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OpMan
Module 1:S1-S2
| Question | Answer |
|---|---|
| What is The part of a business organization that is responsible for producing goods or services. | Operations |
| What is The management of systems or processes that create goods and/or provide services. | Operations Management |
| What is The business function responsible for planning, coordinating, and controlling the resources needed to produce products and services for a company. | Operations Management |
| What is Goods are physical items that include raw materials, parts, subassemblies, and final products. | Goods |
| What is Services are activities that provide some combination of time, location, form, or psychological value. | Services |
| What is A sequence of activities and organizations involved in producing and delivering a good or service. | Supply Chain |
| What is Input, Process, and Output. | IPO Process |
| What is Measurements taken at various points in the transformation process. | Feedback |
| What is The comparison of feedback against previously establishment standards to determine if corrective is needed. | Control |
| What is Value-added tax is added or included. | Value Added Tax |
| What is Products are typically neither purely service nor purely goods-based. | Goods Service Continuum |
| What is Consistency in inputs or process. | Uniformity of Input |
| What is Consistency in outputs. | Uniformity of Output |
| What is Raw materials, work-in progress, and finished goods. | Inventory |
| What is Produce One is to Many (1 input = | Customers). |
| What is Produce One is to one (1 Input = 1 Customer). | Service |
| Why Study OM | |
| What is Guide and assist in the system of decision making. | Operations Manager |
| What is Capacity, Facility location, Facility layout, Product and service planning, Acquisition and placement of equipment. | System Design Decisions |
| What is Management of personnel, inventory, scheduling, project management, and quality assurance. | System Operation Decisions |
| What are What resources are needed, and in what amounts; When will each resources be needed; Where will the work be done; How will the work be done; Who will do the work. | OM Decision Making Questions |
| What is An abstraction of reality; a simplification of something. | Model |
| What are Generally easier to use, less expensive, increase understanding, and allow what-if analysis. | Benefits of Models |
| What is Quantitative information may be emphasized at the expense of quality information. | Model Limitations |
| What is A decision-making approach that frequently seeks to obtain a mathematically optimal solution. | Quantitative Approaches |
| What are Profits, costs, quality, inventories, and etc. | Performance Metrics |
| What is Giving up one thing in return for something else. | Trade-offs |
| What is A set of interrelated parts that must work together. | System |
| What is A few factors account for a high percentage of occurrence of some events. | Pareto Phenomenon |
| What is Highly skilled workers use simple, flexible tools to produce small quantities of customized goods. | Craft Production |
| What is Using resources that Do not harm ecological systems that support human existence. | Sustainability |
| What are Financial statements, worker safety, product safety, quality, environment, community, hiring and firing, closing facilities, and workers’ rights. | Ethical Issues in Operations |
| What is How effectively an organization meets the wants and needs of customers relative to others that offer similar goods or services. | Competitiveness |
| What are Identifying consumer wants and needs, pricing and quality, advertising and promotion. | Marketing Influence |
| What is Price-Quality relationship is a direct relationship. | Price Quality Relationship |
| What is The approach, consistent with organization strategy, that is used to guide the operations function. | Operations Strategy |
| What is The reason for an organization’s existence. | Mission Statement |
| What is Short term statements for every project, business plan, campaign, and many more. | Goals |
| What is Provide clear direction for achieving goals and objectives of an organization. | Organizational Strategies |
| What is Ensures that each area of the business is aligned with the overall corporate strategy. | Functional Strategies |
| What is Specific actions or steps towards achieving specific objectives. | Tactics |
| What is The special attributes or abilities that give an organization a competitive edge. | Core Competencies |
| What is Characteristics that customers perceive as minimum standards of acceptability. | Order Qualifiers |
| What is Characteristics of an organization’s goods or services that cause it to be perceived as better than the competition. | Order Winners |
| What is Identify strengths, weaknesses, opportunities, and threats. | SWOT Analysis |
| What is Strategies that focus on the reduction of time needed to accomplish tasks. | Time-based strategies |
| What is A strategic approach for competitive advantage that emphasizes the use of flexibility. | Agile Operations |
| What is A top-down management system organizations can use to clarify their vision and strategy and transform them into action. | Balanced Scorecard |
| What is A measure of the effective use of resources, usually expressed as the ratio of output to input. | Productivity |
| What is High productivity is linked to higher standards of living. | Why Productivity Matters |
| What is Is difficult to measure and manage. | Service Sector Productivity |
| What are Drones, GPS devices, smartphones, 3D printers, RFID, medical imaging, and AI. | Technological Factors Affecting Productivity |
| What are Develop productivity measures, determine critical operations, develop methods, establish goals, support improvement, and measure results. | Improving Productivity |
| What is Statement about the future value of a variable of interest. | Forecast |
| What are Expected level of demand and accuracy. | Important Aspects of Forecasts |
| What are Qualitative forecasting and quantitative forecasting. | Forecasting Approaches |
| What is A time-ordered sequence of observations taken at regular time intervals. | Time-series |
| What are Trend, seasonality, cycles, irregular variations, and random variation. | Time-Series Behaviors |
| What are Naive forecast, moving average, weighted moving average, and exponential smoothing. | Time-Series Forecasting Techniques |
| What is Technique for fitting a line to a set of data points. | Simple Linear Regression |
| What is A measure of the strength and direction of relationship between 2 variables. | Correlation Coefficient |
| What is A measure of the percentage of variable in the values of y that is explained by the independent variable. | R Squared |
| What is Tracking forecast errors and analyzing them. | Forecast Monitoring |
| What are Cost, accuracy, availability of data, software, time, and forecast horizon. | Choosing a Forecast Technique |
| What are Translate customer wants and needs, refine products, develop new products, formulate quality goals, and formulate cost targets. | Product and Service Design |
| What are Operations manager, supply chain manager, production analyst, schedule coordinator, inventory manager, industrial engineer, quality manager, purchasing manager, and production manager. | OM and Supply Chain Careers |
Created by:
lykieee