GMS401 FINAL EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
3 Functions of Management
1. Marketing
2. Production/Operations
3. Finance/Accounting
10 Key Decisions of Operations Managements
1. Design of Goods & Services
2. Managing Quality
3. Process & Capacity Design
4. Location Strategy
5. Layout Strategy
6. HR & Job Design
7. Supply Chain Management
8. Inventory, Material Requirements Planning & JIT
9. Intermediate & Short Term Scheduling
10. Maintenance
6 Steps in the Decision Process
1. Clearly define the problem and factors that influence it
2. Develop specific and measurable objectives
3. Develop a model
4. Evaluate each alternative solution
,5. Select the best alternative
6. Implement the decision
New Challenges in Operations Management
- Global Focus
- Supply Chain Partnering
- Sustainability
- Rapid Product Development
- Mass Customization
- Just-in-Time Performance (JIT)
- Empowering Employees
Strategies for Competitive Advantage
1. Differentiation (concerned with providing uniqueness)
2. Cost Leadership (achieving maximum value while lowering cost)
3. Response
- Flexible
- Reliable
- Quick Response
Productivity
A measure of the effective use of resources
Expressed as: Outputs / Inputs
Why does Productivity Matter?
,- High Productivity is linked to higher standards of living
- High productivity leads to competitive advantage
- High productivity may be linked to the life of an organization
Productivity Growth
The increase of productivity from the previous to the current period relative to the
productivity to the previous period
How can Productivity be improved?
- Labour (basic education, diet of labour force, social overhead)
- Capital (changes int axes and resources/inflation)
-Management (responsible for ensuring that labour and capital are effectively used to
increase productivity)
4 Tactics Organized around Reliability and Maintenance
1. Reliability tactics
2. Maintenance tactics
3. Preventative Maintenance
4. Increasing Repair Capabilities
Ways Reliability can be Improved
- Component Design
- System Design
- Testing
- Preventative Maintenance Procedures
- User Education
- Components may be linked in a series/parallel format
, How to Enhance Overall Reliability
- Overdesign: improve the design to avoid failure
- Design Simplification: reduce number of components in the production system
- Redundancy in the Design: provide backup components
Product Development
An effective product strategy links products decisions with cash flow, market dynamics,
product life cycle and the organization's capabilities
Product Development System
1. Ideas from many sources
2. Ability
3. Customer Requirements: meeting requirements to win orders
4. Functional Specifications: how the product will work/perform it's intended function
5. Product Specifications: how the product will be made
6. Design review: making sure they are the best way to meet customer requirements
7. Introduction: launch product into market
8. Evaluation: level of success
Product Decision
The objective is to develop and implement a product strategy that meets the demand of
the marketplace with a competitive advantage
New Product Development Focuses on
1. Understanding the customer
2. Economic Change
3. Social & Demographic Change
COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
3 Functions of Management
1. Marketing
2. Production/Operations
3. Finance/Accounting
10 Key Decisions of Operations Managements
1. Design of Goods & Services
2. Managing Quality
3. Process & Capacity Design
4. Location Strategy
5. Layout Strategy
6. HR & Job Design
7. Supply Chain Management
8. Inventory, Material Requirements Planning & JIT
9. Intermediate & Short Term Scheduling
10. Maintenance
6 Steps in the Decision Process
1. Clearly define the problem and factors that influence it
2. Develop specific and measurable objectives
3. Develop a model
4. Evaluate each alternative solution
,5. Select the best alternative
6. Implement the decision
New Challenges in Operations Management
- Global Focus
- Supply Chain Partnering
- Sustainability
- Rapid Product Development
- Mass Customization
- Just-in-Time Performance (JIT)
- Empowering Employees
Strategies for Competitive Advantage
1. Differentiation (concerned with providing uniqueness)
2. Cost Leadership (achieving maximum value while lowering cost)
3. Response
- Flexible
- Reliable
- Quick Response
Productivity
A measure of the effective use of resources
Expressed as: Outputs / Inputs
Why does Productivity Matter?
,- High Productivity is linked to higher standards of living
- High productivity leads to competitive advantage
- High productivity may be linked to the life of an organization
Productivity Growth
The increase of productivity from the previous to the current period relative to the
productivity to the previous period
How can Productivity be improved?
- Labour (basic education, diet of labour force, social overhead)
- Capital (changes int axes and resources/inflation)
-Management (responsible for ensuring that labour and capital are effectively used to
increase productivity)
4 Tactics Organized around Reliability and Maintenance
1. Reliability tactics
2. Maintenance tactics
3. Preventative Maintenance
4. Increasing Repair Capabilities
Ways Reliability can be Improved
- Component Design
- System Design
- Testing
- Preventative Maintenance Procedures
- User Education
- Components may be linked in a series/parallel format
, How to Enhance Overall Reliability
- Overdesign: improve the design to avoid failure
- Design Simplification: reduce number of components in the production system
- Redundancy in the Design: provide backup components
Product Development
An effective product strategy links products decisions with cash flow, market dynamics,
product life cycle and the organization's capabilities
Product Development System
1. Ideas from many sources
2. Ability
3. Customer Requirements: meeting requirements to win orders
4. Functional Specifications: how the product will work/perform it's intended function
5. Product Specifications: how the product will be made
6. Design review: making sure they are the best way to meet customer requirements
7. Introduction: launch product into market
8. Evaluation: level of success
Product Decision
The objective is to develop and implement a product strategy that meets the demand of
the marketplace with a competitive advantage
New Product Development Focuses on
1. Understanding the customer
2. Economic Change
3. Social & Demographic Change
