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OM > SEMI FINALS TOPIC > Flashcards

SEMI FINALS TOPIC Flashcards

1
Q

What is forecasting?

A

A process of making predictions about future business trends based on trend analysis and present data.

It helps in business planning by analyzing past and present data to forecast future scenarios.

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2
Q

Who typically performs forecasting?

A

Managers, statisticians, experts, economists, and consultants.

They collect and analyze data to create forecasts.

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3
Q

What are the features of forecasting?

A
  • Involves future events
  • Based on past and present events
  • Uses forecasting techniques

These features highlight the predictive nature of forecasting and its reliance on data.

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4
Q

What are the primary sources of data forecasting?

A
  • Primary sources: First-hand information like interviews and questionnaires
  • Secondary sources: Information already collected by others, such as industry reports.

Primary sources are often more reliable but time-consuming to gather.

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5
Q

What are the two main methods of forecasting?

A
  • Qualitative methods: Subjective, relying on human judgment
  • Quantitative methods: Use mathematical and statistical tools based on past data.

Qualitative methods are useful when historical data is lacking.

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6
Q

Fill in the blank: The _______ method is the easiest forecasting method, used to determine future revenues based on past trends.

A

[Straight-line]

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7
Q

What is the first step in the forecasting process?

A

Develop the basis of forecasting by investigating the company’s current market position.

This step is crucial for accurate forecasting.

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8
Q

What are the applications of forecasting in operations management?

A
  • Demand forecasting
  • Inventory management
  • Production planning
  • Scheduling
  • Supply chain management

Each of these applications helps in resource allocation and operational efficiency.

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9
Q

What is inventory forecasting?

A

A method used to predict future inventory levels and manage purchase orders effectively.

It helps increase revenue and decrease unnecessary costs.

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10
Q

What are the types of inventory forecasting?

A
  • Trend forecasting
  • Graphical forecasting
  • Qualitative forecasting
  • Quantitative forecasting

Each type uses different methods to predict inventory needs.

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11
Q

What is the benefit of inventory forecasting?

A
  • Minimizes stockouts
  • Reduces inventory holding costs
  • Reduces product waste
  • Improves customer & supplier satisfaction

These benefits lead to better inventory management and customer satisfaction.

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12
Q

What is production system design?

A

The process of planning, architecting, and building a software system to reliably handle real-world usage and demands.

It ensures systems can handle increasing workloads effectively.

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13
Q

What are the key components of production system design?

A
  • Reliability
  • Scalability
  • Performance
  • Security
  • Maintainability

These components are crucial for a well-functioning production system.

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14
Q

What is product design?

A

The process of ideating, developing, and refining products to meet market needs and solve user problems.

It involves collaboration between product managers and product designers.

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15
Q

Why is product design important?

A
  • Creates innovative products
  • Improves user experience
  • Increases brand awareness
  • Maintains competitiveness

Effective product design is critical for business success.

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16
Q

What is process design in manufacturing?

A

The planning and development of a sequence of operations, procedures, and resources required to produce a product efficiently.

It is essential for managing a company’s operations effectively.

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17
Q

What are the five factors of process design?

A
  • Product variety
  • Output volume
  • Technology
  • Employees
  • Production lifespan

These factors influence the efficiency and effectiveness of manufacturing processes.

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18
Q

What does ‘Employees’ refer to in an organization?

A

Individuals who work in various roles and capacities within an organization.

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19
Q

Define ‘Production Lifespan’.

A

The duration from the initial design and development of a product through its production, usage, and eventual discontinuation.

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20
Q

What are the benefits of implementing process design?

A
  • Identify and eliminate bottlenecks in activities
  • Lay out new workflows and rebuild existing ones
  • Reduce costs and time on training new employees
  • Increase business professionalism
  • Expand knowledge base
  • Encourage team members
  • Enhance clients’ loyalty
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21
Q

What is Process Selection?

A

The decision on how production of goods or services will be organized.

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22
Q

How does Process Selection influence an organization?

A

It affects the choice of technology, processing, and social activities, impacting the organization’s ability to achieve its mission.

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23
Q

List the basic processing types.

A
  • Job Shop
  • Batch
  • Repetitive
  • Continuous
  • Project
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24
Q

Describe a Job Shop processing type.

