operations midterm 1

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jlm158
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133317
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operations midterm 1
Updated:
2012-02-06 21:11:04
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operations midterm
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Questions for Operations Midterm - Ch 1
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  1. Operations Management
    Transforming inputs into deliverables for customers
  2. Process
    • Any transformation that converts inputs to outputs
    • * Installing seats in a car
    • * Assembly line to compelte entire car
  3. Five elements of a Process
    • 1. Inputs & Outputs
    • 2. Flow Units
    • 3. Network of Activities and Buffers
    • 4. Resources
    • 5. Information Structure
  4. 5 elements of process - Inputs & Outputs
    • Tangible and intangible items that flow into the process
    • Inputs - raw materials, energy, customers with unsatisfied need
    • Outputs - finished products, processed info, satisfied customers
  5. 5 elements of process - flow units
    The item being analyzed (customer order, finished product, finiancial value of input/output)
  6. 5 elements of process - Network of activities and buffers
    activity -
    Buffer -
    Activity - building block of process

    buffer - stores flow units that have finished one activity and are waiting to start the next activity (finished goods waiting on an order)
  7. 5 elements of process - resources
    Tangible assets that facilitate transformation of inputs to outputs

    • Capital - land, buildings, etc.
    • Labor - people, engineers, etc.
  8. 5 elements of process - information structure
    shows waht info is needed and is available to whom in order to perform activities and make decisions
  9. Process View of Organization
    Allows you to evaluate processes to find ways they can be designed, restructured and managed to improve performance
  10. Peformance Measures (3)
    • 1. Financial Performance
    • 2. External Performance
    • 3. Internal Performance
  11. Performance Measures - Financial Peformance
    • Difference between value of outputs and cost of production/delivery to MEET CUSTOMER EXPECTATIONS
    • * Absolute performance (revenue, cost, etc.)
    • * Performance releative to Asset Utilization (ROA, ROI)
    • * Survival strength (Cash flow)

    FINANCIAL MEASURES ARE LAGGING AND CANNOT BE USED TO DRIVE COMPANY
  12. Performance Measures - External Performance
    Providing goods that meet/excede customer expectations (cost, response time, variety, quality)

    McDonalds vs Ruth's Chris

    LAGGING INDICATOR LIKE FINANCIAL PERFORMANCE
  13. Peformance Measures - Internal Performance
    Must correlate between financial and external performance measures

    • * Defined defect goal
    • * 3rd party logistics held to damage allowance

    Productivity goals should meet customer expectations within budget constraints.
  14. Product Attributes
    • 1. Product Cost
    • 2. Product Delivery Response Time
    • 3. Product Variety
    • 4. Product Quality
  15. Product Attributes - Product Cost
    Total cost customer incurs to own or experience the product
  16. Product Attributes - Product Delivery Response Time
    Total time customer must wait before receiving the product
  17. Product Attributes - Product Variety
    Range of choices offered to the customer to meet their needs
  18. Product Attributes - Product Quality
    Degree the product meets expectations
  19. Job Shops
    Flexible resources to produce low volumes of HIGHLY CUSTOMIZED ITEMS (law firms, design companies)
  20. Flow Shops
    Specialized resources that perform limited tasks but with precision and speed - standard item produced quickly in high volume (clothes, toys, electronics, etc)
  21. Operations Management is about:
    PEOPLE, PROCESSES & TECHNOLOGY!!

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