Operations Management Exam 1 Review Notes

Basic info for Exam 1 Types of questions you can expect * Ones uniform to assigned discussion questions, homework * How topics in assigned articles relate to key concepts below test questions similar to these are fair gamey. * You will have the locution sheet handed out during forecasting section. The most important things to know from part 1 of this class 1) Chapter 1 a) How to measure performance of a service financial measures, external measures, internal measures and why you would choose unrivalled over another. ) 4 produce attributes and their corresponding process attributes i) This is something to memorize. c) Job shops vs flow shops attributes of all(prenominal) and which products is each suited for? d) Will not cover product-process matrix. 2) Chapter 2 e) How process competencies rear a firms strategic position. ii) Market-driven strategies (identify market needs and develop processes to support them) vs. rocess-driven strategies (Amazon hosting websites, cloud comp uting for other companies, G&H with financial aid call center branching out to other services) iii) Operational effectiveness vs. operational efficiency low cost of operations does not necessarily support the business strategy iv) Focused strategies allow for competitive advantage (1) Plant-within-a-plant why would companies do this and what makes this succeed or fail? ) Question 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 interpret wholeness 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 Disn ey 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 harbour 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 oath 3 and Littles Law)