1. Describe with examples, the types of decisions involved in production and operations management.
Market production – product or service which is intended for sale at a money- price in a market
Household production – that they purchase but from commodities they transform into good through a house hold production
Marketing ( manages Customers )
Operations ( Manages Creation of good and services )
Finance ( Manages Money
MIS ( Manages information )
2. Describe with examples, the difference between process manufacturing & the assembly process and the continuous process and the intermittent process.
Manufacturing & the assembly process- manufacturing process in which interchangeable parts are added to a product in a sequential manner to create an end product
the continuous process and the intermittent process-
Intermittend production system – goods are produced based on customer orders and not for stocking
Continous production system, good are produced based on demand forecast and for stocking
3. Describe with examples, scheduling and three common scheduling tools available to management.
Estimation and planning
Budget management Resource allocation
4. Describe with examples, ways of improving production and operations with an emphasis on ways that technology can be used to improve operating efficiencies.
Assembling proper machines to the labour for you
Managements you time and more efficiencies due to the fact you know how much you can produce in a day
5. Describe the following business terms in your own words and if applicable provide a current local example of each;
Production, Operations Management, Production Planning, Production Process, Mass Production, Mass Customization, Resource Planning, MRP, MRPII, ERP, Supply Chain Management, EDI, Asset Management, Modular Production
Production – the action of making or manufacturing from components or raw materials
Operation management- is concerned with converting material and labor into goods and services as efficiently as possible maximize the profit of an organization
Production planning – knowing how much you can make
Production process – different assembly lines
Mass production- large number of production
Mass customization- large number of a product for a certain client
MRP- material requirements planning
Manufacturing resource planning
ERP- enterprise resource planning
Supply chain management – is the streaming of a business supply side activities to maximize customer value and to gain a competitive advantage in the marketplace
EDI- Electronic data interchange
Asset management- systematic process of deploying operation maintaining upgrading and disposing of assets cost – effectively
Modular production- creating the same production with the modular made
Chapter 12 - Finance: Maximizing the Value
1. Describe with examples, the responsibilities, goals and types of budgets of the financial manager.
Responsibilities :developing financial management mechanisms that minimise financial risk; conducting reviews and evaluations for cost-reduction opportunities; managing a company's financial accounting, monitoring and reporting systems; liaising with auditors to ensure annual monitoring is carried out; developing external relationships with appropriate contacts, e.g. auditors, solicitors, bankers and statutory organisations such as the Inland Revenue; producing accurate financial reports to specific deadlines; managing budgets;
Goals – to reach max profit by the company
Companies try set aside the budget you can use and spend etc…
2. Describe with examples, the sources of short- term financing and long- term financing.
Long term finacing- businesses need long – term financing for acquiring new equipment , RnD cash flow enhancement and company expansion Major