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UA OM 300 - Exam 1 Study Guide

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OM 300 1st EditionExam # 1 Study Guide Chapters: 1 – 5Chapter 1Operations management is the activities that create value through goods and services by transforming inputs into outputs.Essential Functions of OM are:- Marketing- Production/operations- Finance/accounting5 Basic Management Functions are: Planning, Organizing, Staffing, Leading, Controlling10 Strategic Decisions in OM- Design of goods and services- Managing quality- Process and capacity design- Location strategy - Layout strategy - Human resources and job design- Supply-chain management- Inventory management- Scheduling- Maintenance What is Productivity?- Productivity = Units Produced / Inputs Used- This can measure improvement and represents output relative to input- Single Productivity (one resource input) = Units produced / Labor-hours uses - Multi-Factor Productivity (multiple resource inputs) = Output / (Labor + Material + Energy + Capital + Miscellaneous)- Multi-Factor is also known as total factor productivityMeasurement Problems: Quality, External Elements, and Precise units are essential for improved productivityChapter 2Six Reasons to Globalize Your Organization: Reduce costs, improve supply chain, Provide better goods and services, Understand markets, learn how to improve operations, and attract/retain global talentA mission statement tells where you are going, gives boundaries and focus, and is an organization’s reason for being.A strategy is the how behind achieving your mission, often involves SWOT analysis. A SWOT analysis looks for an organization’s strengths, weaknesses, opportunities, and threats.The factors that affect the mission are:- Philosophy and Values- Profitability and Growth- Public Image- Benefit to Society- Environment- CustomersThe strategies for competitive advantage include: differentiation (better or different product), cost leadership (cheaper), and response (faster).Chapter 3The phases of project management are planning, scheduling, and controlling. AON & AOA Networks- AON: Activity on node- AOA: Activity on arrow- Must go in order; ie A must happen before BProject Crashing - Involves shorter activity durations to keep on schedule. o Calculate the crash cost per time periodo Crash Cost Per Period=(Crash Cost – Normal Cost)/(Normal Time – Crash Time)o Find critical path and critical activities using current activity timesCh. 4 – most problem intensive chapter!Forecasting is how organizations try to predict future events.3 Types Forecasting Time Horizonsa. Short-Range Forecast: ranges from less than 3 months to 1 year, typically most accurate, uses different methodologies than long-termb. Medium-Range Forecast: ranges from 3 months - 3 yrs, more comprehensive issues than short term involving planning, products, plants, and processesc. Long-Range Forecast: predicts further than 3 years, more comprehensive issues than short term involving planning, products, plants, and processesQualitative/Quantitative Forecasting approach- Qualitative Forecasts use more emotional factors such as the person’s intuition, values, and personal experiences- Quantitative Forecasts use data and mathematical modeling to predict events.Types of Time Series - Jury of Executive Opinion- Delphi Method- Sales Force Composite- Consumer Market SurveyNaïve Approach- Time Series Model of Quantitative Approach- Assumes demand will remain the same in the next period and the most recent period- Approach can sometimes be cost effective and efficient Exponential Smoothing (problem)New Forecast = Last period’s forecast + a(Last period’s actual demand – Last period’s forecast), where a is the smoothing constant and ranges from 0-1Mean absolute deviation (MAD) (problem)MAD = ∑ |Actual – Forecast| / nMean Squared Error (MSE) (Problem)MSE = ∑(Forecast errors)^2 / nCh. 5The 1st rule of business is that “you have to have products that sell.”The Life Cycle Assessment (LCA) is a formal analysis of a product’s environmental impact from production to decline.3 External Product Development Strategies: - Differentiation - Low Cost- Rapid ResponseWhat is computer aided design (CAD)? CAD uses computers to design products first and create the necessary engineering documents.Why is using CAD beneficial to an organization? CAD results in shorter development cycles, improved product accuracy, and lower cost. The designs can also easily be sent out internationally to aid in production.Ch. 5 SupplementCorporate Social Responsibility is concerned with how goods and services affect people and impact the environment. Businesses that take steps to protect people and the future and choose to do what’s right can be beneficial to all stockholders.Sustainability involves meeting the needs of the present without depriving future generations. 3 R’s of Sustainability- Reduce, Reuse, & RecycleTriple Bottom Line- 3 P’s: People, Planet, & Profit (businesses must be concerned with these when making decisions)- None of this can exist without economic sustainability, businesses must still turn a profitWhat is a Carbon Footprint? This measures the amount of carbon dioxide and other greenhouse gases released into the air while creating products or services. When organizations work to lower this amount they are working to protect the environment and practicing corporate


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