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oper mng test 1
chapters 1-3 operations management
| Question | Answer |
|---|---|
| What are the three basic functional areas? | Financial, Marketing, Operations. |
| Supply chain: | Begins with supplier of raw materials to the final customer. |
| Value-added | cost of inputs and the value or price of outputs |
| Process: | one or more actions that transform inputs into outputs. |
| What are the three categories of the business processes? | upper management process, operational process, supporting process |
| Four types of variety of variations? | variety of goods, structural variation in demand, random variation, assignable variation What do operation managers do? |
| Lead time | gives customers realistic estimates of how long it will take to fill their orders |
| Model | an abstraction of reality |
| Physical models | look like their real-life counterparts |
| Schematic models: | are abstract and are like graphs, charts, blueprints, and drawings |
| Mathematical models: | are the most abstract like numbers, formulas, and symbols |
| Quantitative Approaches: | obtaining mathematical solutions to managerial problems |
| Systems approach: | there is a relationship with subsystems, but the whole is greater than the sum of its individual parts |
| Pareto phenomenon: | a few factors account for a high percentage of the occurrence of some events 80/20 rule |
| 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. |
| Henry Gantt: | recognized the value of nonmonetary rewards to motivate workers, developed a chart for scheduling. Harrington Emerson: |
| Henry Ford | the great industrialist employed scientific management techniques in his factories. |
| Taylor: | father of scientific management |
| Lean system: | uses minimal amounts of resources to produce a high volume of high quality goods with some variety. |
| Tatics: | are the methods and actions taken to accomplish strategies |
| What operation strategy effects both external and internal factors? | technology |
| Sustainability: | focuses on environmental friendly and energy efficient operations |
| Core competencies | the special attributes or abilities that give an organization a competitive edge. |
| Order qualifiers: | minimum standard of acceptability |
| Order winners: | characteristic perceived as better then competition |
| Productivity: | a measure of the effective use of resources usually expressed as the ratio of output to input. |
| Judgmental forecasts: | forecasts that use subjective inputs such as opinions from consumer surveys, sales staff, managers, executives, and experts. |
| Time-series forecasts: | simple attempt to project past experience into the future |
| Associative models: | use equations that consist of one or more explanatory variables to predict demand. |
| Delphi method: | process in which managers and staff complete a series of questionnaires, each made from the previous one |
| Irregular variations: | unusual circumstance like weather |
| Naïve forecast: | a forecast for any period that equals the previous periods actual value |
| What are the two important aspects of forecasting? | expected level of demand, and degree of accuracy |
| Mean absolute deviation (MAD) | the average absolute forecast error |
| Mean squared error: | the average of squared forecast errors |
| Moving average: | uses the last 3 numbers to average the next forecast. Disposing of any other numbers before. |
| Weighted moving average: | more weight is assigned to the most recent numbers |
| Exponential smoothing: | uses the percentage of the forecast error to determine the next forecast |
| Trend-adjusted exponential smoothing | double smoothing |
Created by:
lisamk161
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