Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Introduction to Business > Topic 6 : Operations and Management > Flashcards

Topic 6 : Operations and Management Flashcards

1
Q

Define what is operations management

A

Operations management is the development and administration of the activities involved in transforming resources into goods and services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the difference between Service and Manufacturing regarding Intangibility

A

With service, the control and measurement are difficult and the labor is intensive, while in manufacturing, quality has observable benchmarks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the difference between Service and Manufacturing regarding Perishability?

A

Service : No inventory
Manuf. : With inventory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the difference between Service and Manufacturing regarding Heterogeneity?

A

Service : customized
Manufacturing : Standardized

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the difference between Service and Manufacturing regarding Simultaneity?

A

Service : more customer contact
Manufacturing : possible no contact

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is an input?

A

Input refers to the resources, like fuel and labor, that goes into the production of a good or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is an output?

A

Output is the finished product that is the result of input resources combined.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Explain the transformation process using all the right terms.

A

Production factors, which are inputs such as labor, capital, raw materials, etc. goes into production process to be transformed into products like goods, ideas and services, which are outputs. Those are controlled with standards of quality and feedbacks to see if the goals have been achieved.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the 3 components of Operations management?

A

Product, Process and the Supply chain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Which step or activity is crucial to determine what to produce and for whom?

A

Marketing research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is called the concept in which you identify what to offer.

A

Product definition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A Company’s relative position within the industry is called : __________

A

Strategic positioning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is product architecture

A

How all the functional parts of the product are arranged and come together, how the product is built.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

After defining the product, what are the 2 questions we must ask ourselves? To which component of Operations management does it apply to?

A

How to produce?

Where to produce?

Applies to Process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the 3 types of process in producing?

A
  • Standardization
  • Modular design
  • Customization
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

If i produce identical interchangeable components or products, what type of process am I using?

A

Standardization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

If i produce self-contained units that can be combined or interchanged to create different products, what type of process am I using?

A

Modular design

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

If I produce personalized products, what tyoe of process am I using?

A

Customization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Explain the concept of CAPACITY.

A

Capacity is the maximum load that an organizational unit can carry or operate. It can be stated in terms of inputs or outputs.

20
Q

Give examples of units of measurement that could be used to calculate the CAPACITY of an organizational unit.

A

Worker, machine, department, entire plant.

21
Q

What happens if i plan a capacity that is too low while producing?

A

The demand of the customer isn’t met. Too High results in High costs.

22
Q

Explain what a facility is.

A

A facility is a permanent, semi-permanent or temporary commercial/industrial property that is built, established, or installed for the performance of one or more specific activities or functions.

23
Q

What are the factors to consider when building a facility?

A
  • The proximity to market
  • Availability of raw materials, transportation, power and labor
  • Climatic influences and community characteristics
  • Taxes and inducements
24
Q

Now that the facility is built/bought, what are the three layouts that can be put in place?

A
  • Fixed position
  • Process layout

-Product layout

25
Q

Explain the ‘fixed position’ layout in a facility.

A

When all the resources required to create the product are brought to a central location.

26
Q

Explain the ‘process layout’ layout in a facility

A

The transformation process is organized into departments.

27
Q

Explain the ‘product layout’ layout in a facility

A

When production is divided into relatively simple tasks assigned to workers (ex : in an assembly line)

28
Q

Name some technology advancements seen in Operations Management

A

Computer-assisted design (CAD), Computer-assisted manufacturing (CAM), Computer-integrated manufacturing (CIM), Flexible manufacturing

29
Q

Explain what is the supply chain management.

A

The design, planning, execution, control and monitoring of supply chain activities

30
Q

What are the objectives of the supply chain management.

A
  • Creating net value
  • Building a competitive infrastructure
  • Leveraging worldwide logistics
  • Synchronizing supply with demand
  • Measuring performance globally
31
Q

What does the supply chain involves?

A

The movement and storage of raw materials, work-in-progress inventory, and finished goods from point of origin to point of consumption.

32
Q

What is the other concept that Supply Chain Management is often referred to?

A

Logistics

33
Q

What is inventory?

A

All raw materials, components, partially completed products and equipments used in the production process.

34
Q

Give the definition of raw materials.

A

All materials purchased to be used as inputs of production.

35
Q

Give the definition of a work-in-progress

A

A partially complete product

36
Q

Give the definition of finished goods

A

Product ready for sale

37
Q

Why does inventory costs money?

A

The inventory is a stuck capital : money that has been put into the raw materials, work-in progress, but can’t be sold and can’t obtain a profit.

  • Storage location

-Obsolescence : products can perish

  • Insurance
  • Security control

-Theft risks

38
Q

What is inventory control?

A

The process of determining how many supplies and goods are needed.

It’s also keeping track of quantities on hand, where each item is and who is responsible for it.

39
Q

What are the types of inventory?

A
  • safety
  • cycle
  • seasonal
  • speculative
  • in-process/pipeline
  • marketing/shelf
40
Q

What is the use of the Economic Order Quantity Model?

A

It is an inventory management model that identifies the optimum order of items to minimize the costs of managing them

Normally used to manage CYCLE inventory

41
Q

Explain the Just-in-Time Inventory management model.

A

Use smaller quantities and materials that arrive “just-in-time” for use in the transformation process

42
Q

What are the main benefits of the Just-in-time model in inventory management?

A

Requires less storage space and other inventory management expense

43
Q

Quality is the match between (a)____________ , (b)____________ and (c)___________

A

a. products
b. consumers’ needs
c. requirements

44
Q

What are the 4 principles of quality?

A
  1. Customer first
  2. Social learning
  3. Continuous improvement
  4. Total participation
45
Q

What is the Optimal Quality level?

A

When the failure costs function meets the prevention costs function.

46
Q

Why is the Total cost quality always higher on the graphic than the failure costs and prevention costs even if the latters are at the same cost?

A

Because the total cost of quality is the sum of the prevention costs and failure costs.

47
Q

What is quality control?

A

The process used to maintain established quality standards.

Introduction to Business (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions