Intro to Operations Flashcards
(44 cards)
What are examples of inputs?
Labor, Money, Knowledge
What are examples of outputs?
Goods & Services
Transformation Process: Physical
factory made
Transformation Process: Locational
items from one location to the next
Transformation Process: Exchange
value through RETAIL (i.e. kroger doesn’t grow the corn or can it but they sell it to consumers)
Transformation Process: Physiological
health care (i.e. fitness trainer)
Transformation Process: Psychological
Entertainment
Transformation Process: Informational
communications (i.e. VT teaching students)
Transformation Process: Extraction
Pulling raw material from environment (i.e. mining, logging, etc.)
Operations Management
The design, operation, and improvement of productive systems.
—> How do we optimize decisions to reduce costs?
What are the four primary areas of a firm?
- Finance/Accounting
- Marketing
- Human Resources
- Operations
Just-in-time production
Produce only what you need when you need it
High Degree of Vertical Integration
A business does most of the overall process (not just assembly).
Economies of Scale
As the number of units you produce increases, the cost decreases
What is the advantages & disadvantages of a flexible manufacturing system?
Advantage: no retooling or retraining, easy to reprogram
Disadvantage: EXPENSIVE
Coding wires is an example of what?
Design for maintainability (easier to maintain)
CAE
Computer Aided Engineering
Craft Production
*consumer goods produced by craftsman
The type of production that involves one person making a product from start to finish is:
Craft Production
Property rights, stable government, banking institutions, and the free market approach are all characteristics of which time period?
The Industrial Revolution
Agrarian Society
Industrialized Society
Who invented steam engine power?
James Watt
Adam Smith
- Wrote “Wealth of Nations”
- against government regulated markets
- division of labor
Division of Labor
Breaking jobs into different tasks and assigning each worker a different task using specialized tools, creating specialized labor. Designed to decrease the time it takes to produce goods & services.