CIPS L5M9 OPERATIONS MANAGEMENT LO1 EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+

CIPS L5M9 OPERATIONS MANAGEMENT LO1 EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Operations Management Correct Answer: The processes of managing the resources and processes involved in the acquisition and transformation of inputs and the distribution of outputs. Five Key Performance Dimensions / Performance Objectives - Slack and BrandonJones Correct Answer: 1. Quality 2. Speed 3. Dependability 4. Flexibility 5. Cost Quality Correct Answer: Producing products and services that satisfy customer needs. Speed Correct Answer: Ensuring a short lapse of time between when orders are made and fulfilled. Dependability Correct Answer: Producing products that are reliable and consistent. 2 Flexibility Correct Answer: Adapting to changes in demand or marketplace changes. Cost Correct Answer: Producing products and services at minimum cost. Operation Correct Answer: Smallest divisible piece of work or activity within an organisation. CREATING FLOW Production Methods Correct Answer: 1. Make to Order - craft production. Does not commence until an order has been received. 2. Mass Production - make to stock - low variety / high volume 3. Mass Customisation / Late Customisation - mix between made to order and mass production. Products standardised to a certain point e.g. Dell I T O Correct Answer: Input - Transformation - Output The market is the point in which an output transforms into an input Input Correct Answer: * Materials * Information * Customers Transformation Correct Answer: * Facilities * Staff * Infrastructure e.g. road, rail, air * IT 3 * Marketing Four V's Correct Answer: 1. Volume - quantity of products / services produced 2. Variety - of products / services produced 3. Visibility - of the process to customers 4. Variation - changes in demand for products / services Order Qualification Correct Answer: Competitive standards that make an organisations products viewed as fit for purpose by customers Order Winning Correct Answer: Standards that separate the products from on organisation to another Hayes & Wheelwrights 4 Stages of Operations Readiness Correct Answer: 1. Internal Neutrality 2. External Neutrality 3. Internally Supportive 4. Externally Supportive