A

Operates on a small scale, used for low volume of high variety goods or services, requiring high flexibility and skilled workers.

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25
Q

What is Continuous processing?

A

Used for high volume of nondiscrete, highly standardized output with almost no variety and no equipment flexibility.

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26
Q

What are the three types of automation?

A
  • Fixed Automation
  • Programmable Automation
  • Flexible Automation
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27
Q

Define ‘Service Delivery’.

A

A system or framework that provides products or services to customers, including communication channels between consumers and service providers.

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28
Q

Why is service delivery important?

A

It establishes a relationship with customers and connects them with providers, enhancing customer experience.

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29
Q

What is a Service Delivery System Design?

A

The planning and organizing of internal factors that make up service delivery to the end customer.

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30
Q

What is the Service Delivery System Continuum?

A

It includes all contributors within an organization that help create and deliver a service.

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31
Q

How does an effective Service Delivery System impact customer satisfaction?

A

It meets customer service expectations, leading to increased loyalty and satisfaction.

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32
Q

What is ‘Capacity’ in operations management?

A

The maximum amount of work or production that a facility, process, or equipment can handle over a specified time.

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33
Q

What is the goal of Capacity Planning?

A

To ensure an organization can produce enough output to meet customer demand without overproduction or underproduction.

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34
Q

List the three time horizons in capacity planning.

A
  • Long-range / Long-term Capacity Decisions
  • Intermediate-range Capacity Decisions
  • Short-range / Short-term Capacity Decisions
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35
Q

What are Economies of Scale?

A

Achieved when the average unit cost decreases as capacity and/or volume of throughput increases.

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36
Q

What is the Theory of Constraints (TOC)?

A

A philosophy suggesting that any system has at least one constraint that limits it from achieving its goal.

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37
Q

What is a bottleneck in the context of TOC?

A

The work activity that limits the throughput of the entire process.

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38
Q

Identify the causes of Capacity Constraints.

A
  • Demand Fluctuations
  • Lack of resources
  • Inefficient processes
  • External factors (e.g., regulations, natural disasters)
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39
Q

How can organizations overcome Capacity Constraints?

A
  • Staff Training
  • Technology Investments
  • Ensuring Materials Availability
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40
Q

True or False: Capacity decisions can affect competitiveness.

A

True

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41
Q

Fill in the blank: Capacity planning is the act of balancing available resources to satisfy customer _______.

A

[demand]

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42
Q

What is the impact of capacity on future demand?

A

Capacity impacts the ability to meet future demand and limits output.

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43
Q

How do capacity decisions affect operating costs?

A

Capacity decisions affect operating costs.

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44
Q

What is the relationship between capacity and initial cost?

A

Capacity is usually a major determinant of initial cost.

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45
Q

What is a significant characteristic of capacity decisions?

A

Capacity decisions involve long-term commitments and can be costly to change.

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46
Q

What does proper capacity simplify?

A

Proper capacity simplifies management.

47
Q

How has globalization affected capacity decisions?

A

Globalization has increased the importance and complexity of capacity decisions.

48
Q

What does capacity planning require due to financial implications?

A

Capacity planning requires long-term foresight due to significant financial implications.

49
Q

What is Capacity Requirements Planning (CRP)?

A

CRP is a manufacturing and production management process ensuring sufficient production capacity to meet planned schedules.

50
Q

What is the Bill of Materials (BOM)?

A

BOM is a detailed list of materials and components required for each product.

51
Q

What is the Master Production Schedule (MPS)?

A

MPS details production needs for each product within a set timeframe.

52
Q

What does lead time analysis study?

A

Lead time analysis studies the time needed for different stages in the production cycle.

53
Q

What is the importance of inventory management?

A

Effective inventory control prevents overstocking or stockouts.

54
Q

What are the key objectives of Capacity Requirements Planning (CRP)?

A
  • Maximizing resources
  • Minimizing delays
  • Just-In-Time manufacturing
  • Improving profitability
  • Adapting to changes
  • Better decision-making
55
Q

What is the first step in Capacity Requirements Planning?

A

Demand Prediction.

56
Q

What does capacity assessment involve?

A

Checking all resources such as labor, machines, and materials to understand production capacity.

