Midterm #1 Flashcards Preview

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Flashcards in Midterm #1 Deck (69)
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1

3 functions of business organizations

finance
operations
marketing

2

what is operation

transformation process from input to output

3

operations management

managaement of systems of processes that create goods and/or provide services

4

5 Ms of the Input part of operations

Management
Methods
Material
Machines
Maintenance

5

parts of the transformation process in operations

cutting
machining
storing
transporting
investing
...

6

output part of operations

value is added
final good/service

7

what does operations management include

forecasting
capacity planning
scheduling
managing inventories
assuring quality
motivating employees
...

8

why is operations management important

operations contribute to economy
one of interval parts of any organization

9

what does feedback do for operations

makes sure we stay on right track (internal or external)

10

what is operations management

managing the process of transformation that creates products or services

11

what are centerpieces of wal-marts competetive strategy

logisitcs
own warehouses
own transportation system
large database
...

12

succesful operations of Southwestern Airlines

point-to-point service not Hub and Spoke
no frills
simple operations
high utilization

13

hub

center of operations

14

what are keys for successfully competing

understanding competetive issues helps managers develop successful strategies

15

mission statement

reason for existence of organization

16

goals

details and scope of mission

17

what is strategy

plans for achieving organizational goals
provides focus for decision making

18

what are tactics

methods/actions taken to acomplish strategies
provide guidance to operations

19

what is an important part of strategy formulation

core competencies
environmental scanning
order qualifiers
order winners

20

what is core competencies

what brand image a company wants to have

21

part of environmental scanning

SWOT analysis

22

what are order qualifiers

minimum standards of acceptability for a potential purchase

23

what are order winners

goods or services that cause it to be better than the competitors

24

what is productivity

measure of effective use of recources

25

what is productivity expressed as

ratio of output to input
output/input

26

examples for input

labor
material
energy
...

27

examples for output

goods and services

28

partial productivity measure

units of output/units of one input
e.g. labor productivity - unity per hour/shift

29

what are multifactor productivitiy measures

multiple denomitators added together
units of output/combined units of input
e.g. output/labor + material

30

importance for productivity measurements

include the units of measurements