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53 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Define Operations Strategy |
The development of a long term plan for determining how to best utilize resources so there's a high compatibility b/w the resources and the long term corporate strategy |
(Chapter 2) |
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What are the 5 competitive priorities? |
Cost, Quality, Delivery, Flexibility, and Service. |
(Chapter 2) |
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What are the two types of quality? (Operations strategy) |
Product Quality (ex. Mercedes) and Process Quality (ex. McDonalds) |
(Chapter 2) |
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What is the OM Paradigm? |
The movement from Cost minimization to Value Maximization |
(Chapter 2) |
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What are the two operations decision areas? |
Structural/Tangible (includes decisions on facilities, distribution, etc.) and Infrastructural/Intangible. (includes HR, Supplier relationships, etc.) |
(Chapter 2) |
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What are three future competitive priorities? (in addition to the original 5) |
Environmental, Corporate Social Responsibility, and Information Access. |
(Chapter 2) |
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What are order winners? |
Characteristics of a firm or its products that distinguish it from its competition so that it's selected as the source of purchase. |
(Chapter 2) |
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What are order qualifiers? |
Characteristics of a firm or its products to be considered as a source of purchase. |
(Chapter 2) |
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What are the 4 steps in Risk Management? |
1. Identify sources of potential disruptions 2. Assess potential impact of risk 3. Develop plan to mitigate risk 4. Develop contingency plans |
(Chapter 2, pg. 38-40) |
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Define Project Management |
a series of related jobs usually directed to some major output and requiring a significant time to perform |
(Chapter 5) |
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What is the Project Management Triangle? |
A change in one area of a project will impact other areas: the three areas are cost, schedule, and scope. For example, a cut in budget could increase schedule time and decrease scope. |
(Chapter 5) |
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What is Work Breakdown Structure (WBS) ? |
a hierarchal breakdown of whats to be accomplished. |
(Chapter 5) |
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What is Project Scheduling? What are its 3 key objectives? |
Done after the WBS is created, it determines: 1) durations and interdependencies of the activities 2) project completion time 3) requirements in terms of 1 or more resources |
(Chapter 5) |
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What is an Activity? |
A task that consumers time/resources. |
(Chapter 5) |
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What is an Event? |
A point in time that represents the start or completion of one or or more activites |
(Chapter 5) |
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What is a milestone? |
An event of major significance. |
(Chapter 5) |
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What is a Gantt Chart? What 3 keys aspects of the project schedule does it display? |
Schematic representation of a schedule ofactivities,including their time durations. Displays: 1) Task duration 2) Task Precedence 3) Task Start/End Date |
(Chapter 5, pg. 107-108) |
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What are the 4 steps in the Critical Path Method (CPM)? |
1) Describe the Project (in terms of activities) 2) Develop a Network Model 3) Estimate Activity Durations 4) Determine Critical Path and Slacks |
(Chapter 5) |
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What are successors? |
Activities that cannot begin until another activity is completed. |
(Chapter 5) |
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What is an immediate predecessor? |
Activity that must be completed before the next |
(Chapter 5) |
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What is the Critical Path (CP)? |
Sequence of activities that take the longest total time from start to finish. (you can have more than one CP) |
(Chapter 5) |
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What is Program Evaluation and Review Technique (PERT)? |
CPM with probabilistic activity times. Uses Estimated times and Standard Deviation to find the probability of completing a project at a certain time. |
(Chapter 5) |
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What are the 3 time estimates required by PERT? |
Optimistic (A), Pessimistic (B), and most likely (M). |
(Chapter 5) |
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What is a direct cost? |
A cost that will increase by reducing duration. (ex. overtime) |
(Chapter 5) |
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What is an indirect cost? |
A cost that will decrease by reducing duration. (ex. renting machinery) |
(Chapter 5) |
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How do you calculate slack? (2 methods) |
slack= latest start- earliest start, or slack = latest finish - earliest finish |
(Chapter 5) |
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What formula will help you calculate the earliest possible start or finish? |
EF= ES + t; where EF is earliest finish, ES is earliest start, and t is time expected. |
(Chapter 5) |
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What formula will help you calculate the latest possible start or finish? |
LF= LS - t; where LF is the latest finish, LS is latest start, and t is time expected. |
(Chapter 5) |
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What is project crashing? |
refers to expediting of tasks in order to reduce project completion time and/or overall cost. |
(Chapter 5) |
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What is throughput time? |
The time that the unit spends actually being worked on together with the time spent waiting in a queue. |
Cupcake Case, Chapter 2 |
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What is the value chain |
Refers to the steps in the supply chain that are required to provide a product or service to the customer. |
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what is cycle time? |
the average time between completions of units |
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bottleneck |
Limits the capacity of the process
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what does capacity help in determining? (3) |
Price, Inventory supplies (how much raw materials are required on hand) and customer order promise (don't accept more orders than you can deliver) |
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What are 4 types of operations risk? |
Legal, Financial, Technical, Organization |
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What is the difference between operations and supply chain management? |
Operations is the transformation of inputs to outputs. SCM moves information and materials to and from places where the transformation occurs. |
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What is the triple bottom line? |
Profit, Planet, and People; it describes economic, social, and environmental concerns. |
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What are the 5 differences between services and goods |
1. Intangibility- services are intangible 2. Inseparability- services require customer interaction 3. Inconsistency- varys day to day 4. Quality measurement is objective 5. Time sensitive and perishable |
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What are the four limitations of the EOQ? |
1. Demand is assumed to be known 2. Demand is assumed to be constant 3. Stockout cost is ignored 4. Replenishment lead time is known |
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What are the 3 things that a Gantt Chart displays? |
Task Duration, Task Precedence, and Task start/end Date |
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What are the two categories of projects? |
Conventional and Innovative |
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What criteria should be used when evaluating whether or not a project was successful? |
Time, Cost, Quality |
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What are the 4 stages of the Project Life cycle? |
1. Identify a Need 2. Develop a proposed Solution 3. Perform the Project 4. Terminate the Project |
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What is the project management triangle? |
Tradeoffs between Cost, Scope, and Schedule when the project needs rebalancing |
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What are the types of inventory control systems? |
fixed order quantity and fixed review period models |
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4 types of inventory materials |
raw materials work in process finished goods supplies |
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succesful inventory management |
balancing interelated costs |
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trends in technology |
increase in self service decrease in the importance of location shift towards non time dependency getting rid of the middleman |
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New technologies |
numerically controlled machines RFID 3D printing |
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7 design techniques |
know your customer, cocurrent engineering, manufacturability, packaging, recycling, prototypes, target pricing |
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when schedule decreases: |
cost goes up and scope goes down |
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product process matrix (6 categories) |
Project Job shop Batch Automated Continuous |
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2 inventory systems |
low cost and high cost (based on item size) |
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