BIT 3414 Exam 1 with Complete Solutions

Operations management - ANSWER designs, operates, and improves productive systems - system for getting work done Operations - ANSWER -function of a system that transforms inputs int outputs of greater value -more tha ...

Operations management - ANSWER designs, operates, and improves productive systems - system for getting work done Operations - ANSWER -function of a system that transforms inputs int outputs of greater value -more than planning and controlling, it's doing Value chain - ANSWER -series of activities from supplier to customer that add value to a product or service Operations as a transformation process - ANSWER Input -material -machines -labor -management -capital --->>>Transformation process --->>> Output -goods -services The transformation can be: - ANSWER 1. physical - manufacturing operations 2. locational - transportation or warehouse operations 3. exchange - retail operations 4. physiological - healthcare 5. psychological - entertainment 6. informational - communication Operations management (OM) activities: - ANSWER -organizing work -selecting processes -arranging layouts -locating facilities -designing jobs -measuring performance -controlling quality -scheduling work -management inventory -planning production Operations managers deal with: - ANSWER -people -technologies -deadlines Operations managers need good skills: - ANSWER -technical -conceptual -behavioral Four primary functions of a firm - ANSWER 1. marketing 2. finance (finance/accounting) 3. operations (suppliers) 4. human resources Organizational structure - ANSWER 1. CEO - chief executive officer a. CFO - chief financial officer b. COO - chief operating officer i. VP human resources ii. VP operations iii. VP Supply chain management iv. VP Marketing c. CIO - chief information officer Operations management - ANSWER widespread production of consumer goods Craft production - ANSWER the process of handcrafting products or services for individual customers -unique -made entirely by one person Adam Smith (Wealth of nations) DIVISION OF LABOR - ANSWER -1776 -dividing a job into a series of small tasks each performed by a different worker Eli Whitney INTERCHANGEABLE PARTS - ANSWER -1790s -standardization of parts initially as replacement parts enabled mass production Frederick Taylor SCIENTIFIC MANAGEMENT - ANSWER -early 1900s -the systematic analysis of work methods -Henry Ford applied scientific management (assembly line) Henry Ford MASS PRODUCTION - ANSWER -Henry Ford applied scientific management to production of model T (assembly line) -1913 -high-volume production of a standardized product for a mass market Human relations movement - ANSWER -1930s -led by Elton Mayo and the Hawlthorne studies -introduced by the idea of worker motivation and technical aspects of work, affected by productivity -theories of motivation developed by Frederic Herzberg, Douglas McGregor, and others Quality revolution - ANSWER an emphasis on quality and the strategic role of operations -realization that production should be tied to consumer demand Lean production - ANSWER -Using a concept of just-in-time, Toyota changed the rules of production from mass production to lean production -an adaptation of mass production that prizes quality and flexibility -quality rather than quantity -flexibility - rather than efficiency Supply chain management - ANSWER managing the flow of information, products, and services across a network of customers, enterprises, and suppliers Supply chain manager is concerned with - ANSWER 1. timeliness 2. quality 3. legalities of the supplier's operations Era of Globalization - ANSWER -brought on by risky loans, inflated expectations, and unsavory financial practices -brought global economy to standstill Era of Sustainability - ANSWER countries, companies, and industries evaluate what it takes to sustain the health of their enterprise or people in the long term Bloomberg financials includes an ESG: - ANSWER E-environment S-social G-governance Resiliance - ANSWER the ability to bounce back, change or adapt in response to a disaster, failure, or disruption Reasons for companies to "go global" - ANSWER 1. to take advantage of favorable costs 2. to gain access to international markets 3. to be more responsive to changes in demand 4. to build reliable sources of supply 5. to keep abreast of the latest trends and technologies What two things paved the way for globalization - ANSWER 1. falling trade barriers 2. internet