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OMIS 430 Operations Management Ch. 1-4 Exam 1 Study Guide well answered to pass
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OMIS 430 Operations Management Ch. 1-4 Exam 1 Study Guide well answered to pass
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OMIS 430 Operations Management Ch.1-4 Exam 1 Study Guide
Chapter 1 - correct answer ✔✔Introduction to Operations Management
Goods - correct answer ✔✔Physical items produced by business organizations
Services - correct answer ✔✔Activities that provide some combination of time, location, form, or
psychological value
The three basic functional areas of a business are - correct answer ✔✔Finance, Marketing, and
Operations
Operations management - correct answer ✔✔The management of systems of processes that create
goods and/or provide services
Supply chain - correct answer ✔✔The sequence of organizations--their facilities, functions, and
activities--that are involved in producing and delivering a product or service
Value-added - correct answer ✔✔Describes the difference between the cost of inputs and the value or
price of outputs.
Lead time - correct answer ✔✔The time between ordering a good or service and receiving it.
Agility - correct answer ✔✔The ability of an organization to respond quickly to demands or
opportunities.
Craft system - correct answer ✔✔System in which highly skilled workers use simple, flexible tools to
produce small quantities of customized goods.
,Division of labor - correct answer ✔✔The breaking up of a production process into small tasks, so that
each worker performs a small portion of the overall job.
E-business - correct answer ✔✔The use of electronic technology to facilitate business transactions
E-commerce - correct answer ✔✔Consumer-to-business transactions.
Ethical framework - correct answer ✔✔A sequence of steps intended to guide thinking and subsequent
decision or action.
Ethics - correct answer ✔✔A standard of behavior that guides how one should act in various situations.
Interchangeable parts - correct answer ✔✔Parts of a product made to such precision that they do not
have to be custom fitted.
Lean systems - correct answer ✔✔System that uses minimal amounts of resources to produce a high
volume of high-quality goods with some variety.
Mass production - correct answer ✔✔System in which low-skilled workers use specialized machinery to
produce high volumes of standardized goods. (Key word: high volumes)
Model - correct answer ✔✔An abstraction of reality; a simplified representation of something.
Operations management - correct answer ✔✔The management of systems or processes that create
goods and/or provide services.
Outsourcing - correct answer ✔✔Buying goods or services instead of producing or providing them in-
house.
Pareto phenomenon - correct answer ✔✔A few factors account for a high percentage of the occurrence
of some event(s).
, Process - correct answer ✔✔One or more actions that transform inputs into outputs.
Six Sigma - correct answer ✔✔A process for reducing costs, improving quality, and increasing customer
satisfaction. Define > Measure > Analyze > Improve > Control
Sustainability - correct answer ✔✔Using resources in ways that do not harm ecological systems that
support human existence.
System - correct answer ✔✔A set of interrelated parts that must work together.
Technology - correct answer ✔✔The application of scientific discoveries to the development and
improvement of products and services and operations processes.
Three categories of business processes. Aka the SOUP that makes up a business :) - correct answer ✔✔1.
Supporting processes
2. Operational processes
3. Upper-management processes
Four sources of variation - correct answer ✔✔1. Variety of goods and services offered
2. Structural variations in demand (trends and seasonal demand)
3. Random variation
4. Assignable variation (malfunctions)
System design, a LONG term commitment - correct answer ✔✔Decisions that relate to system capacity
such as geographic location of facilities, the arrangement of departments and the placement of
equipment within physical structures, product and service planning, and the acquisition of equipment.
System operation, a DAILY commitment - correct answer ✔✔Management of personnel, inventory
planning and control, scheduling, project management, and quality assurance
The systems perspective - correct answer ✔✔The whole is greater than the sum of its individual parts
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