Operations Management Summary
Production - ANSWER-Creation of goods and services
Production - ANSWER-Creation of goods and services
Production - ANSWER-Creation of goods and services
Productivity - ANSWER-Measures how well OM is functioning in a business
GDP - ANSWER-Nationally productivity number
Resource Input - ANSWER-Single-factor productivity
Multifactor productivity - ANSWER-Total Factor Productivity
Competitive advantage - ANSWER-Differentiation, Dependability, Quality, Agility, Cost Leadership
, Product Life Cycle - ANSWER-Important to get it right during growth phase
Outsourcing - ANSWER-Transferring activities to external suppliers
Core competencies - ANSWER-Specialized skills, unique production methods, proprietary
information/knowledge, things a company does better than others
Critical path - ANSWER-Longest path through the network, shortest time to complete project, no slack
time
Project manager - ANSWER-Base of Business - People, Product, Process; Place of Business- Location,
Layout; Stuff of Business- Quality Management, Inventory management, supply chain management
Crash a project - ANSWER-Reduce project time by knowing task durations
Forecasting time horizons - ANSWER-Short range (up to 1 year), medium-range (3 months to 3 years),
long-range (3+ years)
Qualitative Methods - ANSWER-Used when situation is vague and little data exist
Quantitative Methods - ANSWER-Used when situation is 'stable' and historical data exist
Modular Design - ANSWER-Products designed in easily segmented components
Stakeholders - ANSWER-Those with an invested interest in an organization
TQM (Total Quality Management) - ANSWER-Build a system that identifies and satisfies customer needs,
commitment to excellence
Production - ANSWER-Creation of goods and services
Production - ANSWER-Creation of goods and services
Production - ANSWER-Creation of goods and services
Productivity - ANSWER-Measures how well OM is functioning in a business
GDP - ANSWER-Nationally productivity number
Resource Input - ANSWER-Single-factor productivity
Multifactor productivity - ANSWER-Total Factor Productivity
Competitive advantage - ANSWER-Differentiation, Dependability, Quality, Agility, Cost Leadership
, Product Life Cycle - ANSWER-Important to get it right during growth phase
Outsourcing - ANSWER-Transferring activities to external suppliers
Core competencies - ANSWER-Specialized skills, unique production methods, proprietary
information/knowledge, things a company does better than others
Critical path - ANSWER-Longest path through the network, shortest time to complete project, no slack
time
Project manager - ANSWER-Base of Business - People, Product, Process; Place of Business- Location,
Layout; Stuff of Business- Quality Management, Inventory management, supply chain management
Crash a project - ANSWER-Reduce project time by knowing task durations
Forecasting time horizons - ANSWER-Short range (up to 1 year), medium-range (3 months to 3 years),
long-range (3+ years)
Qualitative Methods - ANSWER-Used when situation is vague and little data exist
Quantitative Methods - ANSWER-Used when situation is 'stable' and historical data exist
Modular Design - ANSWER-Products designed in easily segmented components
Stakeholders - ANSWER-Those with an invested interest in an organization
TQM (Total Quality Management) - ANSWER-Build a system that identifies and satisfies customer needs,
commitment to excellence
