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BA 26 > UNIT 1 > Flashcards

UNIT 1 Flashcards

1
Q

critical function within any organization, encompassing a wide range of interrelated activities that are essential for producing goods and services efficiently and effectively.

A

Operations Management

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2
Q

involves predicting future demand for products or services. Accurate forecasting is crucial for effective planning and resource allocation.

A

Forecasting

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3
Q

helps organizations anticipate market trends, manage inventory levels, and align production schedules with customer needs.

A

Forecasting

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4
Q

techniques such as quantitative analysis, historical data review, and market research are commonly used

A

Forecasting

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5
Q

determines the production capacity needed to meet changing demands for products or services.

A

Capacity Planning

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6
Q

involves assessing current capacity, forecasting future needs, and making decisions about expanding or reducing capacity.

A

Capacity Planning

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7
Q

ensures that an organization can meet custom​er demand without overextending resources or incurring unnecessary costs.

A

Capacity Planning

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8
Q

strategic decision that impacts operational efficiency, cost, and customer service.

A

Locating Facilitites

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9
Q

Factors to consider include proximity to suppliers and customers, transportation costs, labor availability, and local regulations.

A

Locating Facilities

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10
Q

includes the arrangement of equipment, workstations, and storage areas to optimize workflow and minimize waste.

A

Facilities and Layout

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11
Q

involves overseeing the flow of goods from manufacturers to warehouses and from these facilities to point of sale.

A

Managing Inventories

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12
Q

maintaining optimal inventory levels to meet customer demand while minimizing holding costs

A

Managing Inventories

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13
Q

Techniques such as Just-In-Time (JIT) inventory, Economic Order Quantity (EOQ), and ABC analysis are commonly used

A

Managing Inventories

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14
Q

implementing processes and standards to ensure that products and services meet specified requirements.

A

Assuring Quality

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15
Q

Techniques such as Total Quality Management (TQM), Six Sigma, and regular quality audits help organizations maintain high-quality standards and reduce defects.

A

Assuring Quality

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16
Q

include providing training and development opportunities, recognizing and rewarding performance, and fostering a positive work environment.

A

Motivating Employees

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17
Q

models describe how a system operates

A

Descriptive Models

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18
Q

These models provide recommendations on the best course of action.

A

Prescriptive Models

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19
Q

These models forecast future outcomes based on historical data.

A

Predictive Models

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20
Q

simplified representations of reality that help managers understand complex systems and make decisions.

A

Models in Decision Making

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21
Q

involve the use of mathematical and statistical techniques to analyze data and inform decision-making.

A

Quantitative Approach

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22
Q

Techniques such as regression analysis and hypothesis testing help managers understand relationships between variables and make data-driven decisions.

A

Statistical Analysis

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23
Q

This optimization technique helps in resource allocation problems, ensuring that the best possible outcome is achieved given constraints.

A

Linear Programming

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24
Q

allow managers to test different scenarios and assess the impact of various decisions on operations.

A

Simulation Models

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25
Q

provide a solid foundation for decision-making by relying on objective data rather than intuition alone.

A

Quantitative Approaches

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26
Q

essential for evaluating the effectiveness of operations and guiding decision-making.

A

Performance Metrics

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27
Q

measure how well resources are utilized, such as labor productivity and machine utilization rates.

A

Efficiency Metrics

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28
Q

Metrics like defect rates and customer satisfaction scores

A

Quality Metrics

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29
Q

Profit margins, return on investment (ROI), and cost per unit

A

Financial Metrics

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30
Q

Lowering costs may lead to reduced quality, which can impact customer satisfaction.

A

Cost vs. Quality

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31
Q

focus on rapid production may limit the ability to customize products for individual customer needs.

A

Speed vs. Flexibility

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32
Q

Decisions that benefit short-term performance may not align with long-term strategic objectives.

A

Short Term vs. Long Term Goals

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33
Q

refers to how tailored products or services are to individual customer needs.

A

Degree of Customization

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34
Q

Managers must decide whether to offer standardized products for efficiency or customized solutions for customer satisfaction.

A

Standardization vs. Customization

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35
Q

Understanding customer preferences and market trends is crucial in determining the appropriate level of customization.

A

Market Demand

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36
Q

Organizations must assess their ability to deliver customized products without compromising efficiency.

A

Operational Capacity

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37
Q

views an organization as a collection of interrelated parts working together to achieve common goals.

A

Systems Approach

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38
Q

Managers must consider how decisions in one area (e.g., production) affect other areas (e.g., marketing, finance).

A

Holistic Perspective

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39
Q

Understanding the relationships between different functions helps in making informed decisions that optimize overall performance.

A

Interdependencies

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40
Q

Continuous feedback from various parts of the system allows for adjustments and improvements in decision-making processes.

A

Feedback Loops

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41
Q

crucial for effective decision-making, especially in resource-constrained environments.

A

Establishing Priorities

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42
Q

Clearly define organizational goals and objectives to guide decision-making.

