chapters 1-3 operations management
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| What are the three basic functional areas? | Financial, Marketing, Operations.
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| Supply chain: | Begins with supplier of raw materials to the final customer.
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| Value-added | cost of inputs and the value or price of outputs
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| Process: | one or more actions that transform inputs into outputs.
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| What are the three categories of the business processes? | upper management process, operational process, supporting process
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| Four types of variety of variations? | variety of goods, structural variation in demand, random variation, assignable variation
What do operation managers do?
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| Lead time | gives customers realistic estimates of how long it will take to fill their orders
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| Model | an abstraction of reality
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| Physical models | look like their real-life counterparts
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| Schematic models: | are abstract and are like graphs, charts, blueprints, and drawings
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| Mathematical models: | are the most abstract like numbers, formulas, and symbols
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| Quantitative Approaches: | obtaining mathematical solutions to managerial problems
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| Systems approach: | there is a relationship with subsystems, but the whole is greater than the sum of its individual parts
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| Pareto phenomenon: | a few factors account for a high percentage of the occurrence of some events 80/20 rule
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| Frank Gilbreth: | industrial engineer who is often referred to as the father of motion study. He developed principles of motion economy that could be applied to incredibly small portions of a task.
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| Henry Gantt: | recognized the value of nonmonetary rewards to motivate workers, developed a chart for scheduling. Harrington Emerson:
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| Henry Ford | the great industrialist employed scientific management techniques in his factories.
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| Taylor: | father of scientific management
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| Lean system: | uses minimal amounts of resources to produce a high volume of high quality goods with some variety.
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| Tatics: | are the methods and actions taken to accomplish strategies
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| What operation strategy effects both external and internal factors? | technology
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| Sustainability: | focuses on environmental friendly and energy efficient operations
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| Core competencies | the special attributes or abilities that give an organization a competitive edge.
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| Order qualifiers: | minimum standard of acceptability
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| Order winners: | characteristic perceived as better then competition
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| Productivity: | a measure of the effective use of resources usually expressed as the ratio of output to input.
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| Judgmental forecasts: | forecasts that use subjective inputs such as opinions from consumer surveys, sales staff, managers, executives, and experts.
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| Time-series forecasts: | simple attempt to project past experience into the future
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| Associative models: | use equations that consist of one or more explanatory variables to predict demand.
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| Delphi method: | process in which managers and staff complete a series of questionnaires, each made from the previous one
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| Irregular variations: | unusual circumstance like weather
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| Naïve forecast: | a forecast for any period that equals the previous periods actual value
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| What are the two important aspects of forecasting? | expected level of demand, and degree of accuracy
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| Mean absolute deviation (MAD) | the average absolute forecast error
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| Mean squared error: | the average of squared forecast errors
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| Moving average: | uses the last 3 numbers to average the next forecast. Disposing of any other numbers before.
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| Weighted moving average: | more weight is assigned to the most recent numbers
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| Exponential smoothing: | uses the percentage of the forecast error to determine the next forecast
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| Trend-adjusted exponential smoothing | double smoothing
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