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are157
| Answer | |
|---|---|
| Production | the creation of goods and services from raw materials and is characterized by some form of transformation |
| Operations management | he set of activities that creates value in the form of goods and services by transforming inputs into outputs |
| Operations research | the application of quantitative methods to business processes to optimize or satisfy an objective |
| Productivity | ratios of outputs to inputs like miles per gallon |
| Value proposition | the linkage of components of the firm’s or organization’s activities to value produced |
| three dimensions of operations management framework | i. Product:-goods and services delivered to a customer ii. Process(es)- the activities that transform inputs to outputs iii. Supply chain: the order in which the processes are performed to produce and deliver products to customers |
| The three realms of operations management framework | i. Time: cycle time- the time to perform a set of tasks in a process ii. Cost: economic resources used in a process iii.Quality-the attributes of product or service to meet customer needs |
| complications of operations management framework | i. unknowns ii. uncertainty iii.variability |
| Characteristics of services compared to goods | A. Intangible B. Consumed at time of production C. More variable in attributes D. Geographically disbursed in terms of production |
| traditional factors of productions | land, labor, capital |
| additional factors of production | technology, management, knowledge |
| types of strategies for OM | differentiation, cost leadership, response |
| value chain supporting activities | organization, human resources, technology, purchasing |
| value chain primary activities | inbound logistics, operations, outbound logistics, marketing and sales, service |
| porters five forces | 1)threats of new entrants 2)determinants of supplier power 3) rivalry among existing firms 4) determinants of buyer power 5) threats of substitute products |
| product life cycle | introduction growth, maturity, decline |
| supply chain | raw materials, supplier, manufacturing, distribution, customer, consumer |
| core competencies | a set of skills, talents, and activities in which a firm is particularly strong |
| key success factors | activities or factors that are key to achieving competitive advantage |
| competitive advantage | the creation of a system that has a unique advantge over competitors. through differentiation, low cost, and response |
| feasibility study | some form of analysis as to the likelihood that a plan of action will achieve defined objectives |
| Monte Carlo Simulation | e use of repeated (~ 200 trials is normal) random numbers applied to a set of assumptions and formulas (algorithms) to simulate the results |
| types of forecasts | economic, technological, demand |
| qualitative methods for forecasting | jury of executive opinion, delphi method, sales force composite, consumer market survey |
| quantitative methods for forecasting | time series, seasonal variation |
| creativity | something new |
| innovation | making something that exists better |
| demand pull | find a market and fill the need. sort of a supply side approach |
| innovation push | find a product or service and create the need, sort a demand side approach |
| quality | ability of a product or service to meet customer expectations and needs |
| types of quality | -quality of design -will specify a set of specifications that should be met -quality of conformance- will measure ability of the process to meet those specifications |
| Attributes of quality | high mean, low variance, number of options |
| cost of quality | prevention costs, appraisal costs, internal failure costs, external failure costs |
| quality standards | industry standards, regulatory standards, firm standards, contractual standards |
| ISO 9000 | quality standards |
| ISO 14000 | environmental management |
| applications of quality management | A. TQM – total quality management B. Continuous improvement model C. “PDCA” – plan-do-check-act D. “Inspect what you expect” E. Benchmarking F. Six-sigma |
| Quality Tools | A. Quality circles B. Visual tools – primarily graphs like histograms and scatter plots C. Cause-and-effect diagrams D. Pareto charts |
| poka yoke | Japanese term that means "fail-safing" or "mistake-proofing". A poka-yoke is any mechanism in a lean manufacturing process that helps an equipment operator avoid (yokeru) mistakes (poka) |
Created by:
bobjones
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