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Operations
Operations Midterm
89
Business
Graduate
10/18/2012

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Term
Operations and Supply Management (OSM)
Definition
design, operation and improvement of the systems that create and deliver the firm's primary products and services
Term
Service
Definition
An intangible process that cannot be weighed or measured
Term
Good
Definition
A tangible output of a process that has physical dimensions
Term
Pure Goods
Definition
Food products, chemicals, book publishing
Term
core goods
Definition
appliances, data storage systems
Term
core services
Definition
hotels, airlines, internet service providers
Term
pure services
Definition
teaching, medical assistance, financial consulting
Term
servitization
Definition
a company building service activities into its product offerings for its current users
Term
efficiency
Definition
doing things at the lowest possible cost
Term
effectiveness
Definition
doing the right things to create the most value for the company
Term
triple bottom line
Definition
social, economic, environmental
Term
economic prosperity
Definition
obligation to compensate shareholders who provide capital
Term
social responsibility
Definition
fair/beneficial business practice for labor and community/region
Term
environmental stewardship
Definition
protect environment, cause no harm
Term
Competitive Dimension
"Cost or price"
Definition
make the product or deliver the service cheap
Term
competitive dimension
quality
Definition
make a GREAT product or deliver a GREAT service
Term
competitive dimension
Delivery speed
Definition
make the product or deliver the service quickly
Term
Competitive Dimension
delivery reliability
Definition
deliver it when promised
Term
competitive dimension
coping with changes in demand
Definition
change its volume
Term
competitive dimension
flexibility and new-product introduction speed
Definition
change it
Term
competitive dimension
other product-specific criteria
Definition
support it
Term
straddling
Definition
company seeks to match benefits of a successful position while maintaining it existing position
Term
Product productivity ratio
Definition
outputs/inputs
Term
partial measure
Definition
measure of output to a single unit
output/labor
output/capital
output/materials
Term
multi-factor measure
Definition
measure output to a group of inputs
output/labor+capital+materials
Term
total measure
Definition
measure of all outputs to all inputs
goods and services produced/all resources used
Term
capacity
Definition
the ability to hold, receive, store, or accomodate
Term
best operating level
Definition
level of capacity for which the process is designed (minimizes average unit cost)
Term
capacity utilization rate
Definition
capacity used/best operating level
Term
economies of scale
Definition
as plant gets larger, average unit cost gets smaller
Term
diseconomies of scale
Definition
plant becomes to large to maintain (inefficient)
Term
focused factory
Definition
facility that works best when focused on limited set of production objectives. produce specific or related groups of products
Term
plant within a plant
Definition
separate suborganizations, carries the focused idea to operation
Term
capacity flexibility
Definition
ability to rapidly increase or decrease production levels in order to meet demand
Term
flexible plants
Definition
easy to tear down and set up
Term
flexible processes
Definition
equipment is easy to set up
Term
economies of scope
Definition
multiple products designed/produced at one facility at a lower cost than it would be to produce them separately
Term
flexible workers
Definition
multiple skills and abilities that enable them to easily switch tasks
Term
planning service capacity
Definition
time, location, volatility of demand
Term
lean manufacturing
Definition
an attempt to create higher customer service with minimum levels of inventory investment
Term
total average cost of inventory
Definition
sum of the value (at cost) of raw mat, WIP and finished goods
Term
Inventory turn
Definition
COGS/Average Inventory Value
Term
Days in inventory
Definition
inventory turn/365
Term
Little's law
Definition
there is a long-term relationship between the inventory, throughput and flow time:
Inventory=Throughput rate x flow time
Term
Throughput
Definition
the long term average rate that items are flowing through the process
Term
flow time
Definition
time that it takes a unit to flow through the process from beginning to end
Term
project layout
Definition
product remains in a fixed location
Term
workcenter
Definition
similar equipment or functions are grouped together
Term
manufacturing cell
Definition
layout is dedicated area where products that are SIMILAR IN PROCESSING requirements are produced
Term
Assembly line
Definition
work processes are arranged according to the progressive steps by which the product is made
Term
continuous process
Definition
production flows in predetermined steps, but flow is continuous (liquids)
Term
splitting tasks
Definition
longest required task time forms shortest workstation cycle
Term
split task
Definition
process on two workstations
Term
share the task
Definition
have adjacent workstation do part of the work
Term
use parallel workstations
Definition
two workstations that operate in parallel
Term
direct interaction
Definition
face-to-face contact with the customer
Term
surrogate interaction
Definition
interact with the customer using non-human resources
Term
Independent processing
Definition
acting on entity's own controlled resources
Term
Total Quality Management
Definition
managing the entire organization so that it excels on all dimensions of product and services that are important to the customers
2 goals:
careful design and consistent production
Term
performance
Definition
primary product or service characteristics
Term
features
Definition
added touches, secondary characteristics
Term
reliability/durability
Definition
consistency of performance over time, probability of failing, useful life
Term
serviceability
Definition
ease of repair
Term
aesthetics
Definition
sensory characteristics
Term
perceived quality
Definition
past performance and reputation
Term
conformance quality
Definition
the degree to which the product or service design specifications are met
Term
quality at the source
Definition
person who does the work takes responsibility for making sure that his or her output meets specifications
Term
appraisal costs
Definition
cost of inspection, testing and other tasks to ensure that the product or process is acceptable
Term
prevention costs
Definition
the sum of all of the costs to prevent defects
Term
internal failure costs
Definition
costs for defects incurred within the system: scrap, rework, repair
Term
external failure costs
Definition
costs for defects that pass through the system: customer warranty replacements, loss of customers or goodwill, handling complaints, and product repair
Term
Six Sigma Methodology DMAIC
Definition
Define, Measure, Analyze, Improve, Control
Term
process control
Definition
monitoring quality while the product or service is being produced
Term
Project management
Definition
planning, directing, and controlling resources (people, equipment, material) to meet the technical, cost, and time constraints of the project
Term
project
Definition
a series of related jobs usually direct toward some major output and requiring a significant period of time to perform
Term
Pure project
Definition
a self-contained team works full time on the project
Term
functional project
Definition
departmentally-based project
Term
matrix project
Definition
blends elements of both functional and pure projects
Term
work breakdown structure
Definition
defines hierarchy of project tasks, sub tasks, and work packages
work package -> subtask -> task -> Project -> Program
Term
Statement of work
Definition
written description of the objectives to be achieved
Term
EVM (earned value management)
Definition
technique for measuring project progress in an objective manner. Combines measures of scope, schedule, and cost in a project
Term
Budgeted Cost of Work Scheduled (BCWS)
Definition
budgeted cost of what should be done by now (X)
Term
Budgeted Cost of Work Performed (BCWP)
Definition
Budgeted cost of what is actually done by now (X)
Term
Actual Cost (AC)
Definition
Actual cost of what work performed up to this point
Term
schedule variance
Definition
BCWP-BCWS greater than 0 means ahead of schedule
Term
schedule performance index
Definition
BCWP/BCWS greater than , means ahead of schedule
Term
cost variance
Definition
BCWP-AC
greater than 0, under budget
Term
Cost performance index
Definition
BCWP/AC
>1, cost of completing the work is lower than planned
Term
Critical Path method
Definition
sequence of events that form the longest chain in terms of time to complete
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