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MGT 302 > Exam 1 > Flashcards

Exam 1 Flashcards

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1
Q

Operations and supply chain management involves

A 
Product design
Purchasing
Manufacturing
Service operations
Logistics
Distribution
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2
Q

Success depends upon

A

Focused operating strategy
Processes to deliver products and services
Analytics to support the decisions needed to manage the firm

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3
Q

Business impact of SCM

A

Boost customer service
Reduce operating costs
Improve financial position

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4
Q

What is operations and supply chain management?

A

The design, operation, and improvement of the systems that create and deliver the firm’s primary products and/or services

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5
Q

Operations and Supply Chain Management is

A

A functional field of business

Concerned with the management of the entire production/delivery system

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6
Q

Operations

A

Manufacturing and service processes used to transform resources into products

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7
Q

Supply chain

A

processes that move information and material to and from the firm

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8
Q

Council of Supply Chain Management Professionals SCM Definition

A

Encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third party service providers, and customers. In essence, supply chain management integrates supply and demand management within and across companies.

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9
Q

Operations and Supply Chain Processes

A 
Plan
Source
Make
Deliver
Return
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10
Q

Planning

A

processes needed to operate an existing supply chain, to meet demand with available resources

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11
Q

Sourcing

A

selection of suppliers that will deliver the goods and services needed to create the firm’s product

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12
Q

making

A

producing the major product or service. Scheduling with cost and quality implications

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13
Q

Delivering

A

Logistics processes such as selecting carriers, coordinating the movement of goods and information, and collecting payments from customers

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14
Q

Returning

A

Receiving worn-out, excess, and/or defective product back from customers

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15
Q

Goods

A

Tangible
Less interaction with customers
Often homogeneous
Not perishable (can be inventoried)

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16
Q

Services

A 
Intangible
Interaction with customer
Inherently heterogeneous
Perishable/time dependent
Defined and evaluated as a package of features
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17
Q

Efficiency

A

Doing something at the lowest cost

Doing the thing right!

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18
Q

Effectiveness

A

Doing the right thing! (to create the most value for your customer)

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19
Q

Value

A

The attractiveness of a product relative to its cost

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20
Q

Current issues in OSCM

A 
Outsourcing
Global coordination
Managing the touch points
Triple bottom line
Controlling costs with SC expansion/complexity
Matching strategy to market demands
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21
Q

Strategy

A

How it will create and sustain value for its current stakeholders

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22
Q

Triple Bottom Line

A

evaluating the firm against social, economic, and environmental criteria

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23
Q

Sustainability

A

Meeting value goals without compromising the ability of future generations to meet their own needs

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24
Q

Operations and Supply Chain Strategy

A

Setting broad policies and plans for using the resources of a firm- must be integrated with corporate strategy

