Flashcards
Operations Management Past Papers
Cards in this deck (87)
- 1Innovation PushInnovation push:
1. Undertake research, make a technological advance
2. Create new innovation
3. Look for possible applications for the innovation
4. Offer the new innovation to the possible market - 2Market Pull1. Identify a need in the market
2. Undertake research into the problem
3. Create the innovation
4. Offer the new innovation to the known market - 3Discovery-driven skills (5)A Queen Only Explores Nature
- Associating
- Questioning
- Observing
- Experimenting
- Networking - 4Discovery-driven skill: Associatingthe ability to successfully connect seemingly unrelated questions, problems or ideas from different fields
- 5Discovery-driven skill: Questioningchallenge common wisdom and assumptions by asking ‘Why?’ and ‘Why not?’ and ‘What if?’, imagining the opposites, and embracing constraints
- 6Discovery-driven skill: Obserivingscrutinise common phenomena, particularly the behaviour of potential customers; carefully, intentionally, and consistently look out for small behavioural details - in the activities of customers, suppliers, and other companies - in order to gain insights about new ways of doing things
- 7Discovery-driven skill: Experimentingconstruct interactive experiences and try to provoke unorthodox responses to see what insights emerge through, for example, intellectual exploration, physical tinkering or engagement in new surroundings
- 8Discovery-driven skill: Networkingfind and test ideas through a network of diverse individuals to get a radically different perspective and to extend own knowledge domains
- 9Delivery-driven skills (4)A Postman Delivers Stuff
- Analyzing
- Planning
- Detail-oriented implementing
- Self-discipline - 10Delivery-driven skill: Analyzingexamine critically and in detail; breaking something down into components or features to identify causes, key factors, possible results
- 11Delivery-driven skill: Planningformulate a step-by-step scheme or program for achieving something; decide in detail how to do something before actually starting to do it
- 12Delivery-driven skill: Detail-oriented implementationaccomplishing some aim or executing some order with attention to particulars, thoroughly or meticulously
- 13Delivery-driven skill: Self-disciplinetrain and control one's own conduct, including feelings, desires and impulses
- 14Difference between discovery- and delivery- driven skillsDelivery-driven excel at execution, focus on efficiently solving the problem at hand.
Discovery-driven good at innovation, try out new experiences without obvious practical application. - 154 characteristics of grapevine communication- Informal, not controlled by management
- Perceived by most employees as more believable and reliable
- Largely used to serve the self-interests of those who use it
- Results from desire for information about important situations, ambiguous conditions, conditions that cause anxiety - 16Knowledge Management definitiona process of organizing a company’s collective knowledge so the right information gets to the right people at the right time.
- 17Importance of Knowledge management (3)- A KM system reduces redundancy and makes the organisation more efficient
- When individuals leave, their knowledge and experience goes with them
- Intellectual assets are as important as physical assets - 18Business model definition and 3 elementsA business model is the rationale of how a business creates, captures and delivers value to customers
1. Value proposition
2. Value creation and delivery
3. Value capture - 19Business model element: Value propositionWhat value is provided and to whom? Including the product/service, customer segments and relationships. Example of World Duty Free: luxury brands, discounted prices, exclusivity & specialist products, speed and convenience.
- 20Business model element: Value creation and deliveryHow is value provided? Including activities, resources, distribution channels, partners and suppliers, technology and product features. Duty Free: activities rbuying and selling products, meeting customer needs, robust logistics. Distribution channels r stores, social media, advertising. Partners include airports, brands, third parties.
- 21Business model element: Value captureHow does the company make money and capture other forms of value? Including cost structure and revenue streams. Duty Free: costs r stock & utilities, rental agreements with airports, dynamic purchasing of stock, distribution of goods. Revenue streams r advertising fees from brands, back loading of stock, product sale.
- 224 stages of Team building in the Tuckman model and leadership issues that arrise from each- Forming: goals, listening, future, themes
- Storming: analysis, conflict resolution
- Norming: standards, culture, support
- Performing: productivity, delegation, problem solving, decision making - 23Examples of how 4 stages of Tuckman model can develop in practice when working in a teamIDK
- 24Reasons for conflicts in a team (3)IAI (hold them apart)
- Interpersonal: between two individuals, due to how people differ from eachother
- Administration procedure based: disagreement about rules or processes
- Incompatibility of goals: when two parties think their goals are mutually exclusive - 25Drawing flowchartsIDK
- 26Throughput time definitiontime taken for a unit to move through a process - e.g. how long it takes for one part to be moulded from raw material
- 27Cycle time definitionaverage time between units of output emerging from a process
e.g. number output / time taken - 28Advantages of storing large quantities of raw material- price is lower if bought in bulk
- transport cost to deliver proportion high
- buffer stock, always able to run, maximising production
- raw material prices may fluctuate - can buy at best price/time
- minimum quantity of supply - 29What is inventory?raw materials or part finished, fully finished goods in stock or in process in the company
- 30Just in Time production methodIDK
only produce things when ordered
no inventory would be finished goods waiting to be sent - 31Production Kanban using the 'pull' methodA production Kanban is a card or signal sent to X to request production of a certain number of finished parts. Kanban is only sent when an order for parts has been received. X would in turn send a production Kanban to supplier to ‘pull’ through new materials to satisfy the known demand for parts ordered.
