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Mgt 124 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

System design

A

Long term, strategic decisions made by higher level operation managers

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2
Q

What operations are part of the systems design

A

-product design
-capacity planing
-location analysis
-facilities layout
-product and service selections

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3
Q

Systems operations

A

Short term, day to day decisions made by lower level operations managers

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4
Q

What is part of the systems operations

A

-plant maintenance
-inventory management
-scheduling
-project management
-quality control

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5
Q

Systems theory

A

The organization is a system made up of interrelated subsystems that interacts with and is affected by the external environment

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6
Q

Pareto phenomenon

A

Q few factors account for the vast majority of the products or costs

-80/20 rule, 80% of the problems are caused by 20% of the activities

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7
Q

Current Key issues

A

-Sustainability
- Supply chain manangement
-Lean Operations
-factory if the future

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8
Q

Supply chain management issues

A

-last mile delivery
-last 50ft delivery
-trucker shortage
-drones
-e commerce and reverse logistics
-reshoring
-lead time supply shortage and rising costs

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9
Q

Lean operations

A

Minimizing muda/waste

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10
Q

The supply chain

A

-a network of organizations and activities that supplies a firm with goods and services
- members of the supply chain can collaborate to achieve high levels of customer satisfaction, efficiency and competitive advantage

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11
Q

Productivity

A

Single factor measure of output/input

Multi-factor

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12
Q

Why productivity matters

A

-higher productivity leads to higher standards of living
- higher productivity relative to the competitions leads to a competitive advantage in the market place

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13
Q

Competitive advantage

A

The creation of a unique advantage over competitors

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14
Q

Core competencies

A

Things a company does especially well

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15
Q

What are the general strategies

A

-differentiation
-cost leadership
-responsiveness

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16
Q

Differentiation

A

Distinguishing the product/service so the customer perceives added value

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17
Q

Cost leadership

A

Achieving value at a low cost

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18
Q

Responsiveness

A

Offering rapid, flexible, and reliable performance

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19
Q

Outsourcing

A

Transfer activities that have traditionally been internal to external suppliers

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20
Q

Reashoring

A

Bringing manufacturing back to one’s home country or source from suppliers who are in one’s home country after previously having outsourced abroad

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21
Q

Strategy list for operations

A
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22
Q

Strategic products and service design

A

-Products and service design or redesign should be closely tied to an organizations strategy
-design should be responsive to changes in the external environment

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23
Q

Main objectives of product design

A

-customer satisfaction

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24
Q

Secondary objectives of product design

A

-function of product/service, cost/profit, quality, appearance, ease of production/assembly, ease of maintenance/service, ethics/safety, sustainability

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25
Secondary objectives of product design
-function of product/service, cost/profit, quality, appearance, ease of production/assembly, ease of maintenance/service, ethics/safety, sustainability
26
Value Analysis
27
Sustainability in the triple bottom line
The three p’s; people, profit, and planet
28
Breakdown maintenance
Reactive approach; dealing with breakdowns are problems when they occur
29
Preventative maintenance
Proactive approach; reducing breakdowns through program of lubrication, adjustment, cleaning, inspection, and replacement of worn parts
30
Breakdown consequences
-Production capacity is reduced, orders are delayed. -no production overhead continues, so costs per unit increases quality issues, product may be damaged, -safety issues, injury to employees or customers.
31
Goal of strategic capacity planning
Match the long-term supply capabilities of an organization and the predicted level of long-term demand
32
Goal of strategic capacity planning
Match the long-term supply capabilities of an organization and the predicted level of long-term demand
33
Over capacity
Handling too much capacity; operating costs are too high because some of the capacity sits unused
34
Under capacity
Not having enough capacity; resources are strained, and customers may be lost because the company can’t keep up with demand
35
Solutions to under capacity
-short term; raise prices, increased leadtimes, discourage marginally, profitable business -long-term; increase capacity -to adjust to seasonal demand; produce products with complementary demand patterns
36
Solutions to over capacity
Stimulate markets or change product mix
37
Design capacity
Theoretical maximum capacity for which an operation/process or facility is designed
38
Effective capacity
What we plan to make keeping in mind current operating constraints
39
Actual output
What we actually make, -affected by things such as machine, breakdowns, materials, shortages, quality, problems, absences
40
Long-term forecasting
More than three years, -add facilities and or equipment
41
Intermediate range forecasting
3 to 30 months, -add equipment, employees, shifts -use inventory, subcontracting, back orders
42
Short term
Less than three months, adjust use of employees and machines to meet demand
43
Developing capacity alternatives
-ForeCast demand accurately, -design flexibility into systems, -take stage of life cycle into account, -take a big picture approach to capacity changes/systems approach, -prepared to deal with capacity chunks, -attempt to smooth capacity -requirements, identify the optimal operating level
44
Service capacity planning
Presents challenges related to; -the need to be near customers, -the inability to store services, -the degree of demand, volatility, volume, and timing of demand, service times for individual customers may vary
45
What is forecasting?
The art in science of predicting future events, forecasting can be used for production, inventory personnel, and facilities
46
Accurate forecast help with what?
-Improve profits, -reduce inventory levels, -reduce inventory shortages, -improve customer service levels
47
Features of forecasts
-Assumes a casual system, -cast are rarely perfect because of randomness, -casts are more accurate for groups of items than individual items, -forecast accuracy decrease as time horizon increases
48
How to decide which casting model to use
-Cast accuracy is one of the most important criteria, -goal is-to minimize forecasting error, -tries to smooth out randomness while leaving real changes or patterns intact
49
Types of forecast
Qualitative, time series, associative model
50
Types of forecast
Qualitative, time series, associative model
51
Qualitative
Uses subjective inputs, like executive opinions, sales force opinions, and consumer surveys
52
Type series
Identifies patterns in the historical data (demanded sales) and then projects patterns into the future
53
Associative models
Use explanatory variables to predict the future
54
Time series analysis
Naïve approach, moving average, linear trend equation
55
Naïve forecast
The forecast for an upcoming period is equal to the previous period actual value. - Can be used with a stable time series, seasonal variations, trend.
56
Lagging
The moving average will always lag behind the real changes that take place
57
Good service continuum
Products are typically never partly service or purely good based
58
Business operations overlap
Operations marketing, and finance departments overlap
59
Entropy
What happens when a company doesn’t pay attention to the exterior environment and makes changes/adjustments
60
Went to do preventative maintenance
Usage, passage of time, planed inspection
61
What has to happen in order for a business to pay employees more without having to make other adjustments?
Increase productivity

Mgt 124 (11 decks)

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