Term
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Definition
| The application of planning, organizing,staffing, leading and controlling to the achievement of objectives. |
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Term
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Definition
| The creation of goods and services |
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Term
| Definition of Goods and Services |
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Definition
| Goods are tangible items that can be physically produced. Services are usually intangible, services are often provided to the consumer. |
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Term
| Differences between goods and services |
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Definition
-goods tangible and services intangible
-services are produced and consumed simultaneously
-you can take inventory of goods
-services have high customer interaction
-both have quality standards established |
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Term
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Definition
| The segment of the economy that includes trade, financial, lodging, education, legal, medical and other professional occupations. |
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Term
| Production vs Productivity |
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Definition
Production is the making of goods and services,
Productivity is the ratio of outputs divided by one or more inputs. |
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Term
| What are the three critical factors in productivity? |
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Definition
| labour, capitol, managment |
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Term
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Definition
| A society in which most of the labour force has migrated from manual work to work based on knowledge |
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Term
| What makes productivity in the service sector difficult? |
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Definition
| labour intensive, often times focused on individual attributes or desires, often an intellectual task, dificult to automate(haircut) and difficult to evaluate the quality |
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Term
| What is the difference between single-factor and multi-factor productivity? |
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Definition
Single-factor: ratio between 1 resource(input) to the goods and services produced(outputs)
Multi-factor: The ratio between many or all the resources(inputs) to the outputs. |
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Term
| What are some ethical issues faced when building productive systems? |
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Definition
| Efficiently developing products, making products good quality and safe, maintaining a sustainable environment, safe workplace. |
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Term
| What are some things operations manager do? |
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Definition
| design goods and services, manage quality, layout strategy, human resources, inventory, supply-chain management. |
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Term
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Definition
| Activities that relate to the creation of goods and services through the transformation inputs to outputs. |
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Term
| How Operations Management links to production and productivity? |
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Definition
| OM relates to the production of goods and services through the transformation of the productivity (single and multi factor) |
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Term
| Globalization of strategy |
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Definition
| it contributes efficiency and adds value to products and services, (Makes the OM's job harder) |
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Term
| Why do domestic businesses change to global operations |
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Definition
| reduces costs, improves supply chain,, better goods and services, understand markets, learn to improve operations, attract and retain global talent. |
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Term
| What is on of the main issues faced when globalizing an operation? |
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Definition
| cultural and ethical issues, what one culture accepts could be deemed illegal or unacceptable in another country. |
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Term
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Definition
| The purpose or rationale for an organizations existance |
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Term
| What is the functional area of a firm? |
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Definition
| This is the major discipline within a firm (each functional area creates its own mission statement) |
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Term
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Definition
| How an organization expects to achieve its mission and goals |
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Term
| How are strategies developed? |
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Definition
| 3 ways: dfferentiation, cost leadership and response. |
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Term
| How do Operation Managers view the 3 strategic concepts that are used to develop a strategy? |
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Definition
| They want their products to be better, cheaper and more responsive. |
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Term
| Difference between differentiation strategy and low cost strategy? |
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Definition
differentiation: distinguishing the offerings of an organization in a way that the customer perceives as adding value
Low cost: achieving maximum values as perceived by the customer. |
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Term
| What are the 3 main things that companies are constantly competing on? |
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Definition
| Differentiation, Low-Cost leadership and Response |
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Term
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Definition
| includes the entire range and value of what the product has to offer but in a timely manor |
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Term
| How does the difference between goods and services influence the 10 OM decisions? |
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Definition
| Influences the Quality process capacity and design (customer involvement in the production and assembly) location selection, human resources, supply-chain management scheduling. (more details pg 41) |
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Term
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Definition
| A way to identify those elements in the product or service that uniquely add value |
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Term
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Definition
| a method of analyzing the 5 forces in the competitive environment |
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Term
| What are the 5 forces in the five force model |
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Definition
| immediate rivals, potential entrants, customers, suppliers, substitute products |
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Term
| What parts of a firm are undergoing constant change? |
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Definition
| everything! resources, technology, product life cycle (Intro, Growth, Maturity, Decline) |
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Term
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Definition
| a method of determining internal strengths and weaknesses, and external opportunities and threats |
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Term
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Definition
| A set of skills, talents, and activities in which a firm is particularly strong |
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Term
| How are Key success factors and Core competencies linked? |