- 32Flexibility definitionthe degree to which an operation’s process can change what it does, how it is doing it, when it is doing it
- 33Examples of flexibilitychanging the parts being produced by being able to re-configure the machine quickly to minimise lost production time (example: single minute exchange of dies).
running the moulding machine only when parts are ordered. could mean the ability to supply small volumes of parts or parts made out of different raw materials. - 34Quantitative forecastingLooking at previous records from the same trading periods and calculate the likely demand based on that previous pattern of purchasing
- 35Casual modelWork out what is driving sales peaks and troughs, eg time of year, weather
- 36Operations Management vs Project Management
- 37Purpose of a Control ChartA control charts is a process control tool used to determine if a manufacturing or business process is in a state of control
- 38Customer escalation Special causes Rule of seven LCL and UCLIDK
- 393 core functions of an organisation MyDankOrganisation- Marketing fn: communication of products and services to market to generate orders
- Product/Service Development fn: creating new and modified products and services to serve future customer requests
- Operations fn: fulfils customer request for service through the production and delivery of products and services - 40Pareto ChartIDK
80:20 percentage rule
distinguish between 'vital few' and 'trivial many' - 41Fishbone Diagram
- 42OM definitions-creating, operating + controlling transformation system taking inputs from variety of resources and producing outputs of g&s needed by customers
-managing resources which produce p&s
-day2day fulfilment of customer requests: sourcing p&s from suppliers and transporting them to customers - 43Bussiness fuctions diagram
- 44Lean thinking (Kanban)- Lean ‘idealist’ objectives such as ‘to meet demand instantaneously with perfect quality and no waste’
- Pull system (demand-led) as opposed to push system (supply-led)
- Reduction of inventory and work in progress, essentially limiting queues
- Example: Toyota’s six rules - 45Continuous improvement (Kaizen)- Continuous impr and waste minimisation
- JIT philosophy and standardisation
- Incremental improvement steps
- Learning by doing
- 5 Ss: Seiri (tidiness), Seiton (orderliness), Seiso (cleanliness), Seiketsu (standards), Shitsuke (sustaining discipline)
• Example: Komax or Jungheinrich - 46Short- and long- term considerations when selecting suppliersshort-term: total cost, dependability of supply, quality
longer-term: inoovation potential, risk sharing, technical capability - 47How purchasing function links the operation and suppliers (8 steps)
- 48Innovation vs creativity vs designCreativity is the generation of new ideas. Innovation is the successful exploitation of new ideas; the process that carries them through to new things. Design is what links creativity and innovation. It shapes ideas to become practical and attractive propositions for users or customers; creativity deployed to a specific end.
- 49Innovation definitionInnovation = theoretical conception + technical invention + commercial exploitation
- 50Creativity definitionthe generation of new ideas - either new ways of looking at existing problems, or of seeing new opportunities, perhaps by exploiting emerging technologies or changes in markets
- 51Design definitionDesign is what links creativity and innovation. It shapes ideas to become practical and attractive propositions for users or customers. Design may be described as creativity deployed to a specific end
- 52Conventional measures of innovation- patents and R&D investment
- but they do not tell the whole story
- sources of knowledge (eg firm learning) and coverage of non-technological innovation (eg changes to business practices) - 53Non-conventional measures of innovation- the concept of ‘Hidden Innovation’
- firm’s ability to turn inputs into innovations
- sectorial differences and size of firms - 54Different kinds of Innovation (6)Please Place Over Pet Cat/Mouse Slowly
- Product
- Process
- Organisational and management
- Production
- Commercial/marketing
- Service - 55Product innovation definitiondevelopment of new/improved product (examples: iPad, electric vehicle, biofuel jet engine)
- 56Process innovations definitiondevelopment of new business processes (examples: self-service retail, ‘power by the hour’ jet engine)
- 57Organisational innovation definitiondevelopment of new business models (examples: new organisational structures and management systems)
- 58Production innovation definitiondevelopment of new production processes (examples: 3D printing, laser welding, pre-fabricated building components, scaffold, crane and concrete systems)
- 59Commercial/marketing innovation definitiondevelopment of new financing/branding activities (examples: use of twitter, YouTube, crowd funding)
- 60Service innovation definitiondevelopment of new services (examples: online banking, video conferencing)
- 61The Path to Action (4 steps)
- 62strategies to make the conversation safe, when others move to silence or violence (5)- step out of conversation; make it safe; then step back in
- decide which condition of safety is at risk: mutual purpose or mutual respect?
