Exam 1 Review Essay examples

BIT 3414
Review for Exam I.

Problems:
Ch 1 – single factor, multi-factor productivity Ch 2 - product yield, multistage product yield Ch 3 –p-charts, c-charts, x-bar and R charts, Cp, Cpk, control chart patterns Ch 4 - reliability, system availability Ch 5 – basic queuing model

Chapter 1
Definitions of operations
Operations as a transformation process inputs (material, machines, labor, management, capital) are transformed into outputs (goods and services) requirements and feedback from customers are used to adjust factors in the transformation process, which may in turn alter inputs
Operations as a basic function marketing – creates demand for goods and services finance – provides the capital to produce goods and services operations – produces the goods and provides the services. Typically employs the most people and the most $ assets
Operations as a technical core four primary functional areas of a firm: marketing finance operations human resources
Brief history (know key players)
Industrial revolution
James Watt – steam engine
Adam Smith – division of labor
Eli Whitney – interchangeable parts
Scientific management
Frederick W. Taylor – principles of scientific management
Frank and Lillian Gilbreth – time and motion studies
Henry Gantt – activity scheduling chart
Henry Ford – moving assembly line
Human relations
Elton Mayo – hawthorne studies
Abraham Maslow, Frederick Herzberg, Douglas McGregor – motivation studies
Management science
George Dantzig – linear programming
Remington Rand – digital computer
Operations research groups – simulation, waiting line theory, decision theory, PERT/CPM
Joseph Orlicky, IBM, and others – MRP, EDI, EFT, CIM
Quality revolution
Taiichi Ohno (Toyota) – JIT (just-in-time)
Information age
Globalization
Green revolution
Globalization - why go global? Risks
Why go global?
Favorable cost
Access to international markets
Response to changes in demand
Reliable sources of supply
Latest trends and technologies
Risks:
In internet
Falling trade barriers
Emerging economies
Competitiveness - what it is, how it's measured, productivity
Competitiveness – the degree to which a nation can produce goods and services that meet the test of international markets while simultaneously maintaining or expanding the real incomes of its citizens.
The most common measure of competitiveness is productivity
Increases in productivity allow wages to grow without producing inflation, thus raising the standard of living.
Productivity – the ratio of output to input.
Productivity improves when firms:
Become more efficient
Downsize
Expand
Retrench
Achieve breakthroughs
Strategy formulation, how firms compete
Defining a primary task
Primary task – what the firm is in the business of doing.
Assessing core competencies
Core competency – what the firm does better than anyone else.
Determining order winners and order qualifiers
Order qualifiers – what qualifies an item to be considered for purchase.
Order winners – what wins the order.
Positioning the firm
Positioning – how the firm chooses to compete.
Eliminate all waste.
Firms have positioned themselves to compete on cost, speed, quality, and flexibility.
Speed – fast moves, fast adaptations, tight linkages.
Quality – a way to please the customer.
Flexibility – the ability to adjust to changes in product mix, production volume, or design.
Mass customization – the mass production of customized products.
Deploying the strategy
Policy deployment – translates corporate strategy into measurable objectives.
Hoshins – the action plans generated from the policy deployment process.
Balanced scorecard – a performance assessment that includes metrics related to customers, processes, and learning and growing, as well as financials.
Key performance indicators (KPI) – a set of measures that help managers evaluate performance in critical areas.
Operations

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