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Definition
| A core competency may be a combination of Key success factors so that the company can reach its goal |
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Term
| What is the strategy development process? |
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Definition
| Analyze the environment, detirmine the mission to identify the value of what the company wishes to create, Form a strategy (build a competitive advantage) |
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Term
| What factors determines that a company is good at what it does? |
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Definition
| When the operations strategy is integrated with other functional areas of the firm such as finance, IT, and human resources |
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Term
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Definition
| A strategy which global markets are penetrated using exports licenses |
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Term
| What are the global operations strategies? |
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Definition
| Global Strategy, Transnational strategy, international strategy, multidomestic strategy |
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Term
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Definition
| a strategy in which operating decisions are decentralized to each country to enhance local responsiveness |
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Term
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Definition
| a strategy in which operating decisions are centralized and headquarters coordinates the standardization and learning between facilities |
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Term
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Definition
| a strategy that combines the benefits of global-scale efficiencies with the benefits of local responsiveness |
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Term
| What are the three phases of project management? |
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Definition
| planning, scheduling and controlling |
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Term
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Definition
| and organization formed to ensure the projects receive the proper management and attention |
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Term
| What is the project manager responsible during the course of doing a project? |
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Definition
| all necessary activities are completed on a timely manor, within budget, meets all quality goals, the people assigned to the project receive proper motivation, direction and information needed. |
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Term
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Definition
| defines the project by dividing it into major tasks, which are then subdivided into more detailed components and then a final set of activities and their related costs. |
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Term
| Project scheduling technique Gantt Charts |
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Definition
| planning charts used to schedule resources and allocate time. make the activities are planned, project time is developed and recorded. |
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Term
| What are two project management techniques and define each? |
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Definition
project evaluation and review technique (PERT) employs 3 time estimates for each activity
Critical path method (CPM) uses 1 time factor per activity |
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Term
| What does slack represent |
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Definition
| it is the free time for an activity, the length of time an activity can be delayed without delaying the entire project |
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Term
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Definition
| On a CPM chart there are different sets of paths, the critical path will never have any slack time, other paths may have slack. |
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Term
| ON a PERT chart what is the difference between a, b and m. |
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Definition
a-optimistic time: time for the activity if everything goes as planned
b-pessimistic time: length of the project assuming very unfortunate activities
m-most likely time: the realistic estimate of how long it is going to take |
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Term
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Definition
| Shortening the activity time in a network to reduce time on the critical path so total completion time is reduced |
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Term
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Definition
| It is used because sometimes the project runs behind schedule, or the scheduled project completion time has been moved forward. SO taking the time from the Critical path makes sense because then the other paths are also reduced without cutting into the activity time. |
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Term
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Definition
| the art and science of predicting future events |
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Term
| What are the time horizons of forecasting? |
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Definition
short term: up to 1 year,
medium range: anywhere from 1-3 years
long-term: 3 or more years |
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Term
| What are the three major types of forecasting? |
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Definition
| Economic forcasts, technological forecasts and demand forecasts |
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Term
| What is the strategic importance of forecasting? |
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Definition
| Forecasts are critical to predict the demand until the demand becomes known so that decision can be driven and made in human resources, capacity and supply-chain managment |
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Term
| Qualitative vs quantitative forecasts |
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Definition
Qualitative: forecasts that employ mathematical modeling to forecast demand
Quantitative: incorporate factors such as decision makers intuition, personal exp and emotions |
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Term
| What are the 2 sections and 5 subsections of Quantitative methods? |
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Definition
Time Series- naive approach, moving averages, exponential smoothing, trend projects
Associative model-linear regression |
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Term
| Time-series vs Associative |
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Definition
time series models predict the assumption that the future is a function of the past while
Associative models incorporate the variables or factors that might influence the quantity being forecasted |
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Term
| What are the qualitative methods? |
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Definition
| Jury of executive opinion, delphi method, sales force composite, consumer market survey |
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Term
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Definition
| a weighted moving average forecasting technique in which data points are weighted by an exponential function |
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Term
| What is the best way to measure forecasting? |
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Definition
| The best method is to use all of the techniques and find a trend projection or fit a trend line to the data and make the forecast off of that |
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Term
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Definition
| regular upward or downward movements in a time series that tie to recurring events |
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Term
| Time series data vs regression |
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Definition
| Time series data uses past time series points while regression data uses mathematical analysis to find the functional relationship |
