MGMT 4000 test 1 (Montgomery UGA) Questions And Answers Already Graded A+

6 phases of generic development process - Phase 0: Planning Phase 1: Concept development Phase 2: System-level design Phase 3: Design detail Phase 4: Testing and refinement Phase 5: Production ramp-up 7 characteristics of a well designed service system - 1. each element of the service system is consistent w the operating focus of the firm 2. it is user friendly 3. it is robust 4. it is structured so that consistent performance by its people / systems is easily maintained 5. it provides effective links between back office and front office 6. it manages evidence of service quality so that customers see the value of the service provided 7. it is cost effective annual credit sales/average accounts receivable - receivables turnover ratio assemble-to-order - Combine a number of preassembled modules to meet a customer's specifications (decoupling point=moved to components... there are significant adv. to this) -a primary task is to define a customer's order in terms of alternate components bc these are carried in inventory ***the way Dell makes desktop computers - one required capability: a design that enables as much flexibility as possible in combining components assembly chart - defines how parts go together, their order of assembly, and overall flow patternassembly drawing - an exploded view of the product showing its component parts assembly line - work processes are arranged according to the progressive steps by which the product is made -low customization (high standardization) high volume assembly line balancing - assigning tasks to a series of workstations so that the required cycle time is met and idle time is minimized 1. specify the sequential rel. among tasks 2. determine the required cycle time 3. determine theoretical minimum # of workstations 4. select primary and secondary assignments 5. assign tasks 6. evaluate the efficiency of the balance 7. rebalance if needed asset productivity - measured by: receivables turnover ratio inventory turnover asset turnover Base-Case Financial Model - financial model consisting of major cash flows... sensitivity analysis for "what if" questions benchmarking - a process in which one company studies the processes of another company or industry to identify best practices break even analysis - A standard approach to choosing among alternative processes or equipment -seeks to determine the point in units produced (and sold) where we will start making a profit-seeks to determine the point in units produced (and sold) where total revenue and total cost are equal classic accommodation - extra employees or additional employee skills to compensate for variations among customers classic reduction - requires customers to engage in more self-service, use reservation systems, or adjust their expectations when dealing w variability in customers COGS/average inventory - inventory turnover competetive dimensions - price quality delivery speed delivery reliability coping with changes in demand flexibility and new product introduction speed complex systems - systems must be decomposed into several subsystems and many components complexity - the number of steps involved in a service and the possible actions that can be taken at each step concurrent engineering - the simultaneous development of project design functions with open and interactive communication existing among all team members for the purpose of: -reducing time to market -decreasing cost -improving quality and reliability (dangerous if not well organized)core goods - provide a significant service component; appliances, data storage systems, automobiles core services - integrate tangible goods; hotels, airlines, internet service providers corporate strategy planning process - overall direction and coordinates operational goals with those of the larger organization... can be viewed as part of the ____________ that coordinates operational goals with those of a larger organization Creation of the service - the work process involved in providing the service itself customer contact - the physical presence of the customer in the system customer needs, corporate strategy, operations strategy, decisions on processes and infrastructure - strategy process Customer order decoupling point - where inventory is positioned to allow entities in the supply chain to operate independently customized products - new products are slight variations of existing configurations cycle time - a uniform time interval in which a moving conveyor passes a series of work stations -the time between successive units coming off the line