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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
Q

You are only as strong as your ________________

A

Weakest Link

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26
Q

Constraint

A

Something in the system that prevents you from achieving your goal

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27
Q

LEAN goal:

A

eliminate waste and max productivity

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28
Q

Continuous Improvement Culture asks:

A

Does this improve the organization and support our strategy and objectives

29
Q

6S (visual control/workspace)

A
  1. Sort
  2. Set in Order
  3. Shine
  4. Standardize
  5. Sustain
  6. Safety
30
Q

LEAN and improvement in the Company is best achieved by:

A

Employees as they support the objectives

31
Q

Kaizen Event is a _________________

A

change for the better

32
Q

Where are Kaizen Events used?

A

Complex processes/organizations

33
Q

Kaizen re-engineers:

A

entire business, process with many players

34
Q

Keys to sustaining Kaizen Events

A

Continuous Improvement, leadership accountability

35
Q

Six Sigma was created by

A

Bill Smith from Motorola (adopted by Jack Welch from GE)

36
Q

Six Sigma requires a commitment by management to

A

make decisions on data and statistical methods

37
Q

Six Sigma warnings

A

May hurt company in long run if there is not tremendous commitment

38
Q

5 Why’s Analysis

A

Ask WHY a minimum of 5 times to get to root cause

39
Q

Fixing a symptom _____________________________

A

does not fix the overall problem

40
Q

Fish Bone Diagram

A

Cause-and-effect diagram to achieve the root cause

41
Q

Expeditor

A

An individual who accelerates the progress of an existing order

42
Q

How does Jonah define productivity?

A

The act of bringing a company closer to its goal

43
Q

When first queried by Jonah in the airport, how does Alex describe the goal of his manufacturing operation?

A

Market Share

44
Q

Which sentence best represents the measurement of inventory as presented by Jonah?

A

All the money the system invests in purchasing things the system intends to sell

45
Q

Which sentence best represents the measurement of operational expense as presented by Jonah?

A

All the money the system spends to turn inventory into throughput

46
Q

Which sentence best represents the measurement of throughput as presented by Jonah?

A

Rate system generates money thru sales

47
Q

How many months is Alex Rogo given to turn around the Bearington plant?

A

3 Months

48
Q

What does Alex conclude is the goal of a manufacturing organization?

A

Make Money

49
Q

The reality that most of the factors critical to running your plant cannot be determined precisely ahead of time is known as

A

Statistical Fluctuation

50
Q

Alex realized on the hike that the distance between himself an Herbie was equivalent to

A

Inventory

51
Q

Which one of Jonah’s measurements represent the money still inside the system?

A

Inventory

52
Q

Jonah teaches that the closer one comes to achieving a balanced plant…

A

The closer they are to bankruptcy

53
Q

According to Jonah, an hour lost at a bottleneck lowers the plants overall __________.

A

Throughput

54
Q

Jonah teaches that you should balance the flow of the plant with _____________.

A

Market Demand

55
Q

5 Focusing Steps on Theory of Constraints

A

(ID(S)ER)) Identify, Decide, Subordinate, Elevate, Repeat

56
Q

2 Major Time Factors:

A

Queue Time, Wait Time

57
Q

Performance Metric

A

Determines an organization’s behavior and performance

58
Q

When are performance metrics good?

A

When they motivate behavior that supports the Corporate, Business Unit, and Functional Strategies and are aligned with all three

59
Q

Throughput formula

A

Add each sequential step

60
Q

Labor Content formula

A

Add EVERY step

61
Q

Cycle Time formula

A

Bottleneck time

62
Q

Capacity formula

A

Time / Cycle Time

63
Q

Labor Utilization formula

A

Step Time / Cycle Time

64
Q

Avg Labor Utilization formula

A

Avg Step Time / Cycle Time

65
Q

Total Batch Time formula

A

Set-up + Processing Time

66
Q

Cross-Trained formula

A

Add cross-trained steps / # of steps

67
Q

Labor Cost (Cycle Time) formula

A

Cycle Time x # of People

68
Q

Labor Cost formula

A

Labor Content / Avg Labor Util

MGT 3325 (3 decks)

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