Flashcards in Midterm 1 Deck (8)
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1
Why is this course useful and how does it manage business operations of organizations
It teaches fundamental aspects of running a business successfully.
It teaches students how to make the most of your resources by making your production process efficient
Being able to design this sort of process while also creating the goods/service is also fundamental and a key responsibility of an operations manager.
Operations mgmt is also found in daily lives from determining your own schedule, the process by which you determine priorities and act on those priorities.
Operations mgmt allows businesses to be efficient as they can be without reducing effectiveness which reduces costs and increases profits.
2
How does education affect productivity? Make a list of of points to address this questions
Education and training will lead to ways of increasing efficiency which will in turn rise productivity.
Education can teach managers or employees on new ways of doing things to increase time spent for more important tasks
Training of staff right away will lead to higher production times rather than a slow start up after hiring.
Learning about new machines that could replace employees tasks would be increasing productivity because these workers can now go help elsewhere and the machine is probably faster.
3
How does research and development affect competitiveness?
R&d heavily affects competitiveness as it directly affects the basis of competitive advantage of which there are 4. That means it will provide 1 or more of these competive advantages which will bolster profits leaving you with more successful business
4
What is mean deviation (MAD)? How is it helpful to a manager involved in making a forecast for the next year?
MAD is the average sum of all absolute deviations divided by the number of periods
MAD=E(A-F)/^
It is helpful to a manager because it allows you to compare different forecasts using MAD where the lowest MAD shows that the corresponding forecast is more accurate and reliable than the forecast with the higher MAD. This leads to improved decision making for the manager as he has credible numbers to base his decision off.
5
If you are selected as an operations manager of a manufacturing company then what would be your important responsibilities in that organization?
1. Designing the required product or service
2. Designing the system of production
3. Source the location of production
4. Process and capacity of production system
5. The supply chain of resources to products
6
List the factors that lead to competitiveness and explain one of the factors by giving an example.
Factors:
Cost/price
Quantity
Brand innovation
Flexibility/response
Ex: the cost/price competitiveness factors is very simple. It states that if your organization is relative to other similar products/services can sell those products at a lower price or produce them at a lower cost relative to others in the industry. You will look more appealing to consumers or investor which will increase profits and perhaps even provide a bigger market share
7
What is the relationship between productivity and competitive advantage?
The comparison of productivity between organizations reflects competitiveness
8
