Term
| The simplest goal of operations management is |
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Definition
| to match supply and demand profitably |
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Term
| ______,______ and________ must work together efficiently. All three are reliant for successful business |
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Definition
| Operations, Marketing, and Finance |
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Term
| You begin operations by understanding__________ ,then by understanding ____________, and then by _______________. |
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Definition
your customers
your product or services
replacing and managing your assets |
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Term
| In operations, you must focus on the _________ NOT the ______________ |
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Definition
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Term
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Definition
| You make products that are 80% the same as other products but your customers think they are 100% different |
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Term
| which is the priorty? effectiveness or efficiency |
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Definition
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Term
| ***Must think about the lifecycle of a product |
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Definition
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Term
| The point of the blue green game |
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Definition
· departments only care about their own department and not the company as a whole. Each department wants to win instead of having the company win. But nobody wins if the whole unit doesn't win. |
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Term
| If you want people to work together, you must |
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Definition
| give them the same metric or evaluate them on the same metric. |
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Term
| You have 3 shock obsorbers. What are they? |
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Definition
1. Time (though not negotiable
2. Inventory
3. Capacity |
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Term
| ***You rely on having extra capacity and extra inventory so these are the Real shock obsorbers |
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Definition
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Term
***When you lack information, you replace it with...
(on test) |
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Definition
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Term
| You can't make forecasts on __________because... |
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Definition
| shipment orders because they only ship what they have in stock |
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Term
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Definition
| the total number of outputs in a process |
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Term
| what is demand management? |
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Definition
| trying to persuade the customer to purchase what the company has verses what they came in wanting. Convincing the customer to buy what is available |
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Term
| In operations, you must focus on________ whereas sales focuses on________. |
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Definition
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Term
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Definition
| Refers to the inventory that results from receiving a batch of units that are then sold for a period of time before the next batch is delivered |
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Term
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Definition
the inventory a firm holds to protect itself from random fluctuations in demand.
You must consider the inventory holding costs. |
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Term
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Definition
- a place where you organize job functions. Employees will move on to different jobs when their initial job is complete |
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Term
| making money involves 3 things |
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Definition
1. increase thruput
2.decrease inventory
3.decrease operating expense |
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Term
Focusing on _______ lacks focus
Focusing on______ should be your focus |
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Definition
cost reduction
throughput |
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Term
Inventory is the money inside the company and includes both ____________ and __________
It can include both traditional inventory AND ______. |
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Definition
1. the money the company uses to invest
2. the Items the company intends to sell
Buildings, land, PPE, vehicles |
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Term
_______ is doing work that leads you closer to the goal
______is just reducing idle time
________is the more imporatnt of the two |
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Definition
utilizing
activating
Utilizing |
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Term
| You must think________ but act __________ |
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Definition
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Term
| Nowadays, there are more service industries than manufacturing industries. 60 years ago, there were more manufacturing industry than service |
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Definition
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Term
| Mismatch of supply and demand happens because |
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Definition
| demand varies and capacity is finite and rigid |
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Term
| When the rate or throughput is constant, then reducing inventory will |
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Definition
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Term
| ***The overall capacity (process capacity) is determined by the capacity of the slowest process |
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Definition
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Term
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Definition
The amount of time it takes to process one unit in a repetitive process
= 1/ process capacity |
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Term
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Definition
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Term
| Level Production Strategy |
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Definition
A firm produces in constant quantities during regular time.
If the amount the firm has in inventory or is making is sufficient to meet demand, then no overtime is needed |
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