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UA / Marketing / MKT 300 / Why are location decisions so important?

Why are location decisions so important?

Why are location decisions so important?

Description

School: University of Alabama - Tuscaloosa
Department: Marketing
Course: Marketing
Professor: Susan fant
Term: Spring 2015
Tags: OM, OM300, and OperationsManagement
Cost: 50
Name: OM 300 Final Study Guide
Description: This study guide covers what will be on the final.
Uploaded: 04/28/2016
4 Pages 97 Views 5 Unlocks
Reviews


OM 300


Why are locations decisions so important?



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


What factors should be considered when making a location decision?



We also discuss several other topics like Why is social communication important?

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***  Don't forget about the age old question of What is the meaning of regolith?
Don't forget about the age old question of How is wind direction defined?

∙ 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


How does la quinta choose profitable hotel sites?



If you want to learn more check out Horizontal integration refers to what?

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 Don't forget about the age old question of What is the content of cell theory?

∙ 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?  If you want to learn more check out What is the content of lincoln’s 10% plan?

∙ 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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