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PROD.MGMT
productions and ops mgmt test 1
| Question | Answer |
|---|---|
| What is Operations? | Activities associated with transforming inputs into useful outputs, that create values for customers and organizations |
| What is OM or POM? | OM is the business function that plans, organizes, coordinates, and controls the resources needed to produce a company’s goods and services. |
| What happens during Operations? | The inputs get transformed at operations into outputs, and OM is directly involved with value-adding transformation activities. |
| First reason why should OM be considered the heart core of businesses? | 1.Fundamentally, organizations exist to create value, and operations functions directly involve tasks that create value |
| Second reason why should OM be considered the heart core of businesses? | 2.Operational innovation can provide organizations with long-term strategic advantages over their competitors. |
| Three reason why should OM be consider | Improvements in operations simultaneously can lower costs and improve customer satisfaction. |
| What five key principles make a firm competitive? | 1.Quality 2.Low Cost 3.Customer driven 4. Employee involvement 5. Continous Improvemen |
| Define Quality | Quality the improves Constantly. Quality that creates continuous innovation. Top to bottom, from board room to factory floor. TOTAL QUALITY |
| Define Low cost | As a result of quality, not instead of. |
| Define Customer driven | The customer is part of the process. • Not merely to satisfy the customer's needs today but to anticipate their needs of tomorrow |
| Define Employee involvement and empowerment. | Consider employees not as a cost of production but as a resource for production (employees are the most important asset).Must be recognized that long term commitment of and to workers is at least important than machinery or technology |
| Define Continuous improvement. | Means never being satisfied never-ending improvement.Change America's traditional attitude from "If it ain't broke, don't fix it" to "If it ain't perfect, don't leave it." |
| What two things are the Japanese more active with than the U.S? | Process improvement and Simplification. |
| What Kind of Attitude do the Japanese have towards employees? | A more enlightened attitude. |
| The Japanese appreciate the power of what? | Continuous improvement. |
| What do the Japanese have more of an understanding of? | Pervassiveness of invisible waste, and how to prevent it. |
| Seven types of Waste | 1.producing defecits. 2. Transportation 3. Overproduction 4. Waiting 5. In processing itself. 6. Movement. 7. Inventory. |
| Define Waste | anything that prevents us from achieving maximum quality, minimum price, and prompt delivery to our customers constitute waste. |
| What is Resistance to change? | Waste |
| What is the goal of Manufacturing/Service Operations Activities? | To produce (provide) the right product/service at the right time, in the right quantity, with the highest quality, at the lowest cost, and with the shortest delivery time |
| Why do we include Service? | The U.S. is shifting from a manufacturing-based economy to a service-based economy. Service industries already employ more than 90 % of the nation's workers(transportation, communication, medical, financial, etc.). |
| What are Three Key Differences Between Manufacturing and Services? | Direct customer interaction Intangibility Perishability |
| **What is Operations Strategy? | deals with the effective use of operations resources, reflects the goals and strategies of the business, and enables operations function to contribute to the long-term competitiveness and the performance of the business. |
| Three Questions to ask when producing operations strategy. | 1. What business are we in, who are our customers and competitors? 2. How can we produce order winners? 3. How to implement strategy |
| What are order winners? | Order Winners”: the thing that can actively stimulate customers to buy the product (attractive and fascinating |
| How can we coordinate Strategy, System design, and day-to-day Operations? | Developing an Operations Strategy? Diagram in notes |
| What are Competitive Priorities? | the dimensions that a firm's production system must possess to support the demands of the markets the firm wishes to compete in. |
| What are Major Competitive Priorities? | Cost (low cost) Quality (High performance design, consist quality ) Time Flexibility ( Customization, Volume flexibility |
| What is Time Based Competition Strategy? (1) | Attempts to transform an entire organization into one focused on the total time required to deliver a product or service. |
| What is Time Based Competition Strategy? (2) | The goal is not to devise the best way to perform a task, but to either eliminate the task altogether or perform it in parallel with other tasks so that overall response time is reduced. |
| What Times are we concerned with in Time based comp. Strategy? | Planning time, Product/service design time, Processing time, Changeover time, Delivery time, Response time for complaints, etc. |
| How can we reduce times? | “Over-the-Wall” Approach (traditional) vs. “Concurrent (Simultaneous) Engineering (contemporary)”(Using a team based idea) |
| What is productivity? | a measure of how well the resources of a firm are used in producing goods and services |
| Formula of Productivity? | Productivity= Output/Input |
| Why do we measure Productivity? | To evaluate an individual or an organization To learn, as an organization, what methods work to improve |
| What is the productivity index? | PI=Productivity in the current period/ Productivity in a base period |
| Improving Productivity (How to Improve?) Three factors? | 1.Motivation and teamwork: Change the attitude of managers, workers and government 2.Investment: Invest in properly selected technology and equipment. 3.Manage day-to-day operations more effectively: rely on optimization techniques. |
| Productivity Improves when a firm? | Become More efficient Downsize (Output remains the same and input is reduced) Expand (both output and input grow with output growing more rapidly) Retrench (both output and input decrease with input decreasing faster) Breakthrough |
