RSM 100 Final Exam Study Notes

13 Pages

Rotman Commerce
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Michael Szlachta

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RSM 100 Final Exam Study Notes 11. Producing Goods & Services Service operations production activities that yield tangible & intangible service products Goods production production activities that yield tangible products Utility power of a product to satisfy a human want; something of value Time utility quality of a product satisfying a human want bec of time @which made available Place utility quality of a product satisfying human want bec of where its made available Ownership (possession) utility during its consumption use Form utility because of its form; requires raw materials to be transformed into a finished product Operations (production) management systematic direction & control of processes that transform resources into finished goods Production managers responsible for ensuring operations processes create value & provide benefits Operations process set of methods & tech used in production of a good service Analytic process any production process in which resources are broken down Synthetic process any production process in which resources are combined High-contact system system in which service cant be provided wo customer being physically present Low-contact system system in which service can be provided wo customer physically in system Operations capability (production capability) activity process that production must do especially well, with high proficiency Process layout way of organizing production activities such that equipment & ppl are grouped together according to function Cellular layout layout used to produce goods when families of products can follow similar flow paths Product layout way of organizing production activities so equip. & ppl set up produce