OM 300 Final Study Guide
OM 300 Final Study Guide OM 300
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This 4 page Study Guide was uploaded by Julie Knight on Wednesday April 27, 2016. The Study Guide belongs to OM 300 at University of Alabama - Tuscaloosa taught by Andrea Marks in Winter 2016. Since its upload, it has received 185 views. For similar materials see Operations Management in Business at University of Alabama - Tuscaloosa.
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Date Created: 04/27/16
OM 300 Final Exam 3X5 notecard both sides 50 multiple choice questions 20 computations/data interpretation 5 response options (A-E) +5 bonus T/F *** most likely a test question Chapter 8 11 questions; 4 math questions Global company profile: FedEx o Why they chose a hub approach o Why they chose Memphis Why are locations decisions so important o Globalization- importance o Market economics o Better communications o Faster/ better shipping o Ease of capital flow between countries o Differences in labor costs What factors should be considered when making a location decision o Labor productivity*** o Exchange rates o Costs*** (tangible and intangible) o Political risks o Proximity*** Methods used to evaluate/compare location possibilities o Center of gravity- distribution centers o Factor rating o Locational cost volume analysis o Best paired with*** o Benefits of each o 3 math questions*** and 2 concept questions*** Demonstrate ability to use and make decisions based on results of each evaluation method o Factor rating highest value Compare the location strategies between service and goods-producing firms o Table 8.6 (1 question***) How does La Quinta choose profitable hotel sites? o What they did in order to decide location o Type of analysis Chapter 4 15 questions; 8 math questions Global company profile: Walt Disney Parks and Resort What is forecasting o Art and science of predicting the future Discuss differences between 3 forecasting time horizons o Short more accurate and math based o Medium – not as accurate o Long – not as accurate o When you would use each? How does forecasting affect human resources, capacity planning, and the supply chain o Hiring and training o Not be able to produce o Bettering supplier relationships 7 steps to forecasting o Use o Items o Time horizon o Model o Date o Make o Validate*** Qualitative vs. quantitative forecasting approaches and the benefits and drawbacks of both o 4 qualitative Jury of executive opinion Delphi method Sales force composite Market survey o 2 quantitative Time series forecasting Historical demand Trend, seasonality, cycles, random variation Associative forecasting Demonstrate ability to calculate forecasts based on each time series forecasting approach *** o Naïve o Moving averages/ weighted moving averages o Exponential smoothing o Trend projection How to forecast error measured and compared across multiple forecasts o MAD*** Calculate a forecast for data with seasonal variation Associative forecasting o Regression analysis *** math How forecasts monitored and controlled o Tracking signal (do not have to know how to calculate) Chapter 12 14 questions; 6 math questions Global company profile: Amazon.com o Good at managing inventory Functions of inventory (BUFFER) o Selections o Buffer for fluctuations o Separation o Discounts o Inflation 4 types of inventory o Work in progress o Finished good o Raw material o MRO How is inventory managed o Classification (ABC analysis) *** o Records accuracy (cycle counting) *** What are the different inventory costs and of what are they comprised *** o Holding costs – warehousing, taxing, insurance o Reordering – administration, transportation, quality Two main inventory questions to answer o How much o When 3 inventory models o EOQ How much inventory should we order Buying to inventory from someone else Saw tooth diagram *** (assumptions) o EPQ Making the product in house and consuming it Holding costs is biggest difference between EOQ and EPQ o Quantity discounts Demonstrate ability to execute process associated with this model o *** daily production rate and daily demand*** o Quantity vs. costs Calculate the reorder point *** o Answers the questions when Chapter 16 10 questions; 2 math questions Global company profile: Toyota Motor Corporation o Two main techniques Main emphasis of JIT, TPS, and Lean Ops o JIT- problem solving o TPS- employee empowerment o Lean ops- adding value for the customer o Throughput **** Ohno’s seven categories of waste o Over production o Q ing o Transportation o Inventory o Motion o Over processing o Defective o *** recognize type of waste How does 5S help to eliminate waste o Sort o Standardize o Sweep o Shine JIT partnership o Supplier concerns **** Diversify portfolio Scheduling Lead time Quality Lot sizes Explain how the JIT layout reduces distance, increases flexibility, impacts employees and reduces space and inventory o U shaped cells Perspective on inventory o Inventory is “evil” Calculate the setup time o Set up time or set up costs Impact of reducing setup time o Costs less o Ability to produce smaller lots Focuses of JIT o Level scheduling o Kanban *** Size or number of Kanbans *** Explain the focuses o TPS Cont impro Respect for others Standardize work o Lean Adding value for customer
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