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Supply Chain and Operations Management > Supply Chain & OM Mid-Term > Flashcards

Supply Chain & OM Mid-Term Flashcards

1
Q

Operations Management (OM)

A

Is activities that relate to the creation of goods & services through transformation of inputs to outputs

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2
Q

Production

A

Creation of goods

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3
Q

3 Main Functions

A
  1. Marketing - generates demand
  2. Production/operations - creates/produces product
  3. Finance/accounting - tracks how well organization is doing (pays bills, collects $)
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4
Q

Supply Chain

A

Global network of organizations & activities that supplies a firm with goods & services

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5
Q

Why Study OM? (2)

A
  1. Want to know how goods and services are produced

2. Because it is such a costly part of an organization

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6
Q

Management Process

A

Application of planning, organizing, staffing, leading, and controlling to the achievement of objectives

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7
Q

10 Critical Decisions of Operations Management

A
  1. Design of goods & services
  2. Managing quality
  3. Location strategy
  4. Process & capacity design
  5. Layout strategy
  6. Human resource job design
  7. Supply chain management
  8. Inventory, material requirements planning and JIT (just-in-time)
  9. Intermediate & short term scheduling
  10. Maintenance
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8
Q

Management Should (4)

A
  1. Matching employees to right jobs
  2. Provide proper training
  3. Provide proper work methods & tools
  4. Establish legitimate incentives for work to be accomplished
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9
Q

Information Technology

A

Systematic processing of data to yield information

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10
Q

Services

A

Economic activities that produce an intangible product (eg. education, entertainment, repair, law & trade)

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11
Q

Services (6)

A
  1. Produced & consumer simultaneously
  2. Unique
  3. High customer interaction
  4. Inconsistent product definition
  5. Knowledge based
  6. Dispersed
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12
Q

Service Sector

A

Segment of the economy that includes trade, financial, lodging, education, legal, & medical

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13
Q

Challenges in OM (7)

A
  1. Global focus
  2. Supply-chain partnering
  3. Sustainability
  4. Rapid product development
  5. Mass customization
  6. Just-in-time performance
  7. Empowered employees
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14
Q

Productivity

A

Ratio of outputs (goods & services) divided by one or more inputs (labour, capital, or management)

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15
Q

Efficiency

A

Improving productivity with minimum of resources & waste

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16
Q

Improvement (2)

A
  1. Reducing inputs while keeping outputs constant

2. Increasing output while keeping input constant

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17
Q

Productivity Formula

A

Units/Input Used

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18
Q

Single Factor Productivity

A

Indicates ratio of one resource (input) to the goods & services produced (outputs)

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19
Q

Multifactor Productivity

A

Indicates the ratio of many or all resources (inputs) to the goods & services produced (outputs)

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20
Q

Quality

A

May change while the quantity of inputs and outputs remains constant

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21
Q

External Elements

A

May increase or decrease in productivity for the system under study may not be directly responsible

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22
Q

Precise Units of Measure

A

May be lacking (eg. not all cars require same inputs)

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23
Q

3 Factors Critical to Productivity Improvement

A
  1. Labour (10% annual increase)
  2. Capital (38% annual increase)
  3. Management (52% of annual increase)
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24
Q

3 Variables for Improved Labour

A
  1. Basic education appropriate for an effective labour force
  2. Diet of labour force
  3. Social overhead that makes labour available, such as transportation & sanitation
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25
Q

Capital

A

Human beings are tool using animals

Capital investments provide the tools

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26
Q

Increase Cost of Capital

A

Inflation & taxes

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27
Q

Knowledge Society

A

Society which much of the labour force has migrated from manual work to work based on knowledge

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28
Q

Service Sector Work (5)

A
  1. Typically labour intensive (eg. counselling & teaching)
  2. Frequently focused on unique individual attributes or desires (eg. investments advice)
  3. Often an intellectual task preformed by professionals (eg. medical diagnosis)
  4. Often difficult to mechanize & automate (eg. haircut)
  5. Often difficult to evaluate for quality (eg. performance of a law company)
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29
Q

Ethical Challenges Facing OM (4)

