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MSIS 3223 test 1 WITH 1000- SURE ANSWERS
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MathEUNICE
MSIS 3223 test 1 with 100% sure answers
Terms in this set (121)
- The management of processes or systems that create goods and/or provide
services.
Operations management - inputs transformed into outputs (goods or services)
- plays role in supply chain
- works with marketing and finance
VALUE added
It creates _____
- research and investment, salaries, creating profits
1. Degree of Standardization (highly standardized or highly customized)
Classifications on Productive Systems 2. Type of Operation (project, repetitive)
3. Tangible good or Intangible act
Key functions on the supply side are: - operations and supply chains
Key functions on the demand side: - sales and marketing
Too little supply leads to... - lost opportunity and customer dissatisfaction
1. Finance
Three basic functional areas of 2. Marketing
organization: 3. Operation
Need support and input from all areas for Operation to produce goods and services
Operations and Supply Chains are.... - intrinsically linked and no business organization could exist without both
- measurements taken at various points in the transformation process
Feedback in the transformation process is
- compared with previously established standards to determine whether corrective
defined as:
action is needed (control)
- The comparison of feedback against previously established standards to determine
Control:
if corrective action is needed within the transformation process
Value-Added equation - Value or Price of Outputs - Cost of Inputs.
In Nonprofits, the value of outputs is their - value to society
________
Money from Value-Added is used for things - R&D, Investments, salaries, and profit.
like _____, _____, _____, ______
How many percent of jobs involve 50%
Operations Management?
Eli Whitney came up with the concept of... - interchangeable parts
Adam Smith came up with the concept of... - division of labor
1/6
, Watt came up with the concept of... - new power sources (The steam engine)
What are the Post Civil War dates? - (1865-1900)
- Mass exodus of farm laborers-labor pool
- Modern capital formation-joint stock co.
Events of Post Civil War - Entrepreneurial ideas-Morgan,etc.
- Rapid expansion of West-railroad
----Great Productive Explosion----
F.W. Taylor--efficiency and productivity
F. Gilbreth--motion studies
Scientific Management's Key People: L. Gilbreth--fatigue studies (cheaper by the dozen)
H. Gantt--scheduling charts
H. Ford--auto assembly
Dates of Scientific Management: - (1875-1925)
- "Systematic Planning"
- "Control Systems"
Scientific Management's Key events:
- "Scientific or Analytical Investigation"
- "Standards as Benchmarks"
Systematic Planning
Control Systems
Scientific or Analytical Investigation
Just-in-time manufacturing
Lean production tools
TQM
1. Identify the Problem--not just the symptoms
2. Specify Objectives and Decision Criteria
3. Develop Alternatives--be creative
Decision theory steps 4. Analyze and Compare Alternatives
5. Select the Best Alternative
6. Implement the Chosen Alternative
7. Monitor the Results
Certainty - relevant parameters such as costs, capacity, and demand have known values
Risk - certain parameters have probabilistic outcomes
Uncertainty - it is impossible to assess the likelihood of various possible future events
- maximin
- maximax
Decision making under uncertainty
- laplace
- minimax regret
Maximin - worst possible payoff for each alternative and choose the best of the worst
Maximax - determine the best payoff of the best alternatives
Laplace - take the average
Minimax regret - Determine the worst regret for each alternative
Decision making under risk: - Expected monetary value criterion (EMV)
2/6
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