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OPERATIONS MANAGEMENT UNIT 1 ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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OPERATIONS MANAGEMENT UNIT 1 ACCURATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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OPERATIONS MANAGEMENT UNIT 1 ACCURATE QUESTIONS AND ANSW ERS WITH SOLUTIONS 2024 Operations and supply chain management (OSCM) - ANSWER The design, operation, and improvement of the systems that create and deliver the firm's primary products and services Operations - ANSWER Manufacturing and service processes that are used to transform the resources employed by a firm into products desired by customers Supply chain - ANSWER Processes that move information and material it and from the manufacturing and service processes of the firm Processes categories - ANSWER Planning, sourcing, making, delivering and returning Differences between services and goods - ANSWER Intangible, interaction with the customer, heterogeneous (vary from day to day), perishable and time dependent, package of features The goods -services continuum - ANSWER Almost any product offering is a combination of goods and services. Ranges from pure goods -> core goods -> core services -> pure services Product -service bundling - ANSWER A company building service activities into its product offerings for its customers 1980s revolution - ANSWER Just -in-time (JIT) production was the major breakthrough in manufacturing philosophy. It was pioneered by the Japanese and is designed to achieve high -volume production using minimal inventories of parts Total Quality Control - ANSWER Aggressively seeks to eliminate causes of production defects Lean manufacturing - ANSWER Refers to just -in-time and total quality control Total quality management (TQM) - ANSWER 1980s and 1990s. All operations executives are aware of the quality message put forth by the quality gurus: W. Edwards Deming, Joseph M. Juran, and Philip Crosby Mass customization - ANSWER The ability to produce a unique product exactly to a particular customer's requirements Electronic commerce - ANSWER The use of the Internet as an essential element of business activity Business analytics - ANSWER Involves the analysis of data to better solve business problems Efficiency - ANSWER Doing something at the lowest possible cost, smallest input of resources Effectiveness - ANSWER Doing the right things to create the most value for the company Benchmarking - ANSWER A process in which one company studies the processes of another company to identify best practices Relevant Ratios - ANSWER 1. Income per employee 2. Revenue (or sales) per employee 3. Receivables turnover 4. Inventory turnover 5. Asset turnover Inventory turnover - ANSWER Measures the average number of times inventory is sold and replace during the fiscal year cost of goods sold/ average inventory value Asset turnover - ANSWER Measures a firm's efficiency at using its assets in generating sales revenue (higher number is better) Revenue (or sales)/ total assets Shareholders - ANSWER Those individuals or companies that legally own one or more shares of stock in the company Stakeholders - ANSWER Those individuals or organizations that are influenced, either directly or indirectly, by the actions of the firm Triple bottom line - ANSWER Considers evaluating the firm against social, economic, and environmental criteria Operations and supply chain strategy - ANSWER Concerned with setting broad policies and plans for using the resources of a firm and must be integrated with corporate strategy Formulating an operations and supply chain strategy - ANSWER 1. Develop/refine the strategy (yearly) 2. Translate the strategy to operations and supply chain initiatives (quarterly) 3. Major focus points and projects Major competitive dimensions - ANSWER 1. Cost or price 2. Quality 3. Delivery speed 4. Delivery reliability 5. Coping with changes in demand Trade -offs - ANSWER An operation cannot excel on all competitive dimensions Straddling - ANSWER When a company seeks to match the benefits of a successful position while maintaining its existing position. It adds new features, services, or technologies onto the activities it already performs (VERY risky) The marketing -operations link - ANSWER A well -designed interface between marketing and operations is necessary to provide a business with an understanding of its markets from both perspectivesThe benefits of buying summaries with Stuvia:
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