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SCM 352 > Module 1 - 4 > Flashcards

Module 1 - 4 Flashcards

Exam 1 (97 cards)

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1
Q

Operations Management (OM)

A

The art and science of converting materials and labor into goods and services.

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2
Q

Operations Management (OM) Purpose?

A

plans, executes and controls the process to create and deliver goods and services to customers

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3
Q

Principles of OM

A

View business enterprises as a total system. Essential to manufacturing firms and service organizations.

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4
Q

Total System

A

All activities are coordinated, not only vertically throughout the organization, but also horizontally across multiple functional areas.

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5
Q

Operations Management Creates

A

Value

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6
Q

Value

A

The perception of the benefits associated with a bundle of goods and/or services in relation to what buyers are willing to pay for them

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7
Q

Manufacturing Firms creates value by…

A

converting materials and labor into automobiles.

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8
Q

Service Organizations create Value by…

A

providing excellent experience for customers.

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9
Q

Manufacturing firms and service organization create value by…

A

focusing on OM functions and activities.

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10
Q

Service encounters are defined as…

A

the interactions between customer and service provider.

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11
Q

OM Activities & Careers

A

Forecasting, planning, purchasing, technology, quality management, resource and capacity management, process design, supply chain management.

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12
Q

OM Jobs

A

COO, Vice President of Manufacturing, Hotel or Restaurant Manager, Casino Pit Manager, Plant or Factory Manager, Supply Chain Manager.

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13
Q

Seven Eras of Operations Management

A

Cost & Efficiency, Quality, Customization & Design, Time, Service & Value, Sustainability, Data & Analytics.

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14
Q

1960s

A

Cost minimization, Mass production, Manufacturing based technology, focus on goods, local markets.

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15
Q

2020s

A

Sustainability, mass customization, information based technology, focus on value and analytics, global markets.

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16
Q

Current Challenges in OM: High Customer…

A

Expectations.

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17
Q

Current Challenges in OM: Evolving…

A

Technology

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18
Q

Current Challenges in OM: Short…

A

Product Life Cycles

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19
Q

Current Challenges in OM: Managing…

A

Workforce

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20
Q

Current Challenges in OM: Operating on a international Scale

A

Globalization

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21
Q

Current Challenges in OM: maintaining at a certain rate or level.

