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exam 1 week 4 notes

by: Alicia Condon

exam 1 week 4 notes Business 198

Alicia Condon
GPA 3.6
Introduction to Business
Jeff Lavake

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Introduction to Business
Jeff Lavake
Class Notes
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This 5 page Class Notes was uploaded by Alicia Condon on Thursday October 8, 2015. The Class Notes belongs to Business 198 at University of Wisconsin - Oshkosh taught by Jeff Lavake in Summer 2015. Since its upload, it has received 64 views. For similar materials see Introduction to Business in Business at University of Wisconsin - Oshkosh.


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Date Created: 10/08/15
Week 4 Exam 1 notes Business plan part 2 Headings and sub headings Formation 1p Why why not Which form Don39t use I use we us Future tense Management 2p planning process SWOT analysis Organization Decision Soc Dept Operation 2p Location Inventory Value claim Technology Operation Management putting it all together Operation Management all of the activities involved in creating goods and services and distributing them to customers Management must be both ef cient and effective Efficiency producing output or achieving a goal at the lowest cost Effectiveness completing tasks and producing products that create the greatest value Goods vs Services Goods 0 Tangible physical form can be touched seen or held 0 Can be stored and inventoried 0 Can be shipped o Are produced independently of the consumer 0 Can measure some aspects of quality Services 0 Intangible can be quotexperiencedquot no physical form 0 Must be consumed when they are produced 0 Must be consumed where they are provided 0 Often requires customer involvement 0 Quality is based on consumer perceptions What do operations Managers do 0 Facility layout Facility location 0 Inventory control 0 Project management 0 Managing value chains Facility lay out 1 Flow shops mass production 0 Produce large batches O Standardized products 0 Specialized machinery o o Standardized tasks Assembly line is a flow shop process 2 Job shops 0 Produce small batches 0 Variety of customized products 0 Generalpurpose machinery 0 Flexible processes Facility location 0 Adequacy of utility39s o Is the supply of electricity reliable o Is clean water available 0 Land 0 Is adequate land available for a facility 0 How much does the land cost 0 Labor market conditions 0 Are workers with the right skills available 0 How expensive is labor 0 Transportation factors 0 Is the location near customer and suppliers o Is appropriate transport nearby 0 Quality of life factor 0 What is the climate like 0 Are adequate health care facilities available 0 Legal and political environment 0 Does the local government support new businesses 0 What are the local taxes fees and regulations Inventory 0 Why hold inventories 0 Smooth out production schedules 0 Meet demand increases 0 Reduce switching costs make more than needed 0 Compensate for the forecast errors 0 Why not 0 Unsold inventory ties up funds 0 Inventory must be warehoused and managed 0 Risk of losses due to spoilage and pilferage Project management 0 Projects are usually complex and expensive 0 Project management includes 0 Planning 0 Scopewhat is the project intended to produce 0 Work between structureWBS 3 Well formed tasks 0 Risk assessment identify the potential problems 0 Execqun 0 Communication is critical ex Explicit 0 Schedule must be agreed upon ex Deadlines 0 Scheduling methods 0 Gantt charts 0 Critical path method CPM 0 Good execution relies on written schedules write it downamp communicate 0 Control 0 Estimate complete at each stage quottrackingquot 0 Identify necessary changes and communicate quotraise a yellow agquot when necessary 0 Use predetermined criteria to evaluate performance what does quotdonequot look like Managing Value Changes 0 Vertical integration vs outsourcing O The trend has been to rely more on outsourcing which has become a controversial issue 0 Vertical integration 0 Gain control over supply chain 0 Begin producing its own parts 0 Buying suppliers 0 Outsourcing 0 Use outside rm for producing supplies 0 Focus only on key production areas 0 Cost saving What do operations managers do a facility layout b facility location cinventory control dproject management emanaging value chain Managing value chains Vertical integration vs outsourcing vertical gain control over supply chain begin producing its own parts buying suppliers outsourcinguse outside rm for producing supplies focus only on key production areas Automation the rise of the machinereplacing human operations and control of machinery and equipment with some form of programmed controll robots a programmable machine that is capable of manipulating materials in order to perform tasks well suited for dangerous tedious dirty and physically demanding tasks robots dont get tired they are exible CAD CAM computer aided design software technologies computer aided design computer aided engineering computer aided manufacturing computer integrated manufacturing Enterprise resource planning software ERP creating one company wide system for a whole company or organization SAPone of the biggest sellers in the companylots of companies sell these expeople soft is an ERP system The goal of ERP is to integrate the ow of info between areas ERP systems can be costly and challenging to implement Focus on Quality scrapwaste has to be a way to do things better improves effectiveness and efficiency helps achieve competitive advantage lower costs increases value poor quality increases overall costs TQMtotal quality managementlate 80s customer focus build quality throughout organizations empowerment of employees focus on prevention of errors long run commitment to continuous improvement Six sigma six sigma companies focus on quality improvement and commitment standards is no more than 34 errors defectsper one million opportunities Malcolm Baldridge Award only in US created by congress in 1987 to encourage global competition participating firms are extensively evaluated detailed reports of a company strengths and weaknesses ISOinternational standards organizations iso 9000 certification network of national standards institutes in 150 nations generic quality standards updated and modified latest versio is iso 90002005 Cutting costs by cutting wastes lean manufacturing strategies and practices to eliminate waste remove activities that dont contribute value


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