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This 3 page Study Guide was uploaded by Blake Lanier on Thursday May 5, 2016. The Study Guide belongs to OMGT 3123 at East Carolina University taught by Terrance Boardman in Spring 2016. Since its upload, it has received 24 views.
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Date Created: 05/05/16
1. Know the difference between business statement and a mission statement a. Business Statement: The mechanisms by which businesses coordinate their decisions regarding their structural and infrastructural elements. b. Mission statement: Explains why an organization exists and what is important to the organization (its core values) and identifies the organization’s domain. 2. Operations and supply chains strategy is by definition a infrastructure strategy. True 3. Structural elements of business include what? a. Buildings, Equipment, Computer systems, Other capital assets 4. Conformance quality and performance quality a. Conformance: Was the product made or service performed to specifications b. Performance: The basic operating characteristics of the product or service. 5. Define Business Strategy a. The strategy that identifies a firm’s targeted customers and sets time frames and performance objectives for the business. 6. Efficiency: If you work a 10 hour shift 80% efficient, what time do you record? a. 8 hours 7. Know the steps that are a part of the six sigma process sequence? What does the D stand for DAMIC a. Define-Measure-Analyze-Improve-Control b. Six Sigma People are: Champions – Senior Executives Master black belts- Full time Six Sigma experts Black belts- Fully trained Six Sigma experts with 160 hours Green belts- Part Time, some basic training Team members- Interest and direct interest in program 8. Green belts have what type of training? a. Part time, some basic training 9. Know definition of total quality management a. A managerial approach in which an organization is managed so that it excels in all quality dimensions that are important to customers. 10.Conformance perspective a. A quality perspective that focuses on whether a product was made or a service was performed as intended 11.What dimension of quality asks how long a product can go from a ----to a need for maintains? a. Reliability 12.Not a core idea of TQM? a. Cost reduction 13.Determining rate of capacity: 60 WPM and you type for 60 minutes= 3600 but if you take a break and your break is 10 minutes 50 minutes and 60 words per minute 14.Measure of capacity: Which one is not an appropriate measure? a. Lamenent 15.Lead capacity strategy has the advantage of what? a. A capacity strategy in which capacity is added in anticipation of demand 16.Which capacity strategy is well suited for high growth? a. Lag is not b. Lead? 17.Math: given fixed cost, variable costs, and the rate Fc+VC+rate; which costs the least 18.Know the definition of variable cost: a. Expenses directly tied to the level of business activity. 19.Profit leverage effect Definition a. The effect that a dollar in cost savings increases pre-tax profits by one dollar, while a dollar increase only increases pretax profits by the dollar multiplied by the pre-tax profit margin 20.Know the difference between outsourcing and insourcing? a. Outsourcing: the use of supply chain partners to provide products or services b. Insourcing: the use of resources within the firm to provide products or services 21.What is the advantage of outsourcing? a. High flexibility, low investment risk, improved cash flow, access to state-of-the-art products and services 22.What are the two types of purchasing contracts? a. Fixed price and cost based 23. You will be given a table with performance demission’s and weighted scores 24.Know the definition of spend analysis a. The application of quantitative techniques to purchasing data in an effort to better understand spending patterns and identify opportunities for improvement. 25.T/F: Qualitative forecast are used when there is plenty of relevant data. False 26.T/F: When there is significant upward or downward trend the two best forecasting. False 27.T/F: Exponential smoothing and alpha one identical results in the last period of actual demand. True 28.T/F: Demand was very low 2 years ago, and was very high last year is a time series model the best model? False 29.T/F: bottom up planning should be used when product mix is unable. true 30.T/F: Sales and opp. Planning indicate how a org will use its capacity, resources and demand. true 31.Know overall market demand forecast a. Demand forecasts are used to schedule the release of new products, or the manufacturing and shipping of existing products, in order to avoid providing too much or too little of a product to the market. 32.Know the definition of Life Cycle Analogy method a. A qualitative forecasting technique that attempts to identify the time frames and demands levels for the introduction, growth, maturity, and decline life cycle stages of a new product or service 33.Know build up method definition a. A qualitative forecasting technique in which individuals familiar with specific market segments estimate the demand within these segments. These individual forecasts are then added up to get an overall forecast 34.Which step comes first in sales and operations planning? a. Master scheduling 35.What is building material? a. 36.T/F: companies do not plan to use safety stock.True 37.T/F: order quantity in a bureaucratic review system rises as on hand inventory falls. True 38.T/F: Bull whip effect says that a small stream demand downstream causes a. ?? Bull Whip: an extreme change in the supply position upstream in a supply chain generated by a small change in demand downstream in the supply chain 39.T/F: Order quantity decisions are typically made in isolation. False 40.T/F: Flexibility of inventory increases as material moves down the supply chain. False 41.What is the definition of safety stock a. Extra inventory that a company holds to protect itself against uncertainties in either demand or replenishment of time 42.Two card combined system is a planning tool that links production and movements of system: False 43.Know the definition of a pull system a. A production system in which actual downstream demand sets off a chain of events that pulls material through the various process steps 44.Adjusted time can be used when? a. All of the above 45.Which of the following is not an element lean production? a. Required inventory b. Improving quality to 0 defects c. Increase Q lift d. Reduced something time e. All of the above 46.In the water and rock analogy what does water represent? a. Inventory 47.What is the definition of smoothing inventory? a. Stabilizing (filling a pot in the road) 48.Inventory that is in the pipe lines is called what? a. Transportation inventory 49.T/F: adjusted time philosophy applies only to the production floor? false 50.T/F: adjusted time production is the same thing as lean production? True
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