A

Sustainability

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22
Q

Current Challenges in OM: Optimizing…

A

Supply Chains

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23
Q

Current Challenges in OM: Business

A

Analytics

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24
Q

80-90% of the jobs in the US economy are in the…

A

Service Sector

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25
Good flow is...
Left to Right
26
Good product is...
Physical
27
Service is..
Primary or complementary activity that does not directly produce a physical product. (Legal service, accounting service, travel by air or bus and warranty)
28
Standardized goods/services is...
(make to stock) (Goods/services made to fixed design, and the customer has no options from which to choose)
29
High goods content
tangible, pure goods
30
Low Goods content
Intangible, pure service
31
Five Modes of Transportation
Air, Rail, Motor, Water, Pipelines, Multimodal
32
Supply Chain is...
network of facilities and processes that describes the flow of goods, services, information, and financial transactions from suppliers through the facilities and processes that create goods and services and deliver them to customer.
33
Supply Chain Management is
The management of all activities that facilitate the fulfillment of a customer order for a manufactured good or service to achieve satisfied customers at a reasonable cost.
34
Supply Chain Purpose is...
The basic purpose of a supply chain is to coordinate the flow of materials, services, and information along the elements of the supply chain to maximize customer value.
35
The Earth is ->
Miners/ Raw Materials
36
Miners/ Raw Materials is ->
Raw Material Fabricators
37
Raw Material Fabricators ->
Component Manufactures
38
Component Manufactures ->
Final Product Manufactures
39
Final Product Manufactures ->
Wholesalers
40
Wholesalers->
Retailers
41
Retailers ->
Final Consumers
42
Final Consumers ->
Returns &Recycles
43
The Two Perspectives of SCM
- Purchasing & Supply Management Perspective (Manufactures) & Transportation & Logistics Perspective (Retailers)
44
EMS
Electronic Manufacturing Services
45
Electronic Manufacturing Services
a term used for companies that design, test, manufacture, distribute, and provide return/repair services for electronic components and assemblies for original equipment manufacturers (OEMs). Some of the major global EMS contract manufacturers are Flextronics International Ltd., S
46
Outsourcing Contract Manufactures
an offer significant competitive advantages, such as access to advanced manufacturing technologies, faster product time-to-market, customization of goods in regional markets.
47
Third Party Logistics (3PL)
providers provide integrated services that include packaging, warehousing, inventory management, and inbound/outbound transportation
48
3PL
Third Party Logistics
49
Rail and Pipelines are very...
Expensive
50
Sustainability
Ability to address current business needs and successfully develop a long term strategy to preserve resources for future generations
51
Economic Sustainability
focuses on making sound financial and operational decisions such as financial management, resource management, and emergency preparedness
52
Environmental Sustainability
focuses on OM activities like remanufacturing, waste management, green supply chains, and energy conservation.
53
Social Sustainability
focuses on activities that impact the society as a part of the firm’s overall corporate responsibilities, such as creating a zero carbon footprint product, product safety, gambling addiction, & second-hand smoke.
54
Sustainability Practices
Green Purchasing, Eco - design, Reverse Logistics, Corporate Social Responsibility.
55
Institutional Pressures
Customer Exceptions -> Government Regulations -> Industry Pressures
56
Triple Bottom Line Performers
Economic Outcomes, Enviromental Outcomes, Social Outcomes
57
SCOR Model
Framework for analyzing SCM Scope based on five basic functions.
58
5 SCOR Model
Plan, Source, Make, Deliever, Return
59
SCOR Model is...
Framework for analyzing SCM Scope based on five basic functions.
60
SCOR spans (1)
All supplier/ customer interactions from order entry through paid invoice
61
SCOR (2)
All physcial material and service transactions, from suppliers supplier to customer's customers, includeing equipment, supplier, spare parts, bulk product, software, etc
62
SCOR (3)
All market interactions, from aggregate demand to the order fulfillment, and
63
SCOR (4)
Returns.
64
VMI is
Vendor Manged Inventory
65
Reverse Logistics is
MAnage returns along the revere supply chain.
66
Performance Measurement
The act of quantifying the outcomes of a business activities. It provides an objective basis for decision making.
67
Financial Measure
Sales, profit, ROA, EPs
68
Customer and Market
Market shares, customer satisfaction
69
Quality
Product recalls, defects/million, number of warranty repairs
70
Time
(speed & variability) average delivery time, cycle time, tardiness.
71
Flexibility
Design flexibility, volume flexibility, changeover time
72
Innovation
New products developments rates, patents, staff turnover
73
Sustainability (Performance Measures)
Toxic waste discharge rate, workplace safety violations
74
Two Macro Models of Organizational performance
Malcolm Balridge National Quality Award (MBNQA) and Balanced Scorecard
75
MBNQA Framework
Is to provide a framework for performance excellence through self - assessment to understand an organizations strengths and weaknesses, thereby setting priorities for improvement.
76
Total Performance Measures
1000 1. Leadership (120) 2. Strategic planning (85) 3. Customer focus (85) 4. Measurement, analysis, and knowledge management (90) 5. Workforce focus (85) 6. Operations Focus (85) 7. Results (450)
77
Innovation and Learning Perspective
Focuses on people and infrastructure
78
Internal Business Perspective
Focuses on processes
79
Customer Perspective
Increases customer satisfaction and market growth
80
Financial Perspective -
Creates Value to shareholders
81
Productivity Formula
Quantity of Output / Quantity of input
82
VLC (Value of a Loyal Customer
(P)(CM)(RF)(BLC) P = revenue per unit CM= Contribution margin RF= Repurchase Frequent = # of purchase per year BLC= buyer's life cycle = 1 / defection rate = 1/ (1 - retention rate)
83
Competitive Advantage
the strategic superiority of a firm over its competitors.
84
Core Competencies
contribute to its competitive advantage that allows it to outperform competitors
85
Competitive Priority
the strategic focus that a firm choose to achieve competitive advantage
86
Order Qualifiers
Basic performance expectations of customers. Meeting or exceeding performance on an order qualifier is not a competitive advantage
87
Order Winners
A performance characteristic that customers use to differentiate the products and/or services of a firm it competitors
88
How customers evaluate goods and services
Search attributes, Experience Attributes, Credence Attributes
89
Search attributes
he characteristics of a good or service that a customer can determine prior to purchase. Supermarket food, furniture, clothing, and automobiles are high in search attributes Examples: color, price, freshness, style, fit, feel, hardness, smell
90
Experience attributes
the characteristics that can be determined only after purchase or during consumption Examples: friendliness, taste, wearability, safety, fun, and customer satisfaction
91
Credence Attributes
aspects of good or service that the customer must believe in, but cannot personally evaluate even after purchase and consumption Example: the expertise of a surgeon or mechanic, knowledge of a tax advisor…
92
Competitive Priorities (1)
Cost Leadership - high volumes of standardized products by taking advantage of economies of scale and learning curve effects (McDonalds, Marriott’s Fairfield inns, southwest airlines.)
93
Competitive Priorities (2)
Differentiation - Creating a unique product or service in terms of - quality ( Mercedes), time (CNN) , flexibility (Mass customization | Dell) , innovation (apple)
94
Competitive Priorities (3)
Focus Strategy - focus on niche market segment (southwest airlines (focus on the shortfall point to point market instead of the hub and spoke model of mainstream carriers, family dollar (focus on value shoppers)
95
Corporate Strategy is...
Defines the business in which the firm will participate (ie: start a new restaurant)
96
Business Strategy is
Defines the market segments and competitive priorities (ie: student population low cost, fast foods)
97

SCM 352 (1 decks)

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