MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS
LATEST UPDATE
Goods
Physical Items, raw materials, parts
Services
activities that provide some kind of time, location, form, and psychological value
Supply vs. Demand
Excess supply-- wasteful and costly
too little-- loss of opportunity, customer dissatisfaction
finance
Secure financing
Allocate resources
Manage the budget
Analyze investments
Provide funds for operations
operation
produce goods and provide services
marketing
assess customer needs/ wants
sell/promote goods and services
Operations Management
an area of management concerned with designing and
controlling the process of production and redesigning business operations in the
production of goods or services.
Supply Chain
is a network of retailers, distributors, transporters, storage facilities,
and suppliers that participate in the production, delivery, and sale of a product
to the consumer. It is typically made up of multiple companies who coordinate
activities to set themselves apart from the competition.
suppliers --> direct suppliers --> Producer --> Distributor --> Final Customer
Value - added
the difference between the cost of inputs and the value or price of outputs
Goods Vs. Services
Goods
Tangible output
-Manufactured
-Non-manufactured
-Farms
- Restaurants
Services
Non-tangible output
-Medical exams
, -Repairs
-Internet communications
-Transportation
- Beauty salons
Similarities of goods and services
Forecasting and capacity planning to match supply & demand
Process management
Managing variations
Monitoring and controlling costs and productivity
Supply chain management
Location planning, inventory management, QC, and scheduling
Why learn about OM?
Because every aspect of the business is affected by operations
OM related professional societies
APICS - The Association for Operations Management American Society for Quality
(ASQ)
Institute for Supply Management (ISM)
Institute for Operations Research and Management Science (INFORMS)
The Production and Operations Management Society (POMS)
The Project Management Institute (PMI)
Council of Supply Chain Management Professionals (CSCMP)
Upper Management processes
policies, strategies, organizational governance
Operational Processes
purchasing, production, service, marketing, and sales
Supporting Processes
accounting, HR, IT
Business Process
Composed of a series of supplier-customer relationships, where every business
organization, every department, and every individual operation is both a customer of the
previous step in the process and a supplier to the next step in the process.
The variety of goods and services being offered
the greater the variety of goods and services the greater the variation in production or
service requirements
structural variation in demand
(predictable) trends, seasonal variation, importance for capacity planning
random variation
present in all processes, not influenced by managers, not predictable, chance factors --
individually unimportant fluctuations
assignable variation
defective inputs, incorrect work methods, out-of-adjustment equipment
Physical Model
model cars, homes, scale-model buildings
Schematic Model
Graphs, charts, blueprints, drawings
Mathematical Model
LATEST UPDATE
Goods
Physical Items, raw materials, parts
Services
activities that provide some kind of time, location, form, and psychological value
Supply vs. Demand
Excess supply-- wasteful and costly
too little-- loss of opportunity, customer dissatisfaction
finance
Secure financing
Allocate resources
Manage the budget
Analyze investments
Provide funds for operations
operation
produce goods and provide services
marketing
assess customer needs/ wants
sell/promote goods and services
Operations Management
an area of management concerned with designing and
controlling the process of production and redesigning business operations in the
production of goods or services.
Supply Chain
is a network of retailers, distributors, transporters, storage facilities,
and suppliers that participate in the production, delivery, and sale of a product
to the consumer. It is typically made up of multiple companies who coordinate
activities to set themselves apart from the competition.
suppliers --> direct suppliers --> Producer --> Distributor --> Final Customer
Value - added
the difference between the cost of inputs and the value or price of outputs
Goods Vs. Services
Goods
Tangible output
-Manufactured
-Non-manufactured
-Farms
- Restaurants
Services
Non-tangible output
-Medical exams
, -Repairs
-Internet communications
-Transportation
- Beauty salons
Similarities of goods and services
Forecasting and capacity planning to match supply & demand
Process management
Managing variations
Monitoring and controlling costs and productivity
Supply chain management
Location planning, inventory management, QC, and scheduling
Why learn about OM?
Because every aspect of the business is affected by operations
OM related professional societies
APICS - The Association for Operations Management American Society for Quality
(ASQ)
Institute for Supply Management (ISM)
Institute for Operations Research and Management Science (INFORMS)
The Production and Operations Management Society (POMS)
The Project Management Institute (PMI)
Council of Supply Chain Management Professionals (CSCMP)
Upper Management processes
policies, strategies, organizational governance
Operational Processes
purchasing, production, service, marketing, and sales
Supporting Processes
accounting, HR, IT
Business Process
Composed of a series of supplier-customer relationships, where every business
organization, every department, and every individual operation is both a customer of the
previous step in the process and a supplier to the next step in the process.
The variety of goods and services being offered
the greater the variety of goods and services the greater the variation in production or
service requirements
structural variation in demand
(predictable) trends, seasonal variation, importance for capacity planning
random variation
present in all processes, not influenced by managers, not predictable, chance factors --
individually unimportant fluctuations
assignable variation
defective inputs, incorrect work methods, out-of-adjustment equipment
Physical Model
model cars, homes, scale-model buildings
Schematic Model
Graphs, charts, blueprints, drawings
Mathematical Model