A
  1. Efficiently developing & producing safe, quality products
  2. Maintaining a sustainable environment
  3. Providing a safe workplace
  4. Honouring stakeholder commitments
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30
Q

Managers Must Have

A

Moral awareness & focus on increasing productivity

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31
Q

Globalization

A

Domestic production & exporting may no longer be viable business model; local production & exporting no longer guarantee success or even survival

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32
Q

6 Reasons Why Domestic Business Operations Decide International Operation

A
  1. Reduce costs (labour, taxes, tariffs, etc)
  2. Improve supply chain
  3. Provide better goods & services
  4. Understand markets
  5. Learn to improve operations
  6. Attract & retain global talent
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33
Q

Maquiladoras

A

Mexican factories located along the United States-Mexico border receive preferential tariff treatment

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34
Q

World Trade Organization (WTO)

A

International organization that promotes world trade by lowering barriers to the free flow of goods across borders

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35
Q

North American Free Trade Agreement (NATFA)

A

A free trade agreement between Canada, Mexico, & the United States

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36
Q

European Union (EU)

A

European trade group that has 28 member states as of 2015

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37
Q

To Successfully Achieve Competitive Advantage Means Maximizing

A

All the possible opportunities, from tangible to intangible, that international operations can offer

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38
Q

Mission

A

Purpose or rationale for an organization’s existence

39
Q

Effective Operations Must Have (2)

A
  1. Mission, so it knows where it is going

2. Strategy, so it knows how to get there

40
Q

Strategy

A

How an organization expects to achieve it’s mission & goals

41
Q

How Firms Achieve Mission in 3 Conceptual Ways

A
  1. Differentiation (better)
  2. Cost leadership (cheaper)
  3. Response (more responsive)
42
Q

Competitive Advantage

A

Creation of a unique advantage over competitors

43
Q

Differentiation

A

Distinguishing the offerings of an organizations in a way that the customer perceives as adding value

44
Q

Experience Differentiation

A

Engaging a customer with a product though imaginative use of the 5 senses, so the customer can “experience” the product

45
Q

Low-Cost Leadership

A

Achieving maximum value, as perceived by customers

46
Q

Response

A

A set of values related to rapid flexible & reliable performance

47
Q

Flexible Response

A

Ability to match changes in the market place where design innovations & volumes fluctuate substantially

48
Q

Resource View

A

Method managers use to evaluate the resources at their disposal & manage or alter them to achieve competitive advantage

49
Q

Value Chain Analysis

A

Way to identify those elements in their product/service chain that uniquely add value

50
Q

Key Success Factors (KSF)

A

Activities or factors that are key to achieving competitive advantage

51
Q

Product Design

A

The characteristics or features of a product or service that determine its ability to meet the needs of the user

52
Q

Product Development Process (CPDPL)

A

Concept, planning, design & development, commercialization preparation and finally the launch (CPDPL)

53
Q

Reasons for Developing New Products and Services (4)

A
  1. New products or services can give firms a competitive advantage in the marketplace
  2. New products or services provide benefits to the firm
  3. Companies develop new products or services to exploit existing capabilities
  4. Companies can use new product development to block out competitors
54
Q

Internal Benefits

A

Shorter cycle time, less cost, less waste

55
Q

Repeatability (Robust Design)

A

Consistently deliver the same product at the required volume

56
Q

Testability

A

Non-value added activity, so should be easy and inexpensive to do

57
Q

Serviceability of the Design

A

Ease of repair, critical for products expected to be serviced or repaired

58
Q

Product Volumes

A

Increased volumes due to developing a new product or service can be handled by expanding a firm’s own operations by building new facilities, hiring additional workers, buying new equipment, or joint planning with key suppliers

59
Q

Product Costs

A

Obvious costs - costs that are the easiest to see and manage. Hidden costs- costs that are not easy to track but can have a major impact

60
Q

Engineering Change

A
  1. Track and explain what every change was, why it was made, what it may affect and how it affects it
  2. Documentation of all changes to products or processes.
  3. These can be known as ECO, ECR, ECN
61
Q

