BCOR 3050 OSC EXAM 1 STUDY GUIDE
economic value - Answer -is a measure of the benefit provided by a good or service to
an economic agent.
Operations Management - Answer -transformation of inputs to outputs. effectively and
efficiently.
inputs (raw materials)-----> the process(wip inv)-----> output(finished goods)
What is operations management? - Answer -the development and administration of the
activities involved in transforming resources into goods and services
materials manager - Answer -responsible for ensuring the inventory is adequate for
production
production scheduler - Answer -Matches the product orders with a sales forecast to get
the factory running smoothly.
Quality Management - Answer -guarantees no defects
purchasing agent - Answer -Person in charge of the purchasing materials
supply chain - Answer -a Network of organizations that work to convert and move
goods from the raw materials, storage, o the end customer. these organizations are
linked through physical, information, and monetary flow
raw mat--->supplier--->manufacturer-->distribution--->retailer--->customer
Supply Chain Management - Answer --often described as managing the flow of
information and materials from "suppliers" suppliers to the "customers" customer.
goal of supply chain - Answer -is to convince customers to buy their product over the
competitors. so you can make large profits and creat value for end customer.
-high quality and profitable
-low price and be profitable
operating management decisions - Answer -- increase production with out sacrificing
quality
-produce as much as possible with little inputs
-productivity= (calculated as (op/ip))
4 broad categories of competitive priority - Answer --cost
-quality
, -time/delivery
-flexibility
consistent quality - Answer -involves meeting the product spesifications and the
promises made to a customer (high reliability)
superior quality - Answer -a product that is (clearly better) than another in one or more
aspects.
cost - Answer -low cost operations seek to provide a product or service that is less
expensive then the competitors
on time - Answer -delivering product when it is (promised), but not necessary quick
ex: Usps
Delivery Speed - Answer -offers delivery of a product or service (faster)
ex: Fedex
product development speed - Answer -refers to time between generations of changes
between product.
customization - Answer -ability to make a product to exactly for the customers needs
mass customization - Answer -products produced in high volume at roughly same cost
of standard but are customized to individual taste.
post ponment - Answer -keeps products in a standard format and then adding unique
components for the individual customer at the last moment
variety - Answer -ability to handle wide range or assortment of products with out undue
cost. products not customized to individual specifications, but instead numerous choices
volume flexibility - Answer -ability to adjust production volume to meet fluctuations in
demand.
New Product Development - Answer -the overall process of strategy, organization,
concept generation, product and marketing plan creation and evaluation, and
commercialization of a new product (good or service)
New Product Development Process - Answer -discipline and definite set of task and
steps that describe the normal means by which a company repetitively converts
embryonic ides into salable products or services
economic value - Answer -is a measure of the benefit provided by a good or service to
an economic agent.
Operations Management - Answer -transformation of inputs to outputs. effectively and
efficiently.
inputs (raw materials)-----> the process(wip inv)-----> output(finished goods)
What is operations management? - Answer -the development and administration of the
activities involved in transforming resources into goods and services
materials manager - Answer -responsible for ensuring the inventory is adequate for
production
production scheduler - Answer -Matches the product orders with a sales forecast to get
the factory running smoothly.
Quality Management - Answer -guarantees no defects
purchasing agent - Answer -Person in charge of the purchasing materials
supply chain - Answer -a Network of organizations that work to convert and move
goods from the raw materials, storage, o the end customer. these organizations are
linked through physical, information, and monetary flow
raw mat--->supplier--->manufacturer-->distribution--->retailer--->customer
Supply Chain Management - Answer --often described as managing the flow of
information and materials from "suppliers" suppliers to the "customers" customer.
goal of supply chain - Answer -is to convince customers to buy their product over the
competitors. so you can make large profits and creat value for end customer.
-high quality and profitable
-low price and be profitable
operating management decisions - Answer -- increase production with out sacrificing
quality
-produce as much as possible with little inputs
-productivity= (calculated as (op/ip))
4 broad categories of competitive priority - Answer --cost
-quality
, -time/delivery
-flexibility
consistent quality - Answer -involves meeting the product spesifications and the
promises made to a customer (high reliability)
superior quality - Answer -a product that is (clearly better) than another in one or more
aspects.
cost - Answer -low cost operations seek to provide a product or service that is less
expensive then the competitors
on time - Answer -delivering product when it is (promised), but not necessary quick
ex: Usps
Delivery Speed - Answer -offers delivery of a product or service (faster)
ex: Fedex
product development speed - Answer -refers to time between generations of changes
between product.
customization - Answer -ability to make a product to exactly for the customers needs
mass customization - Answer -products produced in high volume at roughly same cost
of standard but are customized to individual taste.
post ponment - Answer -keeps products in a standard format and then adding unique
components for the individual customer at the last moment
variety - Answer -ability to handle wide range or assortment of products with out undue
cost. products not customized to individual specifications, but instead numerous choices
volume flexibility - Answer -ability to adjust production volume to meet fluctuations in
demand.
New Product Development - Answer -the overall process of strategy, organization,
concept generation, product and marketing plan creation and evaluation, and
commercialization of a new product (good or service)
New Product Development Process - Answer -discipline and definite set of task and
steps that describe the normal means by which a company repetitively converts
embryonic ides into salable products or services
