Supporting Processes

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18
Q

Supply > Demand

A

Wasteful Costly

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19
Q

Supply < Demand

A

Opportunity Loss Counter Dissatisfaction

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20
Q

Supply = Demand

A

Ideal

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21
Q

The greater the variety of goods and services offered, the greater the variation in production or service requirement

A

Variety of goods or services being offered

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22
Q

These are generally predictable. They are important for capacity planning

A

Structural variation in demand

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23
Q

Natural variation that is present in all processes. Generally, it cannot be influenced by managers.

A

Randon Variation

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24
Q

Variation that has identifiable sources. This type of variation can be reduced, or eliminated, by analysis and corrective action.

A

Assignable Variation

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25
___ can be disruptive to operations and supply chain processes.
Variation
26
The Scope of Operations Management
- Forecasting - Capacity planning - Locating facilities - Facilities and layouts - Scheduling - Managing inventories - Assuring quality - Motivating employees - And more
27
A primary function of the operations manager is to guide the system by decision-making:
- System design decision - System operation decision
28
System Design Decision System Design: - ___ - Facility ___ - Facility ___ - ___ and ___ planning - ___ and ___ of equipment These are typically decisions that: - Usually requires ___ commitment of resources - Determine parameters of ___
System Design: - Capacity - location - layout - Product and services - Acquisition and placement These are typically decisions that: - long-term - system operation
29
Systems Operations Decisions System Operation: - These are generally ___ and ___ operational decision - Management of ___ - ___ and ___ - ___ - ___ management - Quality ___ Operations managers spend more time on system operation decisions than any other decision area: - They still have a ___ in system design
System Operation: - tactical and operational - personnel - Inventory management and control - Scheduling - Project - assurance Operations managers spend more time on system operation decision than any other decision area: - vital stake
30
___ is a key tool used by all decision-makers.
Modeling
31
an abstract of reality; a simplification of something.
Model
32
Miniature airplane
Physical Model
33
Drawing of a city
Schematic Model
34
inventory optimization
Mathematical Model
35
Quantitative information may be emphasized at the expense of qualitative information
Model Limitation
36
A decision-making approach that frequently seeks to obtain a mathematically optimal solution.
Quantitative Approaches
37
All managers use metrics to manage and control operations
Performance Metrics
38
A trade-off is giving up one thing in return for something else.
Analysis of trade-offs
39
Operations Today - ___ Management - Global ___ - Working with ___ - ___ management - ___
- Technology Management - Global - fewer resources - Revenue - Agility
40
Key Issues for Operations Managers Today * ___ conditions. * ___. * ___ problems. * ___ management. * ___ * Competing in a ___
* Economic * Innovating * Quality * Risk * Cyber-security * global economy
41
Using resources in ways that do not harm ecological systems that support human existence
Sustainability
42
Ethical issues that may arise in many aspects of operations management:
* Financial statements. * Worker safety. * Product safety. * Quality. * The environment. * The community. * Hiring and firing workers. * Closing facilities. * Workers’ rights.
43
Character Focus
1. Competitiveness 2. Strategies 3. Productivity
44
How effectively an organization meet the wants and needs of customers relative to others that offer similar goods or services?
Competitiveness
45
46
Marketing's Influence
- Identifying consumer wants and/or needs - Pricing and quality - Advertising and promotion
47
Business Compete Using Operation
1. Product and service design. 2. Cost. 3. Location. 4. Quality. 5. Quick response. 6. Flexibility. 7. Inventory management. 8. Supply chain management. 9. Service. 10. Managers and workers.
48
Hierarchical Planning
- Mission - Goals - Organizational strategies - Functional strategies - Tactics - Operations
49
The reason for an organization's existense
Mission
50
The mission statement serves as the basis for organizational goals
Goals
51
A plan for achieving organizational goals
Strategy
52
Overall strategies that relate to the entire organization
Organizational strategies
53
Strategies that relate to each of the functional areas and that support the achievement of the organizational strategy.
Functional level strategies
54
The methods and actions taken to accomplish strategies. "how"
Tactic
55
The actual "doing" part of the process
Operation
56
The special attributes or abilities that give an organization a competitive edge.
Core Competencies
57
Characteristics that customers perceive as minimum standards of acceptability for a product or service to be considered as potential for purchase.
Order qualifiers
58
Characteristics of an organization's goods and services that cause it to be perceived as better than the competition
Order winner
59
A top-down management system that organizations can use to clarify their vision and strategy and transform them into action
The Balance Scorecard Approach
60
A useful measure related to productivity
Process yield
61
Factors affecting productivity
- Methods - Capital - Quality - Technology - Management
62
A statement about the future value of a variable of interest
Forecast
63
New product/process cost estimates, profit projections, and cash management.
Accounnting
64
Equipment/equipment replacement needs, timing, and amount of funding/borrowing needs.
Finance
65
Hiring activities, including recruitment, interviewing, and training; layoff planning, including outplacement counseling.
Human Resource
66
Pricing and promotion, e-business strategies, global competition strategies.
Marketing
67
New/revised information systems, and internet services.
MIS
68
Schedules, capacity planning, work assignments and workloads, inventory planning, make-or-buy decisions, outsourcing, and project management.
Operations
69
Revision of current features, and design of new products or services.
Product/Service Design
70
T/F Forecast is perfect
False (not perfect)
71
T/F Fore should be timely
True
72
T/F Fore should be inaccurate
False (accurate)
73
T/F Fore should be reliable
True
74
T/F Fore should be expressed in meaningful units
True
75
T/F Fore should be in print
False (writing)
76
T/F Fore should be simple and understand and use
True
77
T/F Fore should be cost-effective
True
78
It involve either the projection of historical data or the development of associative methods that attempt to use causal variables to make a forecast.
Quantitative Forecasting
79
Forecasts that use subjective inputs such as opinions from consumer surveys, sales staff, managers, executives, and experts
Qualitative Forecast
80
a time-ordered sequence of observations taken at regular time intervals.
Time-series
81
Time-series Behavior
- Trend - Seasonality - Cycles - Irregular Variations - Random Variation
82
A long-term upward or downward movement in data
Trend
83
Short-term, fairly regular variations related to factors such as the calendar or time of day.
Seasonality
84
Wavelike variations lasting more than one year.
Cycle
85
Due to unusual circumstances that do not reflect typical behavior.
Irregular variation
86
Residual variation that remains after all other behaviors have been accounted for.
Random Variation
87
These techniques work best when a series tends to vary about an average.
Time-series Forecasting - Averaging
88
Uses a single previous value of a time series as the basis for a forecast
Naive Forecast
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3rd Year 2nd Sem (3 decks)

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