Product Design Flexibility

A

Easy to add features or upgrade

62
Q

Process Flexibility

A

Share processes or parts, will upgrade make current operations obsolete

63
Q

How Processes are in the Developmental Process

A

5 Phases

  1. Concept Development Phase
  2. Planning Phase
  3. Design and Development Phase
  4. Commercial Preparation phase
  5. Launch Phase
64
Q

Concept Development Phase (Developmental Process #1)

A

The first phase of a product development effort where a company identifies ideas of new or revised products and services

65
Q

Planning Phase (Developmental Process #2)

A

The second phase of a product development effort company where a company begins to address the feasibility of a product or service

66
Q

Design and Development Phase (Developmental Process #3)

A

The third phase of a product development effort where the company starts to invest heavily in the development effort and builds and evaluates prototype

67
Q

Commercial Preparation phase (Developmental Process #4)

A

The fourth phase of a product development effort where firms start to invest heavily in the operations and supply chain resources needed to support the new product or service

68
Q

Launch Phase (Developmental Process #5)

A

The final phase of a product development effort. For Products, this means “filling up” the supply chain with products. For services, it can mean making the service broadly available to the target market

69
Q

Sequential Development

A

Process in which a product or service idea must clear specific hurdles before it can go on to the next development phase.

70
Q

Concurrent Engineering

A

An alternative to sequential development in which activities in different development stages are allowed to overlap with one another, shortening the total development time

71
Q

Engineering

A

Provide the expertise

72
Q

Marketing

A

Understand the marketplace

73
Q

Accounting

A

Play the role of scorekeeper

74
Q

Finance

A

Judge the financial impact and determine how to acquire the needed capital

75
Q

Designers

A

Handle product design and create identities for companies, environments, and service experiences

76
Q

Gray Box Design

A

Hybrid arrangement. A situation in which a supplier works with a customer to jointly design the product

77
Q

Black Box Design

A

Highest level of supplier participation where they are the expert. A situation in which suppliers are supplied with general requirements and are asked to fill in the technical specifications

78
Q

Standardization

A

Is the planned elimination of unneeded similar parts, to save time and money eg., An automaker decides to have all models using a wheel

79
Q

Modularity

A

Refers to breaking components into sections or modules, based on functions (eg. a group of parts that work together as a physical chunk, such as an auto fender section, which may contain an outer panel, inner frame, fasteners and paint)

80
Q

Target Costing

A

The process of designing a product to meet a specific cost objective

81
Q

Value Analysis

A

The process that involves examining all elements of a component, an assembly, an end product, or a service to make sure it fulfils its intended function at the lowest total cost

82
Q

Value =

A

= Function/cost

83
Q

User-Based

A

Better performance, more features

84
Q

Manufacturing-Based

A

Conformance to standards, making it right the first time

85
Q

Why is Quality Important?

A
  1. Company Reputation
  2. Product Liability
  3. Globally Important
  4. Managing quality supports differentiation, low-cost, and response strategies
  5. Quality helps firms increase sales and reduce costs
  6. Building a quality organization is a demanding task
86
Q

Flow of Activities Necessary to Achieve Total Quality Management

A

Organizational practices -> Quality principles -> Employee Fulfillment -> Customer Satisfaction

87
Q

Prevention Costs

A

Reducing the potential for defects

88
Q

Appraisal Costs

A

Evaluating products, parts and services

89
Q

Internal Failure

A

Producing defective parts or service before delivery

90
Q

External Costs

A

Defects discovered after delivery

91
Q

Generating Waste

A

Transportation, Inventory, Movement, Waiting, Overproduction, Over-processing, Defects, Skills not utilized

92
Q

Seven Concepts of Total Quality Management

A
  1. Continuous Improvement
  2. Six Sigma
  3. Employee Empowerment
  4. Benchmarking
  5. Just in time (JIT)
  6. Taguchi concepts
  7. Knowledge of TQM tools
93
Q

Six Sigma Program (DMAIC Approach)

A
  1. Define critical outputs and identify the gaps for improvement
  2. Measure the work and collect the data
  3. Analyze the data
  4. Improve the process
  5. Control the new process to make sure new performance is maintained

Supply Chain and Operations Management (1 decks)

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