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OPS216 > FINAL EXAM REVISION (LEC 1, 2, 3 & 4) > Flashcards

FINAL EXAM REVISION (LEC 1, 2, 3 & 4) Flashcards

1
Q

Operations management

A

Managing an organization’s resources or production systems

 It involves
o Product design
o Manufacturing
o Logistics
o Distribution

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2
Q

Operations

A

Manufacturing used to transform resources into products

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3
Q

Process

A

Any activity that takes one or more inputs, transforms them and provide one or more outputs for its customer.

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4
Q

Operations and Supply Chain Management (OSCM)

A

Design, operation and improvement of the systems that create and deliver firm’s primary product and services

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5
Q

Strategic planning

A

Defining the strategy, or direction, and making decisions on allocating resources to pursue this strategy.

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6
Q

Tactical planning

A

Short range planning emphasizing on achieving strategic objectives

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7
Q

Operational planning

A

Linking strategic goals and objectives to tactical goals and objectives

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8
Q

Operational performance

A

The level at which all business units in an organization work together to achieve core business goals

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9
Q

Measurement

A

Act of quantifying the performance criteria

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10
Q

Quality

A

Measures the degree to which the output (product/service) meets customer requirements

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11
Q

Goods quality

A

Physical performance and characteristics of a good

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12
Q

Service quality

A

meeting or exceeding customer expectations (external focus) and service delivery performance (internal focus)

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13
Q

Tangibles

A

the physical evidence

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14
Q

Reliability

A

ability to perform the promised service dependably and accurately

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15
Q

Responsiveness

A

willingness to help customers and provide prompt recovery to service upsets

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16
Q

Assurance

A

ability to inspire trust and confidence in customers

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17
Q

Empathy

A

caring attitude and individualized attention provided to customers

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18
Q

Service Upsets or Service Failures

A

Errors in service creation and delivery

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19
Q

Processing time

A

time it takes to perform some

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20
Q

Queue time

A

time spent waiting

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21
Q

Flexibility

A

Ability to adapt quickly and effectively to changing requirements

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22
Q

Volume flexibility

A

Ability to respond quickly to changes in the volume and type of demand

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23
Q

Innovation

A

Ability to create unique goods and services that serve customers and create competitive advantage

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24
Q

Learning

A

Acquiring and transferring knowledge to modifying the behavior of employees in response to internal and external change

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25
Productivity
Ratio of the output of a process to the input
26
Productivity formula
Quantity of Output / Quantity of Input
27
Operational Efficiency
Ability to provide goods and services to customers with minimum waste and maximum utilization of resources
28
Triple Bottom Line
measurement of environmental, social, and economic sustainability
29
Environmental Sustainability
measures include: - energy consumption - recycling - air emissions - hazardous waste rates
30
Social Sustainability
measures include: - consumer and workplace safety - community relations - corporate ethics and governance - ethical violations
31
Economic Sustainability
measures include: - financial audit results - regulatory compliance - sanctions and fines - accomplishment of strategic initiatives
32
Sustainable Strategy
The firm’s strategy describes how it will create and sustain value for its current shareholders
33
Shareholders
Individuals or companies that legally own one or more shares of stock in the company
34
Stakeholders
Individuals or organizations who are directly or indirectly influenced by the actions of the firm
35
Operations effectiveness
Performing activities that implement strategic priorities at minimal cost
36
Straddling
Seeking to match a successful competitor by adding features, services, or technology to existing activities
37
Order qualifiers
Dimensions that are necessary for a firm’s products to be considered for purchase by customers (Features customers will not forego)
38
Order winners
Criteria used by customers to differentiate the products and services of one firm from those of other firms (Features that customers use to determine which product to ultimately purchase)
39
Supply chain risk
The potential disruptions or negative impacts that can occur within a supply chain, affecting the flow of goods or services from suppliers to customers
40
Decouple
Separating the various stages of production and inventory to increase flexibility and reduce the impact of disruptions
41
Circular economy
Decouples economic activity from the consumption of finite resources
42
Lead production
Activities that achieve high-volume production using minimal inventories
43
Pull system
A system in which production is initiated only when a customer places an order or a downstream process signals a need for more products
44
Lean-Focused Supply Chain
Supply chain management approach that incorporates lean principles into every stage of the supply chain, from suppliers to customers
45
Uniform Plant Loading
Balancing the production schedule across all work cells to avoid bottlenecks or underutilization
46
Kanban Production Control Systems
Controlling production and inventory, by tracking when new products are needed
47
Specialized Plants
Specialized factory that focuses on a specific product, allowing for greater efficiency and cheaper operations
48
Work with Suppliers
Having a transparent relationship with suppliers to ensure quality standards are met
49
Building a Lean Supply Chain
Involves applying lean principles across the entire supply chain, from sourcing to delivery, to ensure that waste is minimized and efficiency is maximized.
50
Plant layout (factory layout)
Designed to ensure balanced workflow with a minimum of WIP inventory Aims to eliminate waste such as overproduction, waiting time, and unnecessary movement
51
Preventive maintenance
Regularly scheduled maintenance activities to keep equipment in good working condition Essential to minimize downtime and avoid costly repairs
52
Group technology
A philosophy in which similar parts are grouped into families
53
Quality at the source
Doing it right at the first time and if something goes wrong stop the process immediately
54
Just-in-time production
Producing what is need when its needed
55
Level schedule
Pulls material into final assembly at a constant rate
56
Freeze windows
Schedule is fixed and no further changes are possibleSS
57
Backflush
Calculating how many parts were required for the finished product’s quantity
58
Uniform plant loading
Smoothing the production flow to dampen schedule variation
59
Kanban system
A sign-based scheduling method which shows: - goods in - goods in production - goods out. It’s now seen as a precursor to bar codes It is used to manage the flow of materials in the production system to ensure that production is aligned with customer demand to minimize waste and reduce inventory
60
Value stream mapping (VSM)
Special type of flowcharting tool that analyzes whether or not value is added though a process
61
Current state (VSM)
Where products are at currently In order to reach the maximum number of sales, you need suggested improvement
62
Future state (VSM)
Suggests areas for improvement

OPS216 (4 decks)

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