Exam (elaborations)
Business Management 3130 - Exam 1
- Course
- Institution
Business Management 3130 - Exam 1
[Show more]
Seller
Follow
denicetho
Content preview
Business Management 3130 - Exam 1Operations Management (About how things get done) - ANS-The Process that
effectively produce, transform, and deliver a product or service
Operations and Supply Chain Management - ANS-The design, operation, and
improvement of the systems that create and deliver the firms primary products and
services
Process - ANS-One or more activities that transform inputs such as raw material and
labor in to outputs in the form of finished goods and services
Inputs - transformation - outputs
OM is a process oriented discipline
What IS Cycle Time - ANS-The average time between completion of successive units
What is utilization - ANS-The ratio of the time that a resource is actually activated
relative to the time that it is available for use (which is NOT a measure of efficiency!)
Five Distinct Management Process - ANS-1.) Planning
2.) Sourcing
3.) Making
4.) Delivering
5.) Returning
Difference between Goods & Services - ANS-1.) Services are Intaingible and can not be
measured, where as Goods are Tangible
2.) Service requires some degree of customer interaction
3.) Usually heterogeneous i.e they vary from day to day as a function of the attitudes of
the customers and servers
4.) Perishable & Time Dependent can not be stored
5.) Specifications of a service are defined and evaluated as a package of features
affecting the 5 senses
Product Service Bundling - ANS-When a firm builds service activities into its product
offerings to create additional value for the customer
,Efficiency, Effectiveness, and Value - ANS-- Efficiency: Doing something at the lowest
possible cost
- Effectiveness: Doing the right thing to create the most value for the company
- Value: Quality divided by price
Priorities - ANS-- Competitive Priorities: What the company WOULD LIKE to achieve
- Competitive Capabilities: Knowledge the firm is able to ACTUALLY achieve to satisfy
the customer
What is Productivity and how is it measured ? - ANS-Is a common measure of how well
a Country, Industry, or Business unit is using it's resources (or factors of production)
Productivity = Output (Goods and Services Produced) / Input (All Resources Used)
How do we improve productivity? - ANS-1. Increasing output
2. Decreasing input
Productivity is related to efficiency, effectiveness and value
Sustainability - ANS-The ability to meet current resource needs without compromising
the ability of the future generations to meet their needs
Sustainable Strategy - ANS-Triple Bottom Line (Also known as the Three P's):
evaluating the firm against economic, social and environmental criteria
1.) People (Social Responsibility): Employees and Stakeholders
2.) Profit (Economic Success): Beyond traditional accounting to include economic
benefit for the host society
3.) Planet (Environmental Stewardship): Use and impact of resources throughout the life
cycle
What is the traditional view? - ANS-Milton Friedman argued that the corporation only
has responsibility to its shareholders to crate wealth so long as it plays by the rules
People have social responsibility not corporations
, What is the new view? - ANS-The constituency of the corporation includes local
communities and society at large
What is Operations and Supply Chain Strategy - ANS-- Setting goals, policies, and
creating plans foe using the firms resources to support the organizational strategy
- Longer range organizational strategy
- Mid-range conversion of strategy into more tactical activities
- Short range implementation of tactics
Order Winners - ANS-Characteristics causing customers to PREFER you over your
competitors
Order Qualifiers - ANS-Characteristics you need to have o be CONSIDERED by
potential customers
Competitive Dimensions - ANS-- Cost: high or low cost
- Quality: consistent quality, superior quality
- Time: delivery speed, on-time/reliable delivery, development, speed of new
products/services
- Flexibility: volume flexibility, customization, postponement, mass customization,
variety/mix
- Others
Trade-Off's - ANS-- Try to do well in more than one priority which accepts a lesser
performance versus the single focus
- Focus on one competitive dimension to achieve excellence
Note: NO firm excels simultaneously in all Competitive Dimensions nor should it try
Risk - ANS-Is represented by any source of unplanned disruption such as:
- severe weather event
- labor strikes
- facility disaster
- recalls
- terrorism
Total Cost of Queuing System - ANS-Total Cost = Cw x L + Cs x s
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller denicetho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.36. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now