OM 300 FInal Exam
8
is a discipline that applies to restaurants
What is Operations Management? like Hard Rock Cafe as well as to facto-
ries like Ford and Whirlpool.
1. Marketing, which generates the de-
mand, or at least takes the order for a
product or service (nothing happens until
there is a sale).
What are the 3 essential business func-
2. Production/operations, which creates,
tions?
produces, and delivers the product.
3. Finance/accounting, which tracks how
well the organization is doing, pays the
bills, and collects the money.
a global network of organizations and
What is a supply chain? activities that supply a firm with goods
and services.
The management process consists of
What is the role of Operation Managers? planning, organizing, staffing, leading,
and controlling.
1. Typically labor intensive
2. Frequently focused on unique individ-
ual attributes or desires
3. Often an intellectual task performed by
Productivity and the Service Sector
professionals
4. Often difficult to mechanize and auto-
mate
5. Often difficult to evaluate for quality
1. Globalization
2. Supply-chain partnering
3. Sustainability
Challenges facing Operation Managers
4. Technological change
5. Mass customization
6. Lean operations:
1. Improve the supply chain
2. Reduce costs and exchange rate risks
3. Improve operations
, OM 300 FInal Exam
8
4. Understand markets
What are the reasons the Globalize? 5. Improve products
6. Attract and retain global talent
a broad description of a retailer's objec-
Define Mission tives and the scope of activities it plans
to undertake
is an organization's action plan to
Define Strategy
achieve the mission
1. Differentiation - better, or at least dif-
What are the Strategies for Competitive ferent
Advantage? 2. Cost leadership - cheaper
3. Response - more responsive
What is the Product Life Cycle? introduction, growth, maturity, decline
identifying internal strengths (S) and
Define SWOT analysis weaknesses (W) and also examining ex-
ternal opportunities (O) and threats (T)
is transferring activities that have tradi-
Define outsourcing tionally been internal to external suppli-
ers.
with roughly half of all outsourcing agree-
ments failing because of inadequate
planning and analysis. Timely delivery
and quality standards can be major prob-
What are the risks of outsourcing? lems, as can underestimating increases
in inventory and logistics costs. Addition-
ally, companies that outsource customer
service tend to see a drop in customer
satisfaction.
Planning: This phase includes goal set-
ting, defining the project, and team orga-
nization.
What are the Project Characteristics?
Scheduling: This phase relates people,
money, and supplies to specific activities
and relates activities to each other.
, OM 300 FInal Exam
8
Controlling: Here the firm monitors re-
sources, costs, quality, and budgets. It
also revises or changes plans and shifts
resources to meet time and cost de-
mands.
(1) all necessary activities are finished in
proper sequence and on time
(2) the project comes in within budget
What is the role of a Project Manager? (3) the project meets its quality goals
(4) the people assigned to the project
receive the motivation, direction, and in-
formation needed to do their jobs.
low-cost means of helping managers
make sure that:
(1) activities are planned
(2) order of performance is documented
(3) activity time estimates are recorded
What are Gantt charts? (4) overall project time is developed
is the length of time an activity can be de-
What is Slack TIme?
layed without delaying the entire project
When will the entire project be complet-
ed?
What are the critical activities or tasks in
the project—that is, which activities will
delay the entire project if they are late?
Which are the noncritical activities—the
ones that can run late without delaying
the whole project's completion?
What is the probability that the project will
be completed by a specific date?
8
is a discipline that applies to restaurants
What is Operations Management? like Hard Rock Cafe as well as to facto-
ries like Ford and Whirlpool.
1. Marketing, which generates the de-
mand, or at least takes the order for a
product or service (nothing happens until
there is a sale).
What are the 3 essential business func-
2. Production/operations, which creates,
tions?
produces, and delivers the product.
3. Finance/accounting, which tracks how
well the organization is doing, pays the
bills, and collects the money.
a global network of organizations and
What is a supply chain? activities that supply a firm with goods
and services.
The management process consists of
What is the role of Operation Managers? planning, organizing, staffing, leading,
and controlling.
1. Typically labor intensive
2. Frequently focused on unique individ-
ual attributes or desires
3. Often an intellectual task performed by
Productivity and the Service Sector
professionals
4. Often difficult to mechanize and auto-
mate
5. Often difficult to evaluate for quality
1. Globalization
2. Supply-chain partnering
3. Sustainability
Challenges facing Operation Managers
4. Technological change
5. Mass customization
6. Lean operations:
1. Improve the supply chain
2. Reduce costs and exchange rate risks
3. Improve operations
, OM 300 FInal Exam
8
4. Understand markets
What are the reasons the Globalize? 5. Improve products
6. Attract and retain global talent
a broad description of a retailer's objec-
Define Mission tives and the scope of activities it plans
to undertake
is an organization's action plan to
Define Strategy
achieve the mission
1. Differentiation - better, or at least dif-
What are the Strategies for Competitive ferent
Advantage? 2. Cost leadership - cheaper
3. Response - more responsive
What is the Product Life Cycle? introduction, growth, maturity, decline
identifying internal strengths (S) and
Define SWOT analysis weaknesses (W) and also examining ex-
ternal opportunities (O) and threats (T)
is transferring activities that have tradi-
Define outsourcing tionally been internal to external suppli-
ers.
with roughly half of all outsourcing agree-
ments failing because of inadequate
planning and analysis. Timely delivery
and quality standards can be major prob-
What are the risks of outsourcing? lems, as can underestimating increases
in inventory and logistics costs. Addition-
ally, companies that outsource customer
service tend to see a drop in customer
satisfaction.
Planning: This phase includes goal set-
ting, defining the project, and team orga-
nization.
What are the Project Characteristics?
Scheduling: This phase relates people,
money, and supplies to specific activities
and relates activities to each other.
, OM 300 FInal Exam
8
Controlling: Here the firm monitors re-
sources, costs, quality, and budgets. It
also revises or changes plans and shifts
resources to meet time and cost de-
mands.
(1) all necessary activities are finished in
proper sequence and on time
(2) the project comes in within budget
What is the role of a Project Manager? (3) the project meets its quality goals
(4) the people assigned to the project
receive the motivation, direction, and in-
formation needed to do their jobs.
low-cost means of helping managers
make sure that:
(1) activities are planned
(2) order of performance is documented
(3) activity time estimates are recorded
What are Gantt charts? (4) overall project time is developed
is the length of time an activity can be de-
What is Slack TIme?
layed without delaying the entire project
When will the entire project be complet-
ed?
What are the critical activities or tasks in
the project—that is, which activities will
delay the entire project if they are late?
Which are the noncritical activities—the
ones that can run late without delaying
the whole project's completion?
What is the probability that the project will
be completed by a specific date?
