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OPM300

Drexel class notes

QuestionAnswer
Operations Management The management of systems or processes that create goods and/or provide services
Goods Physical items (raw materials, parts, subassemblies, finished products, etc.)
Services Activities that provide some combination of time, location, form or psychological value.
Supply chain A sequence of activities and organizations involved in producing and delivering a good or service.
Purpose of operations management and supply chains To add value through transformative processes (i.e. to create something from nothing).
Manufacturing and service organizations differ in 10 areas: 1)Degree of customer contact 2)Uniformity of input 3)Labor content of jobs 4)Uniformity of output 5)Measurement of productivity 6)Production and delivery 7)Quality assurance 8)Amount of inventory 9)Evaluation of work 10)Ability to patent design
Process Management One or more actions that transform inputs into outputs and its management.
4 Sources of Process Variation 1. The variety of goods and services being offered 2. Structural variation in demand 3. Random variation 4. Assignable variation
Operations Management One of the three major functions of any business organization. Every aspect of business affects or is affected by operations.
Models An abstraction of reality, a simplified representation of something. They play a significant role in operations management decision making.
The Need to Manage the Supply Chain 1.The need to improve operations 2.Increasing levels of outsourcing 3.Increasing transportation costs 4.Competitive pressures 5.Increasing globalization 6.Increasing importance of e‐business
Competitiveness The effectiveness of an organization in the marketplace relative to other organizations that offer similar products or services.
Strategy The plans that determine how an organization pursues its goals.
Productivity A measure of the effectiveness of an organization’s use of resources.
Operations’ impact on competitiveness 1. Product and service design 2. Cost 3. Location 4. Quality 5. Quick response 6. Flexibility 7. Inventory management 8. Supply chain management 9. Service 10. Managers and workers
Why do organizations fail? Ignore strats; No SWOT analysis; No Long‐term financial performance; Focus on product&service design & not design&improv; No investments in capital and human resources; No good internal communications & cooperation; Not considering customer wants & needs
Mission An organization’s reason for existing
Mission Statement A document which states the purpose of an organization
Goals Provide more detail and describe the scope of the mission
Strategies Plans for achieving organizational goals
Tactics The methods and actions used to accomplish strategies
Productivity An index that measures output(goods and services)relative to the input(labor, materials,energy, and other resources) used to produce it. Input divided by Output.
Productivity growth The increase in productivity from one period to the next relative to the productivity in the preceding period. [Current Productivity-Previous Productivity divided Previous Productivity]*100
Computing Productivity The units of output used in productivity measures depend on the type of job performed
Forecast A statement about the future value of a variable such as demand;
Features of Forecasting 1) Assumption: The future will look like the past 2)Forecasts are not perfect due to randomness 3)Forecast errors tend to cancel out between items in a group 3)Forecast accuracy decreases as time horizon increases
Elements of a good forecast 1. Timely 2.Accurate 3.Reliable 4.Meaningful5.units 6.Written 7.Simple to understand and use8.Cost-effective
Steps in Forcasting process Determine the purpose of the forecast/Establish a time horizon/Select a forecasting technique/Obtain, clean and analyze the appropriate data/Make the forecast/Monitor the forecast
Approaches to forecasting 1. Judgmental forecasts2. Time-series Forecasts 3. Associative models
Forecasting Accuracy formulas Mean absolute deviation (MAD); Mean Squared Error (MSE); mean absolute percent error (MAPE)
Mean absolute deviation (MAD) Sum of errors as absolute values (actual minus forecast) divided by n [(sigma of e)/ n]
Mean squared error (MSE) Sum of squared errors {(actual minus forecast)^2} divided by n-1 [(sigma of e^2)/ (n-1)]
Mean absolute percent error (MAPE) Sum of error as absolute values (actual minus forecast) divided by actual *100, then divided by n [(sigma of e/actual)*100/ n]
Seasonality regularly repeating upward/downward movements in series values that can be tied to recurring events: weather variations, vacations/holidays, rush hour
Deseasonalized Data Use linear equation to solve other periods independent is the period
Moving Average last 3 actual periods divided by 3
Weighted Average Last 3 actual periods, each multiplied by a coefficient. The coefficients must sum to 1.
Exponential Smoothing F(t)=F(t-1)*[A(t-1)-F(t-1)]
Project A unique, one-time operation designed to accomplish a set of objectives in limited time. Most projects are expected to be completed based on time, cost, &performance targets.
Project Management Deciding which projects to implement; Selecting the project manager; Selecting the project team Planning and designing the project Managing and controlling project resources Deciding if and when a project should be terminated
Project Managment - responsibilities Manage project work, meet targets; Manage human resources; Manage communications; Manage project quality; Manage time, stay on schedule; Manage costs, stay within budget
Project Life Cycle 1. Def:Concept & feasibility analysis 2. Plann:Details of work to be done, estimate human resources, time & cost.3. Execution: Completing the work of the project.4. Termination: Reassign personnel, complete lessons learned, etc.
Work Breakdown Structure (WBS) Hierarchical listing of what must be done during the project. Establishes logical framework for ID'ing required activities for project. Time spent developing a detailed WBS typically greatly exceeds the time spent actually developing the project schedule.
PERT Program Evaluation & Review Technique
CPM Critical Path Method
Earliest Start (ES) Earliest time a task can start
Earliest Finish (EF) Earliest time a task can finish
Latest Start (LS) Latest time a task can start
Latest Finish (LF) Latest time a task can finish
Capacity Upper limit or ceiling on the load that an operating unit can handle
Questions in Capacity planning What kind of capacity is needed? How much is needed to match demand? When is the capacity needed?
Steps in the capacity planning process Estimate. future cap. requirements Eval. current cap. &facilities & current gaps Identify alt. for meeting requirements Fin. anal of each alt. Assess key issues for each alt Select alt. to pursue for best long term Implement selected alt. Monitor r
Factors to consider in capacity planning: 1.Available capacity 2.Expertise 3.Quality 4.considerations 5.The nature of demand 6.Cost 7.Risks
Developing capacity alternatives Design flexibility into systems; Take stage of life cycle into account; Take a “big-picture” (i.e. systems) approach to capacity changes; Prepare to deal with capacity “chunks”; Attempt to smooth out capacity requirements; ID the optimal operating l
Constraint management 1.ID the most pressing constraint. Remove if possible, repeat. 2.Change operation to achieve maximum benefit 3.process are supportive of the constraint. 4.Explore & eval. ways to overcome constraint.Is lengthy &expensive process. 5.repeat till good
Profit equation Totoal Revenue-Total Cost= Revenue units*Quantity -[Fixed Cost + Variable Cost*Quantity]
Operation Strategy & Cap Decisions Strategy Implications of cap decisions can be enormous
Decision Theory You make the best possible decision today... What will future demand look like? How much will a new factory cost? How many units can the factory produce?
Maximin Worst possible outcome in each alternative
Maximax Best possible outcome in each alternative
Laplace I.D. the average outcome
Expected Value Fixed weighted coefficients, that their sum equals 1, multiply the alternative outcomes.
Expected Value of Perfect Infomation Amount of money one is willing to pay to get perfect info.
Created by: bja34
 

 



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