Midterm Flashcards
Efficiency vs effectiveness
Efficiency: Minimum cost and time
Effectiveness: Achieved goals
What are the 4 key purchasing criteria?
1) Price
2) Quality
3) Variety
4) Timeliness
What is the correct hierarchical order for developing strategic plans?
Mission/vision > Goals > Organizational strategy > Functional strategy > Tactics
What are the 5 generic operations strategies?
1) Continuous improvement
2) Large scale base
3) Focused factories
4) Flexible factories
5) Low labour cost
How to calculate multi-factor productivity?
Output / All input factors
What are the 4 major competitive priorities?
1) Quality
2) Cost
3) Flexibility
4) Delivery
What are 4 factors affecting productivity?
1) Methods
2) Management
3) Technology
4) Labour
What are the 5 steps in the product design process?
1) Idea generation
2) Build a business case (market analysis)
3) Development (translate voice of customer)
4) Testing and validation
5) Launch
5 places product ideas come from?
1) Employees
2) Customers
3) Competition
4) Suppliers
5) R&D
Compare the customer contact level with the variability in service requirements of 4 types of selling
Customized clothing: High, High
Department store selling: Moderate, Moderate
Telephone selling: Low, Low
Internet selling: Minimal, Minimal
What does QFD stand for and achieve?
Quality function deployment; translate customer requirements into measurable specifications
5 elements of a good forecast?
1) Reliable
2) Meaningful units
3) Cost-effective
4) Useful time horizon
5) Easy to understand/use
What are the 4 types of time-series forecasting models?
1) Naive
2) Averaging
3) Trend
4) Seasonality techniques
What are the 3 measures of forecast accuracy? And what do they stand for?
MAD: Mean absolute deviation
MAPE: Mean absolute percent error
MSE: Mean squared error
5 main factors to consider when choosing a forecasting technique?
1) Frequency
2) Level of aggregation
3) Type of model
4) Degree of management involvement
5) Cost per forecast