57
Q

What is the purpose of production scheduling?

A

To create a production plan based on demand forecast and available capacity.

58
Q

What is real-time monitoring and adjustments?

A

Continuously monitoring production processes and making instant changes as needed.

59
Q

What is workforce capacity planning?

A

Management of human resources to calculate total hours worked on a project.

60
Q

How is workforce capacity calculated?

A

(Workers) x (Shifts) x (Utilization) x (Efficiency)

61
Q

What is product capacity planning?

A

Determining production capacity to meet fluctuations in product demand.

62
Q

What does tool capacity planning assist with?

A

Forecasting resource requirements and allocation of resources at the right time.

63
Q

What is capacity measurement?

A

Evaluating current production capabilities and comparing them to projected needs.

64
Q

Define capacity.

A

Capacity refers to the maximum output or input that a system can handle within a specified period.

65
Q

What are the three primary types of capacity?

A
  • Design Capacity
  • Effective Capacity
  • Actual Output
66
Q

What does design capacity represent?

A

The theoretical maximum output under ideal conditions.

67
Q

What is effective capacity?

A

The capacity a firm expects to achieve given current operating constraints.

68
Q

What does actual output refer to?

A

The actual results achieved by a system over a specific period.

69
Q

What is input capacity measurement?

A

It focuses on the resources available to a system, such as labor, materials, and equipment.

70
Q

What are the elements of input capacity measurement?

A
  • Labor Capacity
  • Material Capacity
  • Equipment Capacity
  • Energy Capacity
71
Q

What does output capacity measurement focus on?

A

The actual production or output of a system within a specified timeframe.

72
Q

What are components of output capacity measurement?

A
  • Units Produced
  • Throughput Time
  • Cycle Time
  • Yield
73
Q

What is efficiency in capacity measurement?

A

The ratio of actual output to effective capacity, expressed as a percentage.

74
Q

How is utilization calculated?

A

(Actual Output / Design Capacity) x 100%

75
Q

What is Material Requirements Planning (MRP)?

A

A sophisticated inventory management and production planning system used in manufacturing.

76
Q

What are the key objectives of MRP?

A
  • Ensuring Material Availability
  • Maintaining Optimal Inventory Levels
  • Planning and Scheduling Activities
77
Q

What is independent demand?

A

Demand for finished products driven by customer orders or forecasts.

78
Q

What is dependent demand?

A

Demand for components needed to assemble finished products.

79
Q

What are the essential inputs for MRP?

A
  • Master Production Schedule (MPS)
  • Bill of Materials (BOM)
  • Inventory Status Records
80
Q

What does the MRP computation process involve?

A

Transforming inputs into actionable production plans.

81
Q

What is the purpose of Material Requirements Planning (MRP)?

A

To optimize material availability, inventory levels, and production scheduling

MRP helps organizations meet customer demands efficiently.

82
Q

What are the net requirements for Component B given the gross requirement of 200 units and 50 units on-hand?

A

150 units needed

Calculation: Net Req(B) = 200 (gross) - 50 (on-hand)

83
Q

What is the lead time for Component C?

A

1 week

Lead times impact the scheduling of orders.

84
Q

What is the planned order release for Component B?

A

Release an order for 150 units by the end of Week 2

This order will arrive in Week 4.

85
Q

True or False: MRP operates under the assumption of finite capacity.

A

False

MRP typically assumes infinite capacity, which can lead to scheduling conflicts.

86
Q

What is Facility Layout in operations management?

A

The physical arrangement of resources and activities to maximize workflow efficiency and productivity

It ensures safety and comfort for employees.

87
Q

What is a Product Layout?

A

Resources arranged in a sequence based on the production process

Commonly used in assembly lines for high-volume production.

88
Q

What is a Process Layout?

A

Resources grouped together based on similar processes

Suitable for custom or low-volume products.

89
Q

What is an example of a Fixed-Position Layout?

A

Used for large or heavy items like ships or airplanes

The product remains stationary while resources move around it.

90
Q

What defines a Cellular Layout?

A

Resources arranged into cells based on similar processes

Enhances efficiency for products grouped into families.

91
Q

What is a Workplace Design System?

A

A structured approach to designing and organizing workspaces

Aims to support tasks, minimize waste, and ensure employee comfort.

