Every business is managed through what three major functions?
finance, marketing, and operations management
Which business function is responsible for managing cash flow, current assets, and capital investments:
Which business function is responsible for sales, generating customer demand, and understanding customer wants and needs?
Which business function is responsible for planning, coordinating, and controlling the resources needed to produce a company’s products and services?
Which of the following is not true for business process reengineering?
It cannot be used to improve quality
At the GAP, which function plans and coordinates all the resources needed to design, produce, and deliver the merchandise to its various retail locations?
A company with low customer contact that is capital intensive is called?
What are long-term decisions that set the direction for the entire organization called?
What concept involves breaking down the production of a produce into a series of small, elementary tasks, each of which is performed by a different worker?
division of labor
What is a concept that takes a total system approach to creating efficient operations?
The process of monitoring the external environment is called what?
Which of the following would not be considered a core competency that a company might have?
an inefficient distribution system
Environmental scanning would not provide information on?
the firm’s internal inefficient distribution system
What term describes the process of obtaining goods or services from an outside provider?
Once a business strategy has been developed:
an operation strategy must be formulated
What are the three primary types of technology?
product technology, process technology, and information technology
Technology should be acquired because:
the new technology supports the company’s chosen competitive priories
A firm produces 100 units asking 800 labor hours. What is the labor productivity?
A machine shop produces metal frames on two different machines. The average daily production on machine 1 is 300 frames, and the average daily production on machine 2 is 180 frames. What is the daily machine productivity?
What are the three major functions that every business is managed through?
finance, marketing, and operations
What business function is responsible for planning, coordinating, and controlling the resources needed to produce a company’s products and services?
What type of transformation process would you find at a factory?
Give examples of Inputs
human resources, facilities and processes, technologise, materials
What are the responsibilities of an Operations Manager?
plan production schedule, manage inventory, manage quality levels (plan, coordinate, control resources)
What percentage of total non-farm jobs in the U.S. economy come from service-producing industries?
What are the long term decisions that set the direction for the entire organization called?
What was the primary reason why American firms lost market dominance in many industries in the 1970’s and 1980s?
just in time developed by Japan produced high volume production using minimal amounts of inventory /lower costs
According to “scientific management” theory what motivates workers?
workers get paid based on worker output
Who wrote “The Wealth of Nations” in 1776, describing division of labor?
What movement started with the publication of the results of the Hawthorne studies?
Human Relations Movement
What is the Hawthorne effect?
workers responding to the attention they are given
When was the Just-In-Time philosophy developed?
What is the TQM Philosophy?
seeks to improve quality by eliminating causes of product defects and by making quality the responsibility of everyone in the organization
Who created the Internet, and in what year?
What is the lean system concept?
takes a total system approach to creating efficient operations
Which country provided the most serious competitive threat to the U S companies during the 1970’s and 1980s?
What is environmental scanning
monitoring the external environment for changes and trends to determine business opportunities and threats
What does core competencies mean?
the unique strengths of a business
What are the four broad categories of competitive priorities?
cost, quality, time, flexiblity
What are the two key components of the operations strategy of Federal Express?
compete based on time, speed and on-time delivery
How does Fed X maintain its ability to compete on time during peak demand periods?
they rely on very flexible part time workers such as college students who are willing to work a few hours at night. They can be called at a moments notice
What is operations strategy?
they serve as a linkage between the business strategy and all other operations decisons
What are the three types of technology?
product technology, process technology, information technology
What is product technology?
any new technology developed by a firm
How can we increase productivity?
the more efficient a company uses its resources the more productive it is
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