Exam (elaborations)
ECU OMGT 3123 Exam 1 Questions with Latest Update
- Course
- Institution
ECU OMGT 3123 Exam 1 Questions with Latest Update
[Show more]
Content preview
ECU OMGT 3123 Exam 1 Questions withLatest Update
define Operations Management - Answer-Involves "the planning, scheduling, and
control of the activities that transform inputs into finished goods and services"
Define Supply chain management - Answer-is the "Active management of supply chain
activities and relationships to maximize customer value and achieve a sustainable
competitive advantage.
-The conscious effort to manage the supply chain in the most efficient and effective
ways possible"
goods vs services - Answer-goods- tangible product. "Hows it manufactured, stored,
moved throughout the plant"
service- Intangible. "how much customer involvement, how much customization, types
of knowledge"
supply chain flows - Answer-Raw materials/ Supplier management -> Production and
operations -> Finished goods/customer service.
UPSTREAM & DOWNSTREAM
supply chain issues - Answer--Length of the supply chain(geo, # of parts, # of
suppliers/customers)
-Complexity
-Stability
-Competitors
trends in operation management - Answer-Technology
Risk Management
Relationship Management and Collaboration
Environmental and Social responsibility
Globalization and interconnectedness
Greater emphasis on analytics
Renewed efforts to be more efficient and improve revenue.
Job growth
trends in supply chain - Answer-Technology
Risk Management
Relationship Management and Collaboration
Environmental and Social responsibility
Globalization and interconnectedness
Greater emphasis on analytics
Renewed efforts to be more efficient and improve revenue.
, Job growth
what is strategy - Answer-a set of carefully selected and integrated business
priorities/plans to achieve the objectives of the firm
top down model of strategy - Answer-mission statement -> Business strategy =>
operations and supply chain strategies, other functional strategies
components of top down model of strategy - Answer-
efficiency trade-offs - Answer-Quality vs. Cost , high quality = high cost
Time vs. Quality , less time = lower quality
Flexibility vs. Cost , more flexibility = higher cost
Cost vs. Everything
operations impact on performance - Answer--Quality (performance, conformance,
reliability)
-Time (delivery speed and reliability, development speed)
-Flexibility (mix, changeover, volume)
-Cost (labor, material, engineering, quality-related)
supply chain impact on performance - Answer--Quality (performance, conformance,
reliability)
-Time (delivery speed and reliability, development speed)
-Flexibility (mix, changeover, volume)
-Cost (labor, material, engineering, quality-related)
Efficiency and effectiveness
define capacity - Answer-Capacity is a measure of a worker, machine, work center,
plant, or organization to produce goods and services in a given time period
what are the measure of capacity (& examples) - Answer-machine= parts produced in
an hour
worker= hours worked in a day
law firm= cases worked on in a month
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 lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now