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OPERATIONS MANAGEMENT STUDY GUIDE #5
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OPERATIONS MANAGEMENT STUDY GUIDE #5
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OPERATIONS MANAGEMENT STUDY GUIDE #5Utility - correct answer A measure of the customer preference of a product or service
Utility is composed of three components - correct answer 1. Consumption Utility
2. Price
3. Inconvenience
Consumption Utility - correct answer A measurement of how much you like a service,
ignoring the effects of price and its inconvenience
Drivers of Consumption Utility - correct answer 1. Price
2. Inconvenience
Waste - correct answer The consumption of inputs and resources that do not add value
to the customer
Operations Management - correct answer the management of processes used to
design, supply, produce, and deliver valuable goods and services to customers
Three major functions in any firm - correct answer 1. Marketing
2. Operations
3. Finance
A Process - correct answer A set of activities that take collection of inputs, perform
some work or activities with those inputs, and then yield a set of outputs
Flow Unit - correct answer the basic unit that moves through a process
Ex: Births per day
Inventory - correct answer The number of flow units within our process
Ex: 12.5 mothers in the hospital at any given time
Flow Time - correct answer The rate at which the flow units travel through the process
Ex: The average stay in the hospital for a woman is 2.5 days
Flow Rate - correct answer The time a flow unit spends in the process, from start to
finish
Ex: The average birth rate at a local hospital is 5 births per day
Capacity - correct answer amount of input that can go into or the amount of output that
can be created by a process, at a given level of resources over a given time period
, Maximum Capacity (Designed or Rated Capacity) - correct answer highest achievable
level under ideal conditions, for a limited time
Effective capacity - correct answer achievable level under normal conditions, for an
extended time
Utilization - correct answer how much available capacity is actually used
Efficiency - correct answer how much of effective capacity is actually used
Processing Time - correct answer the time it takes a resources to complete one unit
flow
Demand Rate - correct answer the number of flow units that customers want per unit of
time
Throughput - correct answer A synonym for flow rate
Cycle time - correct answer the time between completing two consecutive flow units
Lead time - correct answer the time between when an order is placed and when it is
received
Bottleneck - correct answer any resource whose capacity is equal to or less than the
demand placed upon it
Process Capacity - correct answer The maximum flow rate a process can provide per
unit of time. It determines the maximum flow rate a process can provide per unit of time.
Thus it determines the maximum supply of the process.
Product Process Matrix - correct answer a tool for analyzing the relationship between
the product life cycle and the technological life cycle
Job Shop Production - correct answer the producer of unique products.
Ex: Machine shop, Hospital, Bank
Batch Processing - correct answer provide similar items on a repeat basis, usually in
larger volumes than that associated with job shops.
Ex: Classrooms, Bakery, Cinema
Assembly Line Processing - correct answer laborers generally perform the same
operations for each production run in a standard and hopefully uninterrupted flow.
Generally heavily automated.
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