92
Q

Fill in the blank: Ergonomics involves designing workspaces to meet _______.

A

employees’ needs

This reduces strain and the risk of injury.

93
Q

What are the components of effective workplace design?

A
  • Ergonomics
  • Workflow Efficiency
  • Space Utilization
  • Safety and Compliance

These components enhance productivity and employee well-being.

94
Q

What is an Open Plan layout?

A

Encourages collaboration and communication with minimal partitions

Often used in creative industries.

95
Q

What is the advantage of a Cubicle Layout?

A

Provides individual workspaces for privacy

Common in corporate offices.

96
Q

True or False: Activity-Based Workspaces require no adaptability from employees.

A

False

Employees must adapt to different areas designed for specific tasks.

97
Q

What are the benefits of effective workplace design?

A
  • Increased Productivity
  • Enhanced Employee Satisfaction
  • Cost Savings
  • Improved Health and Safety
  • Better Collaboration

These benefits lead to a positive workplace culture.

98
Q

What is a Grid Layout?

A

Characterized by long aisles that run parallel to each other

Commonly used in grocery stores, maximizing product display.

99
Q

What is the disadvantage of a Free-Flow Layout?

A

May not be space-efficient and can cause congestion

Requires careful management to maintain customer experience.

100
Q

What does Total Quality Management (TQM) emphasize?

A

Continuous improvement in all aspects of an organization

Including layout design to ensure optimal performance.

101
Q

What is the impact of a well-designed store layout on customer experience?

A

Enhances customer satisfaction and reduces frustration

Aligns with the TQM principle of customer focus.

102
Q

What is the key takeaway regarding the interconnectedness of forecasting, production system design, capacity planning, and facility layout?

A

They work together to create a cohesive strategy that enhances efficiency

This integration minimizes waste and maximizes profitability.

103
Q

What is forecasting?

A

Forecasting is the process of estimating future trends or values based on historical data and analysis.

Methods of forecasting can include quantitative techniques like time series analysis and qualitative approaches like expert judgment.

104
Q

What are some common methods of forecasting?

A
  • Time series analysis
  • Regression analysis
  • Qualitative methods
  • Moving averages
  • Exponential smoothing

Each method has its strengths and weaknesses, and the choice depends on the specific context and available data.

105
Q

What is process design?

A

Process design involves defining the steps and resources needed to produce a product or service.

It is crucial for optimizing efficiency and ensuring quality in manufacturing and service delivery.

106
Q

Why is process selection important in system design?

A

Process selection is vital because it impacts operational efficiency, cost, and product quality.

Different processes can lead to varying levels of productivity and flexibility.

107
Q

What are the four success factors in service design and delivery?

A
  • Understanding customer needs
  • Streamlining processes
  • Training employees
  • Continuous improvement

These factors help ensure that services meet customer expectations and operational goals.

108
Q

What is capacity planning?

A

Capacity planning is the process of determining the production capacity required by an organization to meet changing demands for its products.

Effective capacity planning helps avoid overproduction or stockouts.

109
Q

What are the key components of material requirements planning (MRP)?

A
  • Inventory management
  • Production planning
  • Scheduling
  • Demand forecasting

MRP helps ensure that materials are available for production and products are available for delivery to customers.

110
Q

Fill in the blank: _______ is a system for managing the flow of materials and production scheduling.

A

[Material Requirements Planning (MRP)]

111
Q

True or False: Service delivery refers solely to the final product provided to the customer.

A

False

Service delivery encompasses the entire process of providing a service, including interactions between the customer and service provider.

112
Q

What is the significance of facility layout in operations management?

A

Facility layout is crucial for optimizing workflow, minimizing costs, and ensuring safety in operations.

A well-planned layout can enhance productivity and employee satisfaction.

113
Q

What is the relationship between capacity planning and material requirements planning?

A

Capacity planning ensures that an organization has the resources to meet production demands, while MRP focuses on the materials required to produce those products.

Together, they help maintain efficient production processes.

114
Q

What are the primary goals of operations management?

A
  • Improving efficiency
  • Reducing costs
  • Enhancing quality
  • Meeting customer demand

Operations management aims to optimize all aspects of production and service delivery.

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