A

Identifying Objectives

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43
Q

Assess potential decisions based on their alignment with established objectives and their impact on performance metrics.

A

Evaluating Options

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44
Q

Prioritize initiatives based on available resources, potential return on investment, and strategic importance.

A

Resource Allocation

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45
Q

These are companies that provide raw materials, components, or services to your direct suppliers.

A

Supplier’s Supplier

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46
Q

one step further back in the supply chain

A

Supplier’s Supplier

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47
Q

These are companies or individuals that directly supply goods or services to your business.

A

Direct Suppliers

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48
Q

They provide the materials, components, or products you need to manufacture your products or offer your services.

A

Direct Suppliers

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49
Q

entities that convert raw materials or components into finished products.

A

Producers

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50
Q

any entity involved in creating the final product from raw materials

A

Producers

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51
Q

intermediaries that buy products from producers or suppliers and sell them to retailers or directly to customers.

A

Distributors

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52
Q

often handle logistics, storage, and transportation of goods.

A

Distributors

53
Q

the end-users who purchase the product or service for personal use.

A

Final Customers

54
Q

the last link in the supply chain.

A

Final Customers

55
Q

Compliance with Laws and Regulations
Product Safety and Quality Standard
Contract Management

A

Legal Responsibilities

56
Q

Management must ensure that all operations adhere to the relevant laws, including labor laws, environmental regulations, and industry-specific standards.

A

Compliance with Laws and Regulations.

57
Q

involves keeping up-to-date with changes in legislation and implementing policies to ensure compliance.

A

Compliance with Laws and Regulations

58
Q

The firm must produce goods or provide services that meet safety and quality standards set by law.

A

Product Safety and Quality Standards.

59
Q

Operations management must ensure that the production processes and supply chain meet these standards to avoid legal issues.

A

Product Safety and Quality Standards.

60
Q

Ensuring that all contracts with suppliers, distributors, and customers are legally sound and adhered to is a critical management responsibility

A

Contract Management.

61
Q

Profitability and Financial Stability
Productivity and Efficiency
Market Competitiveness

A

Economic Responsibilities

62
Q

The primary economic responsibility of operations management is to ensure that the firm operates efficiently and profitably.

A

Profitability and Financial Stability

63
Q

This involves optimizing production processes, reducing costs, and managing resources effectively.

A

Profitability and Financial Stability.

64
Q

Operations managers are responsible for maximizing the productivity of the firm’s resources, including labor, machinery, and materials.

A

Productivity and Efficiency

65
Q

This can involve implementing lean manufacturing principles, optimizing supply chains, and reducing waste.

A

Productivity and Efficiency

66
Q

Ensuring that the firm remains competitive in the market by delivering products or services that meet customer needs at competitive prices.

A

Market Competitiveness

67
Q

This may involve continuous improvement processes, innovation in production methods, and strategic sourcing.

A

Market Competitiveness

68
Q

Fair Treatment of Employees
Environmental Stewardship
Fair Business Practices
Corporate Governance

A

Ethical Responsibilities

69
Q

Management must ensure that all employees are treated fairly, with respect to wages, working conditions, and opportunities for growth.

A

Fair Treatment of Employees

70
Q

This includes implementing fair labor practices and fostering a positive workplace culture.

A

Fair Treatment of Employees

71
Q

Operations management has a responsibility to minimize the firm’s environmental impact.

A

Environmental Stewardship

72
Q

This might include reducing waste, lowering emissions, and using sustainable materials.

A

Environmental Stewardship.

73
Q

Ensuring that the firm engages in honest marketing, transparent pricing, and ethical sourcing.

A

Fair Business Practices

74
Q

This can involve choosing suppliers who uphold ethical standards, avoiding exploitative practices, and engaging in fair trade.

A

Fair Business Practices

75
Q

Ensuring that the company’s operations are transparent and accountable.

A

Corporate Governance

76
Q

This involves implementing ethical decision-making processes, maintaining transparency with stakeholders, and ensuring that the company’s actions align with its stated values and principles.

A

Corporate Governance

77
Q

Management can choose suppliers who not only offer the best economic deal but also comply with legal and ethical standards.

A

Sustainable Supply Chain Management.

78
Q

By reducing waste, the firm can lower costs (economic responsibility), comply with environmental regulations (legal responsibility), and reduce its environmental footprint (ethical responsibility).

A

Waste Reduction Programs

79
Q

involve making decisions that shape the long-term direction and efficiency of a company’s operations.

A

Strategic Responsibilities

80
Q

These responsibilities ensure that the company’s operations are not only aligned with its overall business strategy but also optimized to respond to changing market conditions, technological advancements, and competitive pressures.

A

Strategic Responsibilities

81
Q

Alignment with Business Objectives
Integration Across the Supply Chain

A

Supply Chain Strategy Alignment

82
Q

This involves making decisions on sourcing, procurement, production, and distribution that support these goals.

A

Alignment with Business Objectives.

83
Q

Ensuring that all parts of the supply chain—from suppliers to customers—are integrated and coordinated to maximize efficiency, reduce costs, and improve service levels.