| What are contemporary issues in OM? | Intense competition,Global markets, global sourcing, and global financing Importance of strategy Product variety and customization Management of supply chains More services Emphasis on quality Flexibility |
| What is forecasting? | The art and science of predicting future events. |
| Forecasting provides key input for operational decisions on: (two things) | a) Capacity decisions (total capacity of facilities, a long range forecast for several years) b) Human resources (hiring, training and laying off workers) |
| What are the Two Most Important Factors of Forecasting? | Accuracy and Cost |
| Two types of forecasting? | Qualitative and Quantitative. |
| what is Qualitative forecasting? | rely on managerial judgment useful when there is a lack of data or when past data are not reliable predictions of the future |
| What is Quantitative forecasting? | Applicable when the following conditions exist: - Past information is available - Quantifiable - Assumption of Continuity |
| Types of Quantitative Forecasting? | Time Series Forecasting Method Causal Forecasting (Regression Analysis) TIME-SERIES (TS) ANALYSIS |
| What is time series forecasting method? | It assumes that prediction of the future is based on past values of a variable, or past errors.The objective is to discover the pattern in the historical data series and extrapolate that pattern into the future. |
| What is Causal Forecasting (Regression Analysis)? | It assumes that the factor to be forecast-ed exhibits a cause-effect relationship with one or more independent variables. The objective is to discover the form of that relationship and use it to forecast future values of the dependent variable. |
| What is TIME-SERIES (TS) ANALYSIS? | A time series (TS) is a set of measurements, ordered through time, on a particular quantity of interest |
| What are the components of TS Analysis? | Trend (T) Seasonal(S) Cyclical (C) Residual (R). |
| What is a A Popular technique used by some Time Series Forecasting Methods (Moving Average Method, Simple Exponential Smoothing, etc.) | Smoothing Methods: used in adjusting data to cancel out the effect of random variations and reveals the components that we are looking for. |
| What is the Niave Approach? | The Last-value Forecasting |
| What is Moving Average (MA)? | Based on the idea that any large random component at any point in time will exert a smaller effect if the observation at that point is averaged with its immediate neighbors. |
| What causes poor results with the MA method? | When trend and/or seasonality are present, the MA method usually yields poor forecasts. |
| What is Weighted Moving Average (WMA)? | : One way to make the moving average respond more rapidly to changes in the demand is to place relatively more weight on recent demands (data) |
| What is Simple Exponential Smoothing (SES)? | • It works well when there are no seasonal and trend components. • It gives weight to all the data but it gives weight to recent observations more heavily. |
| What is Linear Trend Approach (Time Series Regression Forecasting)? | To deal with trend component Based on ‘Least Square Approach’ Given a set of n data points and values of y (actual data values) and t (time period), we calculate |
| What is Causal Forecasting (Regression Analysis)? | Objective: To determine a linear functional relationship between a dependent variable and one or more independent variables for a given set of data. |
| What is Product Design? | Product Design is concerned with how the product will be made .It has been estimated that form 60% -80% of the typical production cost is the fixed during the design process- before manufacturing has had a chance to see the design. |
| What are the recommended approaches to Product Design? | Recommended approaches to Product Design: Simplification, Standardization, Modular Design and Design for Manufacturability (DFM) |
| Problems with the Traditional Design (Sequential Design) Process: ? | Cost of getting new products to market Number of revisions on late stages Slowness of sequential decision making Segregation into functional areas Distancing between design and manufacturing Designs too complicated for workers to |
| Problems with the Traditional Design (Sequential Design) Process: ? (continued) | • Designs too complicated for customers to use • Lax application of effective design procedures • Invented here, made elsewhere |
| What is 3.3 Effective Design (Concurrent Design) – A Contemporary Approach? | Effective designs provide a competitive edge by: • Bring new ideas to the market quickly • Doing a better job of satisfying customer needs • Making new products easier to manufacture, use, and repair than existing products |
| What is Concurrent Design Process ? | Also known as simultaneous or concurrent engineering,Simultaneous decision making by design teams, Integrates product design and process planning,Details of design more decentralized Encourages price-minus instead of cost-plus pricing |
| What is Design For Manufacture (Manufacturability) (DFM? | Designing a product so that it can be produced easily and economically. |
| Benefits of DFM? | - Simpler product structure with reduced parts - Lower product cost - Reduced defect rates - Higher reliability - Shorter product development cycles |
| What is Design for Assembly (DFA)? | A set of procedures for reducing the number of parts in an assembly, evaluating methods for assembly and determining an assembly sequence. • To minimize cost of assembly within constraints imposed by other design requirements |
| What is Failure Mode and Effects and Analysis (FMEA)? | • A systematic approach to analyzing the causes and effects of product failures • The objective of FMEA is to anticipate failures and design them out of the system. |
| What is Value Analysis (VA)/ Value Engineering (VE)? | VA is a method for improving the usefulness of a product without increasing its cost or reducing the cost without reducing the usefulness of the product |
| What is Design for Environment (DFE)? | DFE means designing a product from materials that can be recycled or easily repaired rather than discarded. |
| What are the four major ways of transformation? | 1.Alter (physical change) 2.Moving (flowers, garbage) 3.Storing 4.Inspection |
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