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Description
Flashcards by Luz Amairany G, updated more than 1 year ago
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Created by Luz Amairany G
about 8 years ago
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| Question | Answer |
| Management | is the process, which combines and transforms various resources used in the operations subsystem of the organization into value added services in a controlled manner as per the policies of the organization |
| Production management | The set of interrelated management activities, which are involved in MANUFACTURING certain products |
| Operations management | The set of interrelated management activities, which are involved in OFFERING A SERVICE. |
| Operation | that part of as organization, which is concerned with the transformation of a range of inputs into the required output (services) having the requisite quality level. |
| Operations and supply chain management involves | Product design, Purchasing, Manufacturing, Service operations, Logistics, Distribution |
| The production system | that part of an organization, which produces products of an organization |
| Continuous production | 1. Dedicated plant and equipment with zero flexibility. 2. Material handling is fully automated. 3. Process follows a predetermined sequence of operations. 5. Planning and scheduling is a routine action. |
| Schematic production system | |
| Job-shop production | 1. High variety of products and low volume. 2. Use of general purpose machines and facilities. 3. Highly skilled operators who can take up each job as a challenge because of uniqueness. 4. Large inventory of materials, tools, parts. |
| Batch Production | 1. Shorter production runs. 2. Plant and machinery are flexible. 3. Plant and machinery set up is used for the production of item in a batch and change of set up is required for processing the next batch. |
| Classification of production systems | |
| Mass Production | 1. Standardization of product and process sequence. 3. Large volume of products. 4. Shorter cycle time of production. 5. Lower in process inventory. 6. Perfectly balanced production lines. |
| Objective of Production Management | ‘to produce goods and services of Right Quality and Quantity at the Right time and Right manufacturing cost’ |
| Operation managers are concerned with... | planning, organising, and controlling the activities, which affect human behaviour through models. |
| Planning | is the activity that establishes a course of action and guide future decision-making |
| Organizing | are the activities that establish a structure of tasks and authority |
| Resources | Resources are the human, material and capital inputs to the production process. Human resources are the key assets of an organization. |
| Controlling | are the activities that assure the actual performance in accordance with planned performance |
| Models | are schematic representations of the situation, which will be used as a tool for decision-making |
| TYPES OF MODELS | • Aggregate planning models • break-even analysis • Linear programming and computer simulation • Decision tree analysis for long-term capacity problem of facility expansion |
| Systems control | all actions necessary to ensure that activities conform to preconceived plans or goals |
| 4 elements of systems control | 1. Measurement by an accurate sensory device. 2. Feedback of information in a timely manner. 3. Comparison with standards such as time and cost standards. 4. Corrective actions by someone with the authority and ability to correct. |
| Strategic planning | current decisions are based on future conditions and results |
| TRANSFORMATION AND VALUE ADDING ACTIVITIES | The objective of combining resources under controlled conditions is to transform them into goods and services having a higher value than the original inputs. |
| Modes of strategic planning | entrepreneurial, adaptative and planning models |
| Forced Choice Model | analysts assess environmental considerations together with the organization’s current production/operations position, thus forcing management |
| Operations Model | any strategic business unit of a company operates in the context of its corporate resources, the general and competitive industry environment, and the specific corporate goals of the company |
| Productivity | is the ratio of output to input. The productivity is energized by competition. |
| Productivity analysis | 1. Trend analysis 2. Horizontal analysis 3. Vertical analysis 4. Budgetary analysis |
| FACTORS AFFECTING PRODUCTIVITY | 1. Capital/labour ratio, 2. Scarcity of some resources, 3.Work-force changes,4. Innovations and technology, 5. Regulatory effects, 6. Bargaining power, 7. Managerial factors, 8. Quality of work life |
| INTERNATIONAL DIMENSIONS OF PRODUCTIVITY | 1. Moving to a new and more advanced products, and 2. Employing better and more flexible system |
| Facts | come from the analysis of data, which must be gathered, compiled and digested into meaningful form, such as graphs and summary statistics. |
| FRAMEWORK FOR DECISION-MAKING | • Defining the problem. • Establish the decision criteria. • Formulation of a model. • Generating alternatives . • Evaluation of the alternatives • Implementation and monitoring. |
| Complete Certainty Methods | Algebra Calculus Mathematical Programming |
| Risk and Uncertainty Methods | Statistical analysis Queuing theory Simulation Utility theory |
| Extreme Uncertainty Methods | Game theory Coin flip |
| Maximax | Determine the best possible pay-off, and choose the alternative with that pay-off. |
| Maximin | Determine the worst possible pay-off for each alternative, and choose the alternative that has the “best worst.” |
| Laplace | Determine the average pay-off for each alternative, and choose the alternative with the best average. |
| Minimax regret | Determine the worst regret for each alternative, and choose the alternative with the “best worst.” This approach seeks to minimize the difference between the pay-off that is realized and the best pay-off for each state of nature. |
| Break-even Analysis | ‘A Break-even Analysis indicates at what level of output, cost and revenue are in equilibrium’ |
| increasing the activity level | |
| increasing sales price | |
| reducing fixed costs | |
| reducing variable costs | |
| Manufacturing and service systems | are arrangements of facilities, equipment, and people to produce goods and services under controlled conditions |
| DESIGN AND SYSTEMS CAPACITY | Production systems design involves planning for the inputs, transformation activities, and outputs of a production operation. |
| System capacity | is the maximum output of the specific product or product mix the system of workers and machines is capable of producing as an integrated whole. |
| measures of system effectiveness | |
| Capacity | is usually expressed as volume of output per period of time |
| Object (Entity) | A product is any tangible output or service that is a result of a process |
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