- apologise when appropriate
- contrast to fix misunderstanding
- create mutual purpose: CRIB - 63CRIB definition- Commit to seek mutual purpose
- Recognise purpose behind strategy
- Invent a mutual purpose
- Brainstorm new strategies - 64STATE My Path model'what' skills:
- Share your facts
- Tell your story
- Ask for others' paths
'how' skills:
- Talk tentatively
- Encourage testing - 65STATE model: Share your factsfollow your Path to Action from beginning to end, ie the same way you travelled it, starting with the facts
(eg what you heard or saw, without adding your interpretation). Facts are the most persuasive and the least insulting. Example: ‘I saw you went to talk to the manager the other day.’ - 66STATE model: Tell your storyfacts alone are rarely worth mentioning. It’s the facts plus the conclusion you arrived at that call for a face-to-face discussion, because the other person needs to understand the severity of the implications of the facts. Example: ‘To me, it looked like you talked to the manager behind my back, which makes me feel you don’t trust me.’
- 67STATE model: Ask for others' pathsonce you’ve shared your point of view - facts and stories alike - invite others to do the same. Encourage them to express their facts, stories and feelings. Then carefully listen to what they have to say.
- 68STATE model: Talk tentativelytell your story as a story rather than disguising it as a hard fact, striking a blend between confidence and humility. Examples: change ‘The fact is’ to ‘In my opinion’; soften ‘It’s clear to me’ to ‘I’m beginning to wonder if’.
- 69STATE model: Encourage testinginvite opposing views and mean it. Make it safe for others to express those views. Try to play devil’s advocate.
- 70PatentProtects the invention. Protection lasts for 20 yrs and needs to be applied for by the company at the Patent Office. Protection should be sought in each country that company intend to trade with (US would permit patent protection of the software).
- 71CopyrightProtects drawings, photographs and software. Is automatic and not registered. Lasts for up to 70 years after the death of the author
- 72Trade MarkTrade Mark protects a distinctive brand by registration with Trade Marks Registry. Protection lasts for ever - so long as the protection is renewed and fees paid regularly
- 735 Forces model: Supplier power (FUNSupplierCustomer)Supplier power is high when...
- FEW supplies to choose from
- UNIQUE product, high switching costs
- NO alternatives
- SUPPLIER could not integrate forward into
customer business
- CUSTOMERA not very Important to the supplier - 74A LicenseA license grants permission to use something in return for a payment fee.
MORE INFO ON LICENSING AGREEMENTS - 75QualityConsistent conformance to customers’ expectations
- 76DependabilityDelivering (or making available) products or services when they were promised to the customer
- 77Barriers to effective communication (14)Filtering, Omission or distortion by sender, Lack of trust, Non-verbal obliterates verbal, Secretion, Distance, Immediacy, Tactic or conflict, Lack of clarity, Selective perception/perceptual bias, Information overload, Emotion, Language, Communication apprehension
- 78Flowchart definitiondiagram of sequential steps of a process. The process described can be anything: a manufacturing process, an administrative or service process, a project plan etc. This is a generic tool that can be adapted for a wide variety of purposes.
- 79Benefits of flowcharts (4) PCDL- Planning and designing new systems
- Communication analysis
- Documentation
- Logical accuracy - 80Little's LawThroughput time
=
work in progress * cycle time - 81Different measurements of process data (6)- Cost of fuel per batch or per day
- Cost of labour
- Waste per batch
- Mean time between repairs
- Cost of servicing and maintence
- Lost time of production (due to breakdown, staff shortage, sickness, injury etc) - 82Bullwhip effectThings generally rounded up along the network by suppliers to ensure ample supply. Bullwhip effect is the amplification of the order as it passes along the network of suppliers
- 83Just in TimeOnly produce once order is made
Do not hold stock of finished goods.
Downside is must wait for goods to be produced, if product does not degrade, more economical to have finished product stored then produce more when need to restock - 84Barriers to entering the market- Economies of scale (big production plant)
- Product differentiation (brand)
- Capital requirements (£££M!)
- Cost advantages (location of rival)
- Access to distribution chain (retailers)
- Government policy (rules and legislation) - 85Pressure to innovate from... market conditionschanging needs of customers can be identified by a company, who then design and develop a product or service to satisfy that demand. This is market pull. For example, drivers are seeking out cars that deliver better fuel economy, so the manufacturer responds by making lighter vehicles with more fuel-efficient engines.
- 86Pressure to innovate from... new technology developmentscompany undertakes research and development activity and ready to introduce a possible new product or process before a market demand has been clearly identified. An example of this could be laser light, used for communications, welding and cutting, surgical operations etc.
- 87Selling license vs LicensingAn outright sale of the patent would be to just one company, for a fixed one off payment. The value of the patent may not be easy to assess in the immediate time after invention, so there is a risk that it could be undervalued. A licence would normally provide a regular payment of royalty income
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- Engineering Flashcards on Operations Management Past Papers, created by Sam Durley on 22/01/2019.
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- Sam Durley
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