COB 300 Operations Final Exam Study Guide (Tchommo) |
Questions and Answers
Mission - -Reason for an organization's existence
-Mission Statement - -States the purpose of the organization
-Goals - -Provide detail and the scope of the mission
-Strategy - -- A plan for achieving organizational goals
- If goals = destinations, Strategies = roadmaps
-Order Qualifiers - -Characteristics that customers perceive as minimum standards of
acceptability for a product or service to be considered as a potential for purchase
-Order Winners: - -Characteristics of an organization's goods or services that cause
it to be perceived as better than the competition
-Core Competency - -The one thing a company can do better than its competitors
-Environmental Scanning - -Identifies internal strengths and weaknesses
Identifies external opportunities and threats
-Three basic business strategies: - -1) Supply Chain Strategy
2) Sustainability Strategy
3) Global Strategy
-Four perspectives of a balanced scorecard - -1) Customers
2) Internal Business Processes
3) Learning
4) Growth
-What is the purpose of a balanced scorecard? - -- Using this approach, managers
develop objectives, metrics, and targets for each objective and initiatives to achieve
objectives, and they identify links among the various perspectives.
- Results are monitored and used to improve strategic performance results.
-Operations Management - -The management of systems or processes that create
goods and/or provide services
-Productivity = - -Productivity = Outputs/Inputs
-Partial Measures: - -Output/Single Input; Output/Labor; Output/Capital
-Multifactorial Measures: - -Output/ Multiple Inputs/ Output/Labor+Machine; Output/
(Labor + Capital + Energy)
-Productivity Growth - -(Current Productivity - Previous Productivity)/Previous
Productivity X 100%
Ex. (23-25)/25 X 100% = -8%
, -Core competency - -The one thing that a firm can do better than its competitors. The
goal is to have a core competency that yields a long-term competitive advantage to
the company.
-Contract manufacturer - -An organization that performs manufacturing and/or
purchasing needed to produce a product or device not for itself, but asa service to
another firm.
-Concurrent Engineering - -Emphasizes cross-functional integration and concurrent
development of a product and its associated processes.
-Quality function deployment (QFD) - -A process that helps a company determine the
product characteristics important to the consumer and to evaluate its own product in
relation to others.
-House of quality - -A matrix that helps a product design team translate customer
requirements into operating and engineering goals.
-Value analysis/value engineering (VA/VE) - -Analysis with the purpose of simplifying
products and processes by achieving equivalent or better performance at a lower
cost.
-Ecodesign - -The incorporation of environmental considerations into the design and
developmentof products or services.These concerns relateto the entire life
cycle,including materials,manufacturing, distribution,and the eventual disposalof
waste.
-Time-to-market - -A measure of product development success. There are two
measures here: the frequency of new product introductions and the time from initial
concept to market introduction.
-Productivity - -A measure of how well resources are used. According to
Goldratt'sdefinition, all the actions that bring a company closer to its goals.
-Conformance quality - -The degree to which the product or service design
specifications are met.
-Design quality - -he inherent value of the product in the marketplace.
-Six Phases of the Generic Development Process - -- Phase 0: Planning
Precedes project approval
- Phase 1: Concept development
Needs of the target market are identified
- Phase 2: System-level design
Definition of product architecture
- Phase 3: Design detail
Complete specification of the geometry, materials, and tolerances for all parts
- Phase 4: Testing and refinement
Construction and evaluation of multiple pre production versions of product
Questions and Answers
Mission - -Reason for an organization's existence
-Mission Statement - -States the purpose of the organization
-Goals - -Provide detail and the scope of the mission
-Strategy - -- A plan for achieving organizational goals
- If goals = destinations, Strategies = roadmaps
-Order Qualifiers - -Characteristics that customers perceive as minimum standards of
acceptability for a product or service to be considered as a potential for purchase
-Order Winners: - -Characteristics of an organization's goods or services that cause
it to be perceived as better than the competition
-Core Competency - -The one thing a company can do better than its competitors
-Environmental Scanning - -Identifies internal strengths and weaknesses
Identifies external opportunities and threats
-Three basic business strategies: - -1) Supply Chain Strategy
2) Sustainability Strategy
3) Global Strategy
-Four perspectives of a balanced scorecard - -1) Customers
2) Internal Business Processes
3) Learning
4) Growth
-What is the purpose of a balanced scorecard? - -- Using this approach, managers
develop objectives, metrics, and targets for each objective and initiatives to achieve
objectives, and they identify links among the various perspectives.
- Results are monitored and used to improve strategic performance results.
-Operations Management - -The management of systems or processes that create
goods and/or provide services
-Productivity = - -Productivity = Outputs/Inputs
-Partial Measures: - -Output/Single Input; Output/Labor; Output/Capital
-Multifactorial Measures: - -Output/ Multiple Inputs/ Output/Labor+Machine; Output/
(Labor + Capital + Energy)
-Productivity Growth - -(Current Productivity - Previous Productivity)/Previous
Productivity X 100%
Ex. (23-25)/25 X 100% = -8%
, -Core competency - -The one thing that a firm can do better than its competitors. The
goal is to have a core competency that yields a long-term competitive advantage to
the company.
-Contract manufacturer - -An organization that performs manufacturing and/or
purchasing needed to produce a product or device not for itself, but asa service to
another firm.
-Concurrent Engineering - -Emphasizes cross-functional integration and concurrent
development of a product and its associated processes.
-Quality function deployment (QFD) - -A process that helps a company determine the
product characteristics important to the consumer and to evaluate its own product in
relation to others.
-House of quality - -A matrix that helps a product design team translate customer
requirements into operating and engineering goals.
-Value analysis/value engineering (VA/VE) - -Analysis with the purpose of simplifying
products and processes by achieving equivalent or better performance at a lower
cost.
-Ecodesign - -The incorporation of environmental considerations into the design and
developmentof products or services.These concerns relateto the entire life
cycle,including materials,manufacturing, distribution,and the eventual disposalof
waste.
-Time-to-market - -A measure of product development success. There are two
measures here: the frequency of new product introductions and the time from initial
concept to market introduction.
-Productivity - -A measure of how well resources are used. According to
Goldratt'sdefinition, all the actions that bring a company closer to its goals.
-Conformance quality - -The degree to which the product or service design
specifications are met.
-Design quality - -he inherent value of the product in the marketplace.
-Six Phases of the Generic Development Process - -- Phase 0: Planning
Precedes project approval
- Phase 1: Concept development
Needs of the target market are identified
- Phase 2: System-level design
Definition of product architecture
- Phase 3: Design detail
Complete specification of the geometry, materials, and tolerances for all parts
- Phase 4: Testing and refinement
Construction and evaluation of multiple pre production versions of product
