Operations Management Exam 1 Review Notes

Basic info for examen 1 Types of questions you can expect * Ones uniform to assigned discussion questions, cookery * How topics in assigned articles relate to key concepts below test questions similar to these are fair mettlesome. * You will have the formula sheet pass out during forecasting section. The most important things to know from part 1 of this folk 1) Chapter 1 a) How to measure performance of a process monetary measures, external measures, internal measures and why you would bring one over a nonher. ) 4 product attributes and their corresponding process attributes i) This is something to memorize. c) Job shops vs melt down shops attributes of severally and which products is each suited for? d) Will non cover product-process matrix. 2) Chapter 2 e) How process competencies financial backing a firms strategic position. ii) Market-driven strategies (identify market needs and sire processes to sustenance them) vs. rocess-driven strategies (Amazon hosting websites, cloud computing for other companies, G&H with financial aid call center branching out to other services) iii) operable effectiveness vs. operational efficiency low cost of operations does not necessarily support the business strategy iv) Focused strategies allow for warlike advantage (1) Plant-within-a-plant why would companies do this and what makes this succeed or fail? ) head teacher about hypothetical company or companies weve analyzed in book, articles, class discussionwhat are their business strategies/product competencies and how do their process competencies support them? g) Competitive product space 2-D graph may ask you to visualise one but not to draw one v) Idea of operations frontier, that it represents the highest level of operational effectiveness (2) Effect of technology and modifyd guidance practices on the operations frontier. h) Order-qualifiers vs. rder winners (in slides, G&H discussion) i) Will not be tested on section 2. 7 j) Last 3 slides not covered D isney and McDonalds 3) soothsaying k) Anything covered in book is fair game Expect questions very similar to those in class, on HW. l) General categories subjective, time-series, associable/causal m) What are key features of each forecasting method, why would you choose one over another? n) Trends, seasonality know what these are, which methods account for these, and how they do it. ) Forecasting error and bias why are these important to measure, what they mean, what are differences amidst methods for assessing them (MAD vs. MSE, for example) p) Use of control charts how to make one and what are they used for. 4) Chapter 3 q) Takt time not covered but everything else is fair game. 5) Chapter 4 Flowcharting and cyberspace design r) Interpret or make a simple flow chart s) Using a flow chart to start to improve operations (esp. in conjunction with chap 3 and Littles Law)