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1st Year - First Sem (Midterm) > Operations Management > Flashcards

Operations Management Flashcards

(69 cards)

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1
Q

It is the management of systems or processes that create goods and provide services

A

Operation Management

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2
Q

Physical items produced by business organizations

A

Goods

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3
Q

Activities that provide some combination of time, location, form, and psychological value.

A

Services

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4
Q

Transfer of Ownership:
Tangible

A

Goods

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5
Q

Transfer of Ownership:
Intangible

A

Service

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6
Q

It is the sequence of activities and organizations involved in producing and delivering a good or service.

A

Supply Chain

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7
Q

It is the difference between cost of inputs and the value or price of outputs.

A

Value-added

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8
Q

Goods or Services:
Surgery and Teaching

A

Service

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9
Q

Goods, Services or Mix:
Internet

A

Survice

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10
Q

Goods, Services or Mix:
Netflix

A

Service

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11
Q

Goods, Services or Mix:
Burger Store

A

Goods

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12
Q

Evey aspect of business affects or is affected by operations

A

True

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13
Q

Service jobs that are closely related to operations

A

Financial, Accounting, Marketing, and Information Services

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14
Q

3 Main parts of Organization

A

Operation, Finance, Marketing

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15
Q

Objective of Operations

A

Match the supply and demand

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16
Q

Supply > Demand

A

Wasteful & Costly

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17
Q

Supply < Demand

A

Opportunity Loss & Customer Dissatisfaction

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18
Q

Supply = Demand

A

Ideal

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19
Q

(Stevenson) How effectively an organization meets the needs and wants of customers relative to others that offer similar goods and services

A

Competitiveness

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20
Q

Ability of a firm or a nation to offer products and services that meet the quality standards of the local and world markets at prices that are competitive and provide adequate returns on the resources employed or consumed in producing them

A

Competitiveness

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21
Q

Business Competes using MARKETING: (4)

A

Identifying consumer wants and needs
Pricing
Advertising,
Promotion

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22
Q

Pricing

A

Marketing

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23
Q

Advertising

A

Marketing

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24
Q

Identifying consumer needs and wants

A

Marketing

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25
Business Competes using Operations: (6)
Product and service design Cost Location Quality Quick Response Flexibility
26
Quick Response
Operations
27
Flexibility
Operations
28
Quality
Operations
29
Product and service design
Operations
30
Location
Operations
31
Why some organization failed!
Failing to recognize and adapt to emerging technologies and digital trends.
32
_____ relates to the plans that determine how an organization pursues its goal.
Strategy
33
Action Plans > Strategy > Goal > Vision > Mission
False
34
Action Plans > Strategy > Goal > Mission > Vision
True
35
Action Plans > Goal > Strategy > Vision > Mission
False
36
_____ without tactics is the slowest route to victory.
Strategy
37
______ without strategy is the noise before defeat.
Tactics
38
It relates to the effective use of resources and it has a direct impact on competitiveness.
Productivity
39
Operations Strategy (6)
Automation, ERP System, IT, Technology in Services, eServices, Data Analytics
40
It is the driving force of an organization.
Competition
41
______ and _____ must be aligned to organizations mission.
Goals and Strategy
42
It drives lower cost and gets firms more competitive.
Productivity
43
______ is critical
Execution
44
It is the statement about the future value of a variable interest.
Forecast
45
Having ______ of demand is essential for determining how much capacity or supply will be needed to meet demand.
Forecast
46
Elements of Good Forecast: (7) TARCSIM
Timely Accurate Reliable Cost-effective Simple to understand and use In writing Meaningful Units
47
Quantitative or Qualitative Forecast: Executive Opinion
Qualitative Forecast
48
Sales Force Opinions
Qualitative Forecast
49
Delphi Technique
Qualitative Forecast
50
Time ordered sequence of observations taken at regular intervals.
Time Sequence
51
pataas na diretso (patterns)
Trend
52
mataas na bumaba tapos tataas (patterns)
Seasonal
53
bumaba tapos tumaas na bumaba uli tapos tataas -medyo magkakadikit (patterns)
Cycle
54
pataas na pataas pero may part na bumaba tapos tumaas uli
Irregular Variation
55
Basic input in the decision process of operations management because they provide information of FUTURE DEMAND.
Forecast
56
Quantitative or Qualitative Forecast: Consumer Survey
Qualitative Forecast
57
Quantitative or Qualitative Forecast: Trend Projection
Quantitative Forecast
58
Quantitative or Qualitative Forecast: Naive
Quantitative Forecast
59
Quantitative or Qualitative Forecast: Exponential Smoothing
Quantitative Forecast
60
In multiple regression how many variables are used to predict values of a dependent variable.
Two or more
61
Choosing a Forecasting Technique: CAAAT
Cost Accuracy Availability of Historical Data Availability of Computer Software Time needed to gather and analyze data and prepare forecast
62
____ forecast are essential inouts for many business decisions.
Demand
63
It uses a single previous value of time series as the basis of a forecast.
Naive
64
Forecast is based on average of recent values.
Moving Average
65
It is similar to a moving average, except that it assigns more weight to the most recent values in a time series.
Weighted Average
66
A sophisticated weighted averaging method that is still relatively easy to use and understand. Each new forecast is based on the previous forecast and the actual value of the series at that point.
Exponential Smoothing
67
Productivity is defined as the ratio of output and input
True
68
Productivity is directly related to the ability of an organization to compete.
True
69
An organization that is twice as productive as its competitor will be twice as profitable.
False (Productivity advantages doesn't necessarily translate into profitability advantages)

1st Year - First Sem (Midterm) (3 decks)

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