Operations Management Exam 1

Front 1

What is Operations Management?

Back 1

the set of activities that creates value in the form of goods or services by transforming inputs into outputs

Front 2

What are the three functions to produce goods and services?

Back 2

1) Marketing
2) Production/Operation
3) Finance/Accounting

Front 3

What are the four reasons why we study OM?

Back 3

1) it is one of the 3 major functions of any organization and it is related to all other business function
2) we want to know how goods and services are produce
3) we need to understand what operations managers d
4) because it is such a costly part of any organizations

Front 4

What do Operations Managers do?

Back 4

Management processes: planning, organizing, staffing, leading and controlling

Front 5

Eli Whitney

Back 5

1800- early populization of interchangeable parts through standardization and quality control

Front 6

Frederick W. Taylor

Back 6

1881- father of scientific management. contributed to personnel selection, planning and scheduling, motion study and ergonomics.

Front 7

Frederick W. Taylor, Genry L Gantt, and Lillian Gilbreth

Back 7

among the first to systematically seek the best way to produce

Front 8

Walter Shewhart

Back 8

1924 - Quality control

Front 9

Definition (in our terms) of service

Back 9

including repair and maintenance, government, food and loding, transportation, insurance, trade, financial, real estate, education, legal, medical, entertainment, and other professional occupations

Front 10

Productivity

Back 10

Ratio of outputs divided by inputs

Front 11

how to improve productivity ratio (2 ways)

Back 11

1) reduce inputs while keeping outputs constan
2) increase output while keeping inputs constant

Front 12

What are the three productivity variables? (and their percentage to annual increase in productivity)

Back 12

1) Labor (10%)
2) Capital (38%)
3) Management (52%)

Front 13

What are the six reasons why domestic business operations decide to change to some form of international operation?

Back 13

1) reduced cost
2) improve the supply chai
3) provide better goods and service
4) understand market
5) Learn to improve operation
6) attract and retain a global talent

Front 14

Mission

Back 14

a company's purpose

Front 15

Strategy

Back 15

how to attain a company's purpose

Front 16

Mission Strategies - done in 3 ways

Back 16

1) Differentiation
2) Cost leadership
3) Response

Front 17

Ten strategic OM decisions

Back 17

1) goods and service design
2) quality
3) process and capacity design
4) location selection
5) layout design
6) human resources and job design
7) supply-chain management
8) inventory
9) scheduling
10) maintenance

Front 18

SWOT

Back 18

formal review of internal Strengths and Weaknesses and external Opportunity and Threats

Front 19

International Business

Back 19

any firm that engages in intentional trade or investment

Front 20

Multinational Corporation (MNC)

Back 20

a firm with extensive interational business involvement

Front 21

International Strategy

Back 21

uses exports and licenses to penetrate the global arena

Front 22

Multidomestic Strategy

Back 22

has decentralized authority with substanstial autonomy at each business (subsidaries, franchises, etc.)

Front 23

Global Strategy

Back 23

has a high degree of centralization, with headquarters coordinating the organization to seek out standardization and learning between plants, thus generating economies of scale

Front 24

Transnational Strategy

Back 24

exploits the economies of scale and learning, as well as pressure for responsiveness, by recognizing that core competence does not reside in just the "home" country.