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MGT 3325 > MIDTERM 1 > Flashcards

MIDTERM 1 Flashcards

1
Q

Operations Strategy defines:

A

The long-term direction of the firm’s operating resources

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2
Q

The order of a typical strategy heirarchy is:

A

Corporate -> Business Unit -> Functional

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3
Q

What are the 4 generic performance objectives that managers need to trade off?

A

(CQDF) Cost, Quality, Delivery, Felxibility

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4
Q

5 Types of resources to be considered in operations strategy

A

Physical, Human, Tech, Ecosystem, Financial

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5
Q

Examples of Physical Resources

A

Manufacturing plants, equipment, offices, vehicles

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6
Q

Examples of Human Resources

A

Employee skill level and abilities

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7
Q

Examples of Tech Resources

A

Info processes, trade secrets, software

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8
Q

Examples of Ecosystem Resources

A

Resources from partners like suppliers and distributers

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9
Q

Examples of Financial Resources

A

Finances available to operations for acquiring the other 4 classes

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10
Q

By definition, directed strategies determine the organization’s realized strategy

A

FALSE, emergent strategies do

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11
Q

Directed strategies come from

A

The top of the pyramid

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12
Q

Emergent strategies come from

A

The bottom of the pyramid

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13
Q

Structural Decision Areas

A

(CFSIP) Capacity, facilities, scope, information and process technology

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14
Q

Infrastructure decision areas include:

A

Workforce, Organization, Quality, Production Planning & Dist, Product/Process Development

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15
Q

Was Boeing’s strategy effective?

A

No, too many changes too quickly

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16
Q

Did Microsoft take the right step in making two operational strategies?

A

Yes, because they were able to keep up with their competitors

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17
Q

3 Business Organizations

A

Operations, Marketing, Finance

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18
Q

LEAN effects on cycle time

A

40-80% better

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19
Q

LEAN effects on cost

A

25-50% better

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20
Q

Number 1 reason LEAN succeeds or fails is due to

A

Management

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21
Q

Hierarchal Leadership Model

A

Top-Down

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22
Q

Servant Leadership Model

A

Bottom-Up

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23
Q

3 advantages of the Servant Leadership Model

A

Good communication, actions, and molds employees for success

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24
Q

Where was LEAN derived from?

A

Toyota Production System

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25
You are only as strong as your ________________
Weakest Link
26
Constraint
Something in the system that prevents you from achieving your goal
27
LEAN goal:
eliminate waste and max productivity
28
Continuous Improvement Culture asks:
Does this improve the organization and support our strategy and objectives
29
6S (visual control/workspace)
1. Sort 2. Set in Order 3. Shine 4. Standardize 5. Sustain 6. Safety
30
LEAN and improvement in the Company is best achieved by:
Employees as they support the objectives
31
Kaizen Event is a _________________
change for the better
32
Where are Kaizen Events used?
Complex processes/organizations
33
Kaizen re-engineers:
entire business, process with many players
34
Keys to sustaining Kaizen Events
Continuous Improvement, leadership accountability
35
Six Sigma was created by
Bill Smith from Motorola (adopted by Jack Welch from GE)
36
Six Sigma requires a commitment by management to
make decisions on data and statistical methods
37
Six Sigma warnings
May hurt company in long run if there is not tremendous commitment
38
5 Why’s Analysis
Ask WHY a minimum of 5 times to get to root cause
39
Fixing a symptom _____________________________
does not fix the overall problem
40
Fish Bone Diagram
Cause-and-effect diagram to achieve the root cause
41
Expeditor
An individual who accelerates the progress of an existing order
42
How does Jonah define productivity?
The act of bringing a company closer to its goal
43
When first queried by Jonah in the airport, how does Alex describe the goal of his manufacturing operation?
Market Share
44
Which sentence best represents the measurement of inventory as presented by Jonah?
All the money the system invests in purchasing things the system intends to sell
45
Which sentence best represents the measurement of operational expense as presented by Jonah?
All the money the system spends to turn inventory into throughput
46
Which sentence best represents the measurement of throughput as presented by Jonah?
Rate system generates money thru sales
47
How many months is Alex Rogo given to turn around the Bearington plant?
3 Months
48
What does Alex conclude is the goal of a manufacturing organization?
Make Money
49
The reality that most of the factors critical to running your plant cannot be determined precisely ahead of time is known as
Statistical Fluctuation
50
Alex realized on the hike that the distance between himself an Herbie was equivalent to
Inventory
51
Which one of Jonah's measurements represent the money still inside the system?
Inventory
52
Jonah teaches that the closer one comes to achieving a balanced plant...
The closer they are to bankruptcy
53
According to Jonah, an hour lost at a bottleneck lowers the plants overall __________.
Throughput
54
Jonah teaches that you should balance the flow of the plant with _____________.
Market Demand
55
5 Focusing Steps on Theory of Constraints
(ID(S)ER)) Identify, Decide, Subordinate, Elevate, Repeat
56
2 Major Time Factors:
Queue Time, Wait Time
57
Performance Metric
Determines an organization's behavior and performance
58
When are performance metrics good?
When they motivate behavior that supports the Corporate, Business Unit, and Functional Strategies and are aligned with all three
59
Throughput formula
Add each sequential step
60
Labor Content formula
Add EVERY step
61
Cycle Time formula
Bottleneck time
62
Capacity formula
Time / Cycle Time
63
Labor Utilization formula
Step Time / Cycle Time
64
Avg Labor Utilization formula
Avg Step Time / Cycle Time
65
Total Batch Time formula
Set-up + Processing Time
66
Cross-Trained formula
Add cross-trained steps / # of steps
67
Labor Cost (Cycle Time) formula
Cycle Time x # of People
68
Labor Cost formula
Labor Content / Avg Labor Util

MGT 3325 (3 decks)

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