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24 Cards in this Set
- Front
- Back
What is Operations Management?
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the set of activities that creates value in the form of goods or services by transforming inputs into outputs
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What are the three functions to produce goods and services?
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1) Marketing
2) Production/Operation 3) Finance/Accounting |
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What are the four reasons why we study OM?
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1) it is one of the 3 major functions of any organization and it is related to all other business function
2) we want to know how goods and services are produce 3) we need to understand what operations managers d 4) because it is such a costly part of any organizations |
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What do Operations Managers do?
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Management processes: planning, organizing, staffing, leading and controlling
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Eli Whitney
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1800- early populization of interchangeable parts through standardization and quality control
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Frederick W. Taylor
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1881- father of scientific management. contributed to personnel selection, planning and scheduling, motion study and ergonomics.
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Frederick W. Taylor, Genry L Gantt, and Lillian Gilbreth
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among the first to systematically seek the best way to produce
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Walter Shewhart
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1924 - Quality control
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Definition (in our terms) of service
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including repair and maintenance, government, food and loding, transportation, insurance, trade, financial, real estate, education, legal, medical, entertainment, and other professional occupations
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Productivity
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Ratio of outputs divided by inputs
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how to improve productivity ratio (2 ways)
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1) reduce inputs while keeping outputs constan
2) increase output while keeping inputs constant |
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What are the three productivity variables? (and their percentage to annual increase in productivity)
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1) Labor (10%)
2) Capital (38%) 3) Management (52%) |
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What are the six reasons why domestic business operations decide to change to some form of international operation?
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1) reduced cost
2) improve the supply chai 3) provide better goods and service 4) understand market 5) Learn to improve operation 6) attract and retain a global talent |
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Mission
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a company's purpose
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Strategy
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how to attain a company's purpose
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Mission Strategies - done in 3 ways
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1) Differentiation
2) Cost leadership 3) Response |
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Ten strategic OM decisions
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1) goods and service design
2) quality 3) process and capacity design 4) location selection 5) layout design 6) human resources and job design 7) supply-chain management 8) inventory 9) scheduling 10) maintenance |
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SWOT
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formal review of internal Strengths and Weaknesses and external Opportunity and Threats
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International Business
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any firm that engages in intentional trade or investment
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Multinational Corporation (MNC)
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a firm with extensive interational business involvement
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International Strategy
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uses exports and licenses to penetrate the global arena
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Multidomestic Strategy
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has decentralized authority with substanstial autonomy at each business (subsidaries, franchises, etc.)
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Global Strategy
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has a high degree of centralization, with headquarters coordinating the organization to seek out standardization and learning between plants, thus generating economies of scale
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Transnational Strategy
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exploits the economies of scale and learning, as well as pressure for responsiveness, by recognizing that core competence does not reside in just the "home" country.
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