S + 6: Strategy in Operations

Question 1

Strategy definition

Answer 1

Approach aimed at guiding the allocation of the 5M’s

Question 2

5M’s

Answer 2

Money
Manpower
Machine
Methods
Material

Question 3

3 Approaches for developing a strategy

Answer 3

Top-down
Bottom-up
Mixed

Question 4

Vision

Answer 4

Holistic picture of what you would like to achieve

Question 5

Mission

Answer 5

Generic statement of how you will achieve your vision

Question 6

Strategy

Answer 6

one of more ways you can use the mission ststement to achieve your vision

Question 7

Goal

Answer 7

General statements on the things that need to be acomplished in order to implement the strategy

Question 8

Objective

Answer 8

Milestone within the process of implementing your strategy

Question 9

Action Plan

Answer 9

Activities that will aid the achievement of a goal within the constraints of an objective

Question 10

4 more (less important, self explanatory) definitions

Answer 10

Core values
Capability
Business model
Strategic control

Question 11

Quality definition

Answer 11

Consistent conformance to to customer expectation

Question 12

Quality ensures 3 things

Answer 12

Consistency
Repeatability
Dependability

Question 13

2 main elements of Quality

Answer 13

Quality assurance (QA)
Quality Control (QC)

Question 14

Quality Assurance (QA)

Answer 14

Activities performed before the task to eliminate faults

Question 15

Quality Control (QC)

Answer 15

Activities carried out after the task to expose and rectify faults (lessons learned during QC are fed back to QA)

Question 16

Value Engineering (VE)

Answer 16

Does NOT cut costs by sleceting inferior substitutes or using lesser quantities. A framework for eliminating or reducing cost assosiated to an item.

Question 17

5 phases of VE

Answer 17

Information phase
Speculation phase
Analysis phase
Development phase
Recommendation phase

Question 18

4 product lifecycle stages

Answer 18

Introduction
growth
maturity
decline

Question 19

5 Market forces (and how to mitigate against them)

Answer 19

1) New Entrants - Make sector look unattractive
2) Buyers bargaining power - Increase product variety
3) Substitute products or services - Market segmentation. Make a brand of your roduct available to other sectors (coke zero etc)
4) Suppliers bargaining power - Standardise your product (so dont have to buy from one place)
5) Existing competitors rivalry - Make proucts unique