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25
Corporate strategy
provides overall direction and coordinates operational goals with those of the larger organization
26
Operations effectiveness
Performing activities in a manner that best implements strategic priorities at a minimum cost (providing more value)
27
Formulating an operations and supply chain strategy
1. Develop/refine the strategy (performed at least yearly) | 2. Translate the strategy (quarterly)
28
Develop/Refine the strategy:
Define vision, mission, and objectives Conduct strategic analysis Define strategic initiatives
29
Translate the strategy
Define/revise initiatives Define/revise budgets Define/revise measures and targets
30
Competitive Dimensions
``` Price Quality Delivery Speed Delivery Reliability Flexibility ```
31
Trade-offs
Management must decide which parameters of performance are critical and concentrate resources on those characteristics
32
Straddling
seeking to match a successful competitor by adding features, services, or technology to existing activities (often risky)
33
Order qualifier
dimensions that are necessary for a firm's products to be considered for purchase by customers. Lack of these will not allow firm to compete
34
Order winners
Criteria used by customers to differentiate the products and services of one firm from those of other firms. (which product to ultimately purchase)
35
Productivity
Measure of how well resources are used. A relative measure, must be compared to something else to be meaningful
36
Partial productivity measures
compare output to a single input
37
Multifactor productivity measures
compare output to a group of inputs
38
Total productivity measures
compare output to all inputs
39
Supply chain risk
the likelihood of a disruption that would impact the ability of a company to continuously supply product or services
40
Coordination risks
associated with the day-to-day management of the supply chain
41
Disruption risks
caused by natural or manmade disasters
42
Risk management framework
1. Identify the sources of potential disruptions 2. Assess the potential impact of the risk 3. Develop plans to mitigate the risk
43
What is true about all forecasts
They're wrong
44
SCM uses forecasts to:
collaborate with supply chain partners, provides betting info for planning and negotiating. May drive inventory decisions
45
Decisions about overall directions require:
strategic forecasts (medium to long range)
46
Tactical forecasts
used to guide day-to-day decisions (short range, industry dependent). Allow the business to operate effectively, service customers
47
Qualitative forecasting
subjective
48
Time series analysis forecasting
Based on the premise that data relating to past demand can be used to predict future demand
49
components of demand
``` Average demand for a period of time Trend Seasonal element Cyclical elements Random variation ```
50
S-Curve
Low demand at first, then a peak, and then wavers off
51
Time series analysis
Using the past to predict the future
52
Short term time series
used mainly for tactical decisions
53
Medium term time series
Used to develop a strategy which will be implemented over the next six to eighteen months (meeting demand)
54
Long term time series
Useful for detecting general trends and identifying major turning points
55
Short term forecasts:
Simple moving average Weighted moving average and simple exponential smoothing Exponential smoothing with trend Linear regression
56
Simple moving average
Average of a fixed number of past periods. Useful when demand is not growing or declining rapidly and no seasonality present. Removes some of the random fluctuation from the data. Longer periods provide more smoothing, shorter periods react to trends more quickly
57
Weighted moving average
Allows unequal weighting of prior time periods. The sum of the weights must be equal to one. Often more recent periods are given higher weights.
58
Exponential smoothing
Most used of all forecasting techniques. Weighted average method which includes all past data in the forecasting calculation. Most recent results are weighted more heavily. An integral part of computerized forecasting.
59
Linear regression analysis
Used to identify the functional relationship between two or more correlated variables, usually from observed data. Assumes the relationship between the variables can be explained with a straight line.
60
Forecast error
difference between the forecast value and what actually occurred
61
Sources of error
Bias- when a consistent mistake is made | Random- errors that are not explained by the model being used
62
Measures of error
Mean absolute deviation Mean absolute percent error Tracking signal
63
Qualitative Forecasting
used to take advantage of expert knowledge. Useful when judgment is required, when products are new, or if the firm has little experience in a new market
64
Examples of qualitative forecasting techniques
Market research Panel consensus Historical analogy Delphi method
65
Collaborative Planning, Forecasting, and Replenishment (CPFR)
Web-based process used to coordinate the efforts of a supply chain (demand forecasting, production and purchasing, inventory replenishment). Integrates all members of a supply chain. Depends upon the exchange of internal information to provide a more reliable view of demand
66
Capacity (in business)
the amount of output that a system is capable of achieving over a specific period of time
67
Capacity planning time durations
``` Long range (>1 year) Intermediate range (monthly or quarterly plans covering next 6-18 months) Short range ( ```
68
Strategic capacity planning
Determining the overall level of capacity-intensive resources that best supports the company's long range competitive strategy (facilities, equipment, labor force size)
69
Economies of scale
as a plant gets larger and volume increases, the average cost per unit tends to drop
70
Diseconomies of scale
at some point, the plant becomes too large and average cost per unit begins to increase
71
capacity utilization rate
a measure of how close the firm is to its best possible operating level
72
capacity focus
a production facility works best when it is concentrated on a limited set of production objectives. Focused factory or PWP concept
73
Capacity flexibility
the ability to rapidly increase or decrease product levels or the ability to shift rapidly from one product or service to another
74
Flexible plants
Ability to quickly adapt to change | Zero-changeover time
75
Flexible processes
Flexible manufacturing systems | Simple, easily setup equipment
76
Flexible workers
``` Ability to switch from one kind of task to another quickly Multiple skills (cross training) ```
77
Considerations in changing capacity
Maintaining system balance Frequency of capacity additions External sources of capacity Decreasing capacity
78
Decision tree
Schematic model of the sequence of steps in a problem- including the conditions and consequences of each step. Help analysts understand the problem and assist in identifying the best solution.
79
Decision tree components
``` Decision nodes (squares) Chance nodes (circles) Paths- links between nodes ```
80
Service capacity planning considerations
Capacity must be available when service is needed Service must be available at customer demand point Much higher volatility than manufacturing
81
Learning curves
Line that displays the relationship between unit production and cumulative number of units produced. Observed as a decline in production costs (by specific percentage) each time cumulative production doubles
82
Learning by doing
as plants produce more, they gain experience in the best production methods, which reduces their costs in a predictable manner
83
Learning curve assumptions
The amount of time required to complete a task will be less each time the task is attempted The unit time will decrease at a decreasing rate The reduction will follow a predictable pattern
84
Managerial considerations (learning curves)
Individual learning and incentives Learning on new jobs vs. old jobs Improvement comes from working smarter, not harder Suggesting a learning rate leads to built-in bias Preproduction vs. postproduction adjustments Changes in indirect labor and supervision Changes in purchasing practices, methods, organizational structure Contract phase-out
85
Project
Temporary group activity designed to produce a unique product, service or result
86
Project management
Application of knowledge, skills and techniques to execute projects effectively and efficiently
87
Project management processes
``` Initiating Planning Executing Monitor and Controlling Closing ```
88
Project Management "triangle"
Scope, Cost, Time
89
Project Structures
Pure project Functional project Matrix project
90
Statement of Work (Project Charter)
Written description of the objectives to be achieved
91
Project milestone
Specific events in the life of the project
92
Work Breakdown Structure
Defines the hierarchy of project tasks, subtasks, and work packages
93
Earned value management
Required in gov/military projects. Has the ability to combine measurements of scope, schedule and cost in a project. Provides a method for evaluating the relative success of a project at a point in time.
94
Time-Cost Models
"crashing"

MGT 302 (3 decks)

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