A

Integration Across the Supply Chain

84
Q

Designing the Supply Chain Network
Scalability and Flexibility

A

Network Configuration

85
Q

involves determining the optimal locations for production facilities, warehouses, and distribution centers to minimize costs and improve service levels.

A

Designing the Supply Chain Network

86
Q

The network should be designed to scale up or down based on demand fluctuations and to adapt to changes in the market or environment, such as new regulations or shifts in consumer preferences.

A

Scalability and Flexibility

87
Q

Leveraging Technology for Operations
Data Analytics and Automation

A

Information Technology (IT)

88
Q

Strategic use of IT systems, such as Enterprise Resource Planning (ERP) and Supply Chain Management (SCM) software, can streamline operations, improve decision-making, and enhance communication across the supply chain

A

Leveraging Technology for Operations

89
Q

This reduces errors, improves efficiency, and enables more informed strategic decisions.

A

Data Analytics and Automation

90
Q

Strategic Product Design
Innovation and Quality Management

A

Products and Services

91
Q

Decisions on product and service offerings, including their design, features, and lifecycle, are critical

A

Strategic Product Design

92
Q

Ensuring continuous improvement and innovation in products and services while maintaining high quality standards.

A

Innovation and Quality Management

93
Q

Determining the Capacity Needs
Balancing Supply and Demand

A

Capacity Planning

94
Q

this includes decisions on expanding facilities, investing in new technologies, or outsourcing

A

Determining Capacity Needs

95
Q

Operations managers must ensure that capacity aligns with expected demand to avoid both overproduction and underproduction

A

Balancing Supply and Demand

96
Q

Forming Longterm Partnerships
Collaboration and Co-Innovation

A

Strategic Partnerships

97
Q

Engaging in joint ventures, research and development collaborations, and shared investments with partners

A

Collaboration and Co-Innovation

98
Q

building and maintaining strategic relationships with suppliers, distributors, and other stakeholders

A

Forming Long term Partnerships

99
Q

Selecting distribution Channels
Logistics Optimization

A

Distribution Strategy

100
Q

the distribution strategy should align with customer expectations, cost considerations, and company objectives

A

Selecting Distribution Channels

101
Q

optimizing transportation, warehousing and inventory management

A

Logistics Optimization

102
Q

Risk Management
Scenario Planning

A

Uncertainty and Risk Management

103
Q

identifying potential risks in the supply chain

A

Risk Management

104
Q

this could include diversifying suppliers, holding safety stocks or creating contingency plans

A

Risk Management

105
Q

this allows the company to respond more effectively to unforeseen events and maintain operational stability

A

Scenario Planning

106
Q

focuses to the movement and handling of physical goods and services

A

Product and Service Flow

107
Q

exchange and management of data and information

A

Information Flow

108
Q

Management of monetary transactions and financials arrangements

A

Financial Flow

109
Q

Flow Management

A

Product and Service
Information
Financial

110
Q

the term used to describe the difference between the cost of inputs and the value or price of outputs.

A

Value-added

111
Q

These govern the operation of the entire
organization

A

Upper Management Process

112
Q

These are the core processes that make up the value stream.

A

Operational Process

113
Q

These support the core processes.

A

Supporting Processes

114
Q

A few factors account for a high percentage of the occurrence of some event(s).

A

Pareto phenomenon

115
Q

this is related to global warming, pollution and other natural disasters that had increasing effect in business operations, in effect – stricter environmental regulations

A

Environmental Concerns

116
Q

refers to service ad production processes that uses resources in ways that do not harm ecological systems that support both current and future human existence

A

Sustainability

117
Q

finding new ways of improving product quality

A

Innovation

118
Q

the sequence of organizations –their facilities, functions and activities that are involved in producing and delivering a product or service.

A

Supply Chain

119
Q

provide raw materials, parts, equipment, supplies, and/or other inputs to the organization, and they deliver outputs that are goods to the organization’s customers.

A

External Parts of Supply Chain

120
Q

part of the operations function itself, supplying operations with parts and materials, performing work on products, and/or performing services.

A

Internal Parts of Supply Chain

121
Q

the strategic coordination of business functions within a business organization and throughout its supply chain for the purpose of integrating supply and demand management.

A

Supply Chain Management

122
Q

the part of a supply chain involved with the forward and reverse flow of goods, services, cash, and information.

A

Logistics

123
Q

includes management of inbound and outbound transportation, material handling, warehousing, inventory, order fulfillment and distribution, third-party logistics, and reverse logistics

A

Logistics Management

124
Q

term that reflects the concept that value is added as goods and services progress through the chain.

A

Value Chains

125
Q

starts at the beginning of the chain and ends with the internal operations of the organization.

A

Supply Component

126
Q

starts at the point where the organization’s output is delivered to its
immediate customer and ends with the final customer in the chain.

A

Demand Component

127
Q

the sales and distribution portion of the value chain.

A

Demand Chain

128
Q

the lifeblood of any business organization.

A

Supply Chain

BA 26 (1 decks)

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