MANG 3402 EXAM 1 WITH
COMPLETE SOLUTION
Operations management (OM) - ANSWER is the set of activities that create
value in the form of goods and services by transforming inputs and outputs
-10%
-capital
-52% - ANSWER Productivity Variables
-labor = __% annual increase
-__ = 38% annual increase
-management = __% annual increase
production (operations) - ANSWER the creation of goods and services
production/operations - ANSWER Essential function
- marketing = generates demand
-__/__ = creates the product
-finance/accounting = tracks how well the organization is doing, pays bills,
collects the money
Henry Ford - ANSWER first used the moving assembly line that created job
specialization --> mass production --> efficiency
rapid product development - ANSWER the speed of introducing new versions
,are faster compared to the past (ex.- tvs back in the day were boxy and fat
and now tvs are flat and can get smart tv or curved tv (many options)
global business - ANSWER company that operates facilities (factories,
distribution centers), in many countries around the world (ex.- apple has no
factories in the us, everything is overseas, don't manufacture in the us)
False, nobody cal tell if efficiency is higher or lower until we check the
amount of output - ANSWER (T/F) high efficiency means I was able to
produce more
specialization - ANSWER if __ goes up, jobs gets done faster, produce more in
same time window
ethical and environmental issue - ANSWER The BP oil spill happened because
the company wanted to reduce costs so they didn't have the best materials,
tools, and workers this is two what issues?
mass customization - ANSWER mass production, different people get
different goods and services, costly, not easy, challenging (ex.-
cerealmix.com allows their customers to customize their own cereal instead
of producing the same cereal for every customer)
service - ANSWER intangible, human performance, cant replicate same thing
every-time (unique), interaction is necessary, some people have high
expectations and some have low, definition of service to each customer is not
the same
goods - ANSWER tangible, consistent product definition, can be inventoried,
low customer interaction, production usually separate from consumption
-quality
, -external elements
-precise units of measure - ANSWER -__may change while the quantity of
inputs and outputs remains constant
-__ __(e.g., prices) may cause an increase or decrease in productivity
-__ __ __ __ may be lacking
single resource input - ANSWER productivity = units produced/ input used
multiple resource input - ANSWER productivity = output/ Labor + Material +
Energy + Capital + Miscellaneous
-alternatives
-payoff
-state of nature - ANSWER decision making components
-__ --> options or choices
-__ --> choose the one with the highest payoff
-__ __ __--> conditions, gains will vary
DM under uncertainty - ANSWER this decision making type depends on
personal preference (coke or pepsi)
DM under risk - ANSWER this decision making type depends on probability,
probabilities sum to 1, determine EMV (expected monetary value) for each
alternative
Dm under certainty - ANSWER this decision making type depends on
information, certain about payoff for each market, determine EVPI (expected
value of perfect info)
COMPLETE SOLUTION
Operations management (OM) - ANSWER is the set of activities that create
value in the form of goods and services by transforming inputs and outputs
-10%
-capital
-52% - ANSWER Productivity Variables
-labor = __% annual increase
-__ = 38% annual increase
-management = __% annual increase
production (operations) - ANSWER the creation of goods and services
production/operations - ANSWER Essential function
- marketing = generates demand
-__/__ = creates the product
-finance/accounting = tracks how well the organization is doing, pays bills,
collects the money
Henry Ford - ANSWER first used the moving assembly line that created job
specialization --> mass production --> efficiency
rapid product development - ANSWER the speed of introducing new versions
,are faster compared to the past (ex.- tvs back in the day were boxy and fat
and now tvs are flat and can get smart tv or curved tv (many options)
global business - ANSWER company that operates facilities (factories,
distribution centers), in many countries around the world (ex.- apple has no
factories in the us, everything is overseas, don't manufacture in the us)
False, nobody cal tell if efficiency is higher or lower until we check the
amount of output - ANSWER (T/F) high efficiency means I was able to
produce more
specialization - ANSWER if __ goes up, jobs gets done faster, produce more in
same time window
ethical and environmental issue - ANSWER The BP oil spill happened because
the company wanted to reduce costs so they didn't have the best materials,
tools, and workers this is two what issues?
mass customization - ANSWER mass production, different people get
different goods and services, costly, not easy, challenging (ex.-
cerealmix.com allows their customers to customize their own cereal instead
of producing the same cereal for every customer)
service - ANSWER intangible, human performance, cant replicate same thing
every-time (unique), interaction is necessary, some people have high
expectations and some have low, definition of service to each customer is not
the same
goods - ANSWER tangible, consistent product definition, can be inventoried,
low customer interaction, production usually separate from consumption
-quality
, -external elements
-precise units of measure - ANSWER -__may change while the quantity of
inputs and outputs remains constant
-__ __(e.g., prices) may cause an increase or decrease in productivity
-__ __ __ __ may be lacking
single resource input - ANSWER productivity = units produced/ input used
multiple resource input - ANSWER productivity = output/ Labor + Material +
Energy + Capital + Miscellaneous
-alternatives
-payoff
-state of nature - ANSWER decision making components
-__ --> options or choices
-__ --> choose the one with the highest payoff
-__ __ __--> conditions, gains will vary
DM under uncertainty - ANSWER this decision making type depends on
personal preference (coke or pepsi)
DM under risk - ANSWER this decision making type depends on probability,
probabilities sum to 1, determine EMV (expected monetary value) for each
alternative
Dm under certainty - ANSWER this decision making type depends on
information, certain about payoff for each market, determine EVPI (expected
value of perfect info)
