Operations Management Exam 1 Review Notes

Basic data for Exam 1 Types of questions you can expect * Ones similar to assigned parole questions, homework * How topics in assigned articles relate to key concepts below shield questions similar to these ar fair game. * You will have the formula bed sheet handed come out of the closet during forecasting section. The most important things to agnize from segmentation 1 of this class 1) Chapter 1 a) How to measure performance of a work financial measures, external measures, internal measures and why you would choose mavin everywhere another. ) 4 product attri butes and their corresponding subprogram attributes i) This is something to memorize. c) Job shops vs full point shops attributes of apiece and which products is severally suited for? d) Will not cover product-process matrix. 2) Chapter 2 e) How process competencies support a firms strategic position. ii) Market-driven strategies (identify market ineluctably and develop processes to support them) vs. rocess-drive n strategies (Amazon hosting websites, cloud computing for other companies, G& angstrom unitH with financial aid call center branching out to other services) iii) Operational effectiveness vs. operational efficiency low appeal of operations does not necessarily support the business strategy iv) concentrate strategies allow for competitive advantage (1) Plant-within-a-plant why would companies do this and what demands this succeed or fail? ) Question about hypothetical company or companies weve canvas 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 whitethorn ask you to interpret unmatched but not to draw one v) Idea of operations frontier, that it represents the highest level of operational effectiveness (2) Effect of technology and improved management 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 Disney and McDonalds 3) Forecasting k) Anything covered in book is fair game Expect questions very similar to those in class, on HW. l) General categories subjective, time-series, associative/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 between 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 network design r) Interpret or make a simple flow chart s) Using a flow chart to start to improve operations (esp. in conjunction with sonny boy 3 and Littles Law)