OM 300 EXAM 1 CHILCUTT
QUESTIONS & ANSWERS(RATED A+)
What is Operations Management? - ANSWERthe set of activities that create value in
the form of goods and services by transforming inputs into outputs
Marketing (Essential Function) - ANSWERgenerates demand
Finance/Accounting (Essential Function) - ANSWERcreates the product
Supply Chain - ANSWERA global network of organizations and activities that supply
a firm with goods and services
Members of the Supply Chain - ANSWERcollaborate to achieve high levels of
customer satisfaction, efficiency, and competitive advantage
Why Study Operations Management? - ANSWER1. one of 3 major functions of any
organization, we want to study how people organize themselves for productive
enterprise
2. We want (and need) to know how goods and services are produced
3. We want to understand what operations managers do
4. costly part of an organization
What Do Operations Managers Do? - ANSWERplanning, organizing, staffing,
leading, controlling
Strategic Operations Management Decisions - Base - ANSWERpeople, product,
process
Strategic Operations Management Decisions - Staff - ANSWERquality management,
inventory management, supply chain management
Strategic Operations Management Decision - Place - ANSWERlocation, layout
Strategic Operations Management Decision - ANSWERScheduling and Maintenance
Goods - ANSWERManufacturers produce tangible products
Services - ANSWEREconomic activities that typically produce an intangible product
Productivity Challenge - ANSWERRatio of outputs divided by inputs
Productivity - ANSWERMeasure of process improvement
Single-Factor Productivity - ANSWEROutput levels relative to single input
, Management of Projects - ANSWER1. Planning - goal setting, defining the project,
team organization
2. Scheduling - relate people, money, and supplies to specific activities and activities
to each other
3. Controlling - monitor resources, costs, quality, and budgets; revise plans and shift
resources to meet time and cost demands
Project Planning - ANSWEREstablishing objectives, defining project, creating work
breakdown structure, determining resources, forming organization
Project Organization - ANSWER- Often temporary structure
- Uses specialists from entire company
- Headed by project manager (Coordinates activities, monitors schedule and costs)
- Permanent structure called 'matrix organization'
Total Factor Productivity - ANSWEROutput achieved with given inputs
Quality - ANSWERMeasurement problem: may change while inputs/outputs constant
External Elements - ANSWERMeasurement problem: may impact productivity
Challenges in Improving Service Productivity - ANSWERLabor intensive, focused on
unique attributes, intellectual, hard to mechanize, evaluate quality
Current OM Challenges - ANSWERGlobalization, Supply-chain partnering,
Sustainability, Rapid product development, Mass customization, Lean operations
Challenges Facing Operations Managers - ANSWER1. Develop and produce safe,
high-quality green products
2. Train, retrain, and motivate employees in a safe workplace
3. Honor stakeholder commitments
Stakeholders - ANSWERThe people whose interests are affected by an
organization's activities
Reasons to Globalize - ANSWERTangible to Intangible: reduce costs, improve
supply chain, provide better goods and services, understand markets, learn to
improve operations, attract and retain global talent
Strategies for Competitive Advantage - ANSWERDifferentiation, Cost leadership,
and Response
Issues in Operations Strategy - ANSWERResources view, Value-chain analysis,
Porter's Five Forces model, Operating in a system with many external factors,
Constant change
Porter's Five Forces - ANSWERRivalry, Threat of Substitution, Buyer power,
Supplier Power, Barriers to entry
Strategy Development and Implementation - ANSWER1. Identify key success factors
QUESTIONS & ANSWERS(RATED A+)
What is Operations Management? - ANSWERthe set of activities that create value in
the form of goods and services by transforming inputs into outputs
Marketing (Essential Function) - ANSWERgenerates demand
Finance/Accounting (Essential Function) - ANSWERcreates the product
Supply Chain - ANSWERA global network of organizations and activities that supply
a firm with goods and services
Members of the Supply Chain - ANSWERcollaborate to achieve high levels of
customer satisfaction, efficiency, and competitive advantage
Why Study Operations Management? - ANSWER1. one of 3 major functions of any
organization, we want to study how people organize themselves for productive
enterprise
2. We want (and need) to know how goods and services are produced
3. We want to understand what operations managers do
4. costly part of an organization
What Do Operations Managers Do? - ANSWERplanning, organizing, staffing,
leading, controlling
Strategic Operations Management Decisions - Base - ANSWERpeople, product,
process
Strategic Operations Management Decisions - Staff - ANSWERquality management,
inventory management, supply chain management
Strategic Operations Management Decision - Place - ANSWERlocation, layout
Strategic Operations Management Decision - ANSWERScheduling and Maintenance
Goods - ANSWERManufacturers produce tangible products
Services - ANSWEREconomic activities that typically produce an intangible product
Productivity Challenge - ANSWERRatio of outputs divided by inputs
Productivity - ANSWERMeasure of process improvement
Single-Factor Productivity - ANSWEROutput levels relative to single input
, Management of Projects - ANSWER1. Planning - goal setting, defining the project,
team organization
2. Scheduling - relate people, money, and supplies to specific activities and activities
to each other
3. Controlling - monitor resources, costs, quality, and budgets; revise plans and shift
resources to meet time and cost demands
Project Planning - ANSWEREstablishing objectives, defining project, creating work
breakdown structure, determining resources, forming organization
Project Organization - ANSWER- Often temporary structure
- Uses specialists from entire company
- Headed by project manager (Coordinates activities, monitors schedule and costs)
- Permanent structure called 'matrix organization'
Total Factor Productivity - ANSWEROutput achieved with given inputs
Quality - ANSWERMeasurement problem: may change while inputs/outputs constant
External Elements - ANSWERMeasurement problem: may impact productivity
Challenges in Improving Service Productivity - ANSWERLabor intensive, focused on
unique attributes, intellectual, hard to mechanize, evaluate quality
Current OM Challenges - ANSWERGlobalization, Supply-chain partnering,
Sustainability, Rapid product development, Mass customization, Lean operations
Challenges Facing Operations Managers - ANSWER1. Develop and produce safe,
high-quality green products
2. Train, retrain, and motivate employees in a safe workplace
3. Honor stakeholder commitments
Stakeholders - ANSWERThe people whose interests are affected by an
organization's activities
Reasons to Globalize - ANSWERTangible to Intangible: reduce costs, improve
supply chain, provide better goods and services, understand markets, learn to
improve operations, attract and retain global talent
Strategies for Competitive Advantage - ANSWERDifferentiation, Cost leadership,
and Response
Issues in Operations Strategy - ANSWERResources view, Value-chain analysis,
Porter's Five Forces model, Operating in a system with many external factors,
Constant change
Porter's Five Forces - ANSWERRivalry, Threat of Substitution, Buyer power,
Supplier Power, Barriers to entry
Strategy Development and Implementation - ANSWER1. Identify key success factors
