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24 Cards in this Set
- Front
- Back
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Operations and Supply chain management is:
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design, operation, and improvement of the systems that create and deliver the firm's primary products and services
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value is:
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ratio of quality to price paid
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Productivity equation:
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outputs/inputs
goods or services produced /resources used |
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What business operations overlap:
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operations + marketing + finance
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What is operations management:
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The management of systems or processes
that create goods and/or provide services |
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Describe the operations function as a part of business organizations.
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Core of most business organizations
Responsible for the creation of an organization’s goods or services. Involves managing transformations. Converts inputs into outputs using one or more transformation processes. Its essence is to add value during the transformation process. |
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what is value-added?
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The difference between the cost of inputs
and the value or price of outputs. |
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What is transformation's relationship with operations?
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Enabled by the operations resources which
consist of what is termed the five P’s of OM People Plants Parts Processes Planning and Control |
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Describe the hospital example of process transformation:
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inputs: doctors, nurses, medical supplies..
processing: examination, surgery, medication.. output: healthy patients |
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name different types of transformation
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Physical-manufacturing
Locational-transportation Exchange retailing Storage-warehousing Physiological-health care Informational-telecommunications |
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Explain the Goods-Service equilibrium and provide examples.
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the range of types of businesses in terms of what they offer (goods, services, or a combo of both)
examples: pure good: steel production core goods: home remodeling core services: maid service pure service: teaching |
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What's the difference between the production of goods and service?
8 key differences. |
production of goods = tangible product
services = intangible product (an act) 1. Customer contact 2. Uniformity of input 3. Labor content of jobs 4 Uniformity of output 5. Measurement of productivity 6. Production and delivery 7. Quality assurance 8. Amount of inventory |
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What does the operations function consist of?
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Consists of all activities directly related to
producing goods or providing services |
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List the types of operations and examples of each.
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1. goods producing: farming
2. storage/transportation: warehousing 3. exchange: retailing 4. entertainment: films 5. communication: newspapers |
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What are the Responsibilities of Operations
Management? |
planning: capacity, location, make or buy
organizing: degree of specialization, process selection staffing: hiring/laying off directing: incentive plans controlling/improving: inventory, quality, productivity |
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What are the key decisions for operations managers?
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1. What: what resources, what amounts
2. when: needed/ ordered 3. where: work to be done 4. how: designed 5. who: to do work |
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What decisions are made when designing a system:
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1. capacity
2. location 3. arrangement of departments 4. product and service planning 5. acquisition and placement of equipment |
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what tools are used for decision making?
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1. models
2. quantitative approaches 3. analysis of trade-offs 4. systems approach |
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what are models and the 3 types?
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-an abstraction of reality.
1. physical 2. schematic 3. mathematial |
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why are models beneficial?
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1. easy to use/less expensive
2. requires users to organize 3. systematic approach to problem solving 4. increase understanding of problem 5. enable "what if" questions 6. specific objectives 7. consistent tool 8. power of mathematics 9. standardized format |
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What quantitative approaches are available?
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1. LP
2. queuing techniques 3. inventory models 4. project models 5. statistical models |
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Define sub-optimization
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sub-optimization is the result of different departments each attempting to reach a solution that is optimum for that department.
" the whole is greater than the sum of the parts." |
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What is a supply chain and give an example.
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A supply chain: sequence of activities and organizations involved in producing and delivering a good or service.
Eg// supplier -> manufacturing -> distribution-> retail -> consumer |
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How do you calculate value of a product given value-added per step of its production?
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from the beginning of product life, add all value-added amounts, and the sum is the value of the product.
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