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Term
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Definition
| a measure of the strength of the relationship between two variables |
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Term
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Definition
| a measurement of how well the forecast is predicting actual values |
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Term
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Definition
| is to develop and implement a product strategy that meets the demands of the marketplace with a competitive advantage |
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Term
| Fact: Strategies change as they move through the product life cycle! |
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Definition
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Term
| Fact: Strategies change as they move through the product life cycle! |
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Definition
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Term
| What are the four phases of the product life cycle? |
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Definition
| Introductory phase, growth phase, maturity phase, decline phase |
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Term
| Elaborate on each of the life cycle phases |
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Definition
intro: research and development
growth: stabilization of product design, enhancing capacity
maturity: competitors are established
Decline phase: the life cycle has come to an end |
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Term
| What does new product development focus on? |
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Definition
| understanding the customer, economic change, sociological and demographic change, political/legal change |
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Term
| Why is important to produce new products? |
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Definition
| To make sure consumers don't get bored of the product and turn to the competition, need to add freshness to ensure customer satisfaction and a great profit. |
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Term
| What does the Product development system determine? |
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Definition
| it determines both the product success and the firms future |
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Term
| Quality Function Deployment |
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Definition
| a process for determining customer requirements and translating them into attributes that each functional area can understand and act on. |
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Term
| How are all the stages of product development organized? |
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Definition
| product design, product manufacturing, engineering, |
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Term
| Product development teams |
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Definition
| teams charged with moving from market requirements for a product to achieving product success |
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Term
| What are different techniques for the design of a product |
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Definition
| Robust design, Modular design, CAD, CAM, virtual reality technology, value analysis |
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Term
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Definition
| Cad is the interactive use of a computer to develop and document a product |
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Term
| Computer aided manufacture |
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Definition
| the use of information technology to control machinery |
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Term
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Definition
| a review of successful products that takes place during the production process |
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Term
| During what points in the life cycle do firms have the opportunity to improve sustainability? |
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Definition
design stage: using less material and less cost
production stage: addressing all environmental health and safety issues
destruction stage: recycling old materials |
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Term
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Definition
| competition based on time, rapidly developing products and moving them to the market |
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Term
| Ways of purchasing technology and acquiring firms: |
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Definition
Joint ventures: firms establishing joint owner ship to pursue new products or markets
Alliances: cooperative agreements that allow firms to remain independent but peruse strategies consistent with their individual missions |
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Term
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Definition
| a production system that supports conservation and renewal resources |
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Term
| How are products defined? |
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Definition
| defined in terms of its functions or what it does. includes defining it by colour, size, or location |
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Term
| What documents are necessary for production? |
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Definition
| assembly drawing, assembly chart, route sheet, work order, engineering change notice, configuration management, product life cycle management |
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Term
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Definition
| a list of the operations necessary to produce a component with the material specified in the bill of material |
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Term
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Definition
| a exploded view of the product |
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Term
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Definition
| a graphic means of identifying how components flow into sub assemblies and a final project |
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Term
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Definition
| a instruction to make a given quantity of a particular item |
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Term
| Engineering Change notice |
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Definition
| a correction or modification of an engineering drawing or bill of material |
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Term
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Definition
| a system by which a product's planned and changing components are accurately identified |
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Term
| What is product life cycle management? |
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Definition
| It is the software programs that tie together many phases of product design and manufacturing. |
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Term
| Why makes designing services difficult? |
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Definition
| Services are not tangible goods that can be maufactured. the customer is often a part of the service and services that are provided aren't as easy to change and improve as it is on physical goods. |
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Term
| What makes up the Documents for services? |
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Definition
| Due to the high customer interaction in services, the documentation usually consists of the job instructions. |
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Term
| What are decision trees used for? |
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Definition
| Used for new product decisions as well as for a wide variety of other management problems |
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Term
| One of the key factors of management is? |
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Definition
| knowing when a product should move from development to production, transition to production |
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