GMS 401 - Final Exam Questions and Answers Latest Version () Already Passed

GMS 401 - Final Exam Questions and Answers Latest Version () Already Passed Management - Answers the process by which objectives are achieved through the use of the resources operations - Answers those activities within an organization that are directly related to providing goods or services by transforming inputs into outputs What operations managers do - Answers -planning -organizing -staffing -leading -controlling Three basic functions - Answers 1. operations 2. finance 3. marketing Pareto Phenomenon - Answers 80% of the consequences come from 20% of the causes Quantitive approaches - Answers -linear programming -queuing techniques -project techniques -statistical techniques -inventory techniques Competitiveness - Answers how effectively an organization meets the wants and needs of customers relative to others that offer similar goods and services Producitivity - Answers outputs (goods & services) / inputs (labour, capital, or management) Why productivity matters - Answers -it is linked to high standards of living -relative to the competitions leads to competitive advantage in the marketplace Productivity paradox - Answers despite massive investment in computers the rate of the productivity growth is now lower than it was before computers were introduced Factors affecting productivity - Answers 1. capital 2. quality 3. technology 4. management standardization - Answers the more you do the better you get, don't think about the process just execute quality - Answers repairing a product doesn't make you money Competing on Response - Answers - *Flexibility* is matching market changes in design innovation and volumes - *Reliability* is meeting schedules - *Timeliness* is quickness in design, production, and delivery competitive advantage - Answers implies the creation of a system that has a unique advantage over competitors Mission - Answers -we define organizations mission as its purpose- what it will contribute to society -they provide boundaries and focus on organizations and the concept around which the firm can rally Strategy - Answers is an organizations action plan to achieve the mission key strategies for operations - Answers 1. quality - focuses on satisfying the customer by integrating quality into all phases of the organization 2. time - gain competitive advantage by performing certain activities more quickly than competitors 3. vertical integration + outsourcing - make vs. buy and strategic alliances 4. supply chain management - suppliers, manufacturers, distribution channels, retailers, and customers all viewed as one integrated system what speed to people usually work at - Answers people work at 70% productivity, a good process and set up keep the workers going how to make money - Answers cut costs and sell more! cut costs by optimization - having a good process and set up, a good set-up contributes to productivity Single-factor productivity - Answers labour, materials, capital, time multi-factor productivity - Answers labour + materials in $$ How to increase productivity - Answers through learning - the more you learn something the better you get (save time and money) Reliable - Answers trusty, authentic, consistent, infalliable Reliability - Answers happens by... -improving individual components -proving redundancy normal operating conditions - Answers The set of conditions under which an item's reliability is specified Failure - Answers situation in which a product, part, or system does not perform as intended Quantifying Reliability - Answers -reliability is probability -if a component or item has a reliability of 0.8 it means it has an 80% chance of functioning as intended and a 20% chance of failing Redundancy - Answers the use of backup components to increase reliability Reliability is probability - Answers probability that the system or function will, function when activated or function for a given length of time Independent events - Answers events whose occurrence or non-occurrence do not influence each other Bathtub curve - Answers the typical failure rate of a product over time "failure rate as a function of time" Product design - Answers the objective of the product decision is to develop and implement a product strategy that meets the demands of the marketplace with a competitive advantage Product development - Answers a process to generate concepts, design, and plans for services and goods that an organization can provide to its customers Product / service designs directly affect: - Answers - product / service quality - product / delivery costs - customer satisfaction Managing product development projects - Answers about 5% or less of all new product ideas survive to production and only about 10% of these are successful The Kano Model - Answers customer satisfaction/needs measured - excitement -expected -must have Designing for ease of production - Answers Ease for production (manufacturability) -specifications -tolerance -standardization -simplification specifications - Answers precise information about the characteristics of the product tolerance - Answers minimum and maximum limits on a dimension that allows the item to function as designed standardization (ease for production) - Answers reduce variety among a group of products or parts Simplifcation - Answers reduce or eliminate the complexity of a part of product Quality Function Deployment (QFD) - Answers an approach that integrates the "voice of the customer" into the product and service development process Reverse Engineering - Answers is the dismantling and inspecting of a competitors product to discover product improvement process selection - Answers deciding on the way production of goods or services will be organized major implications -capacity planning -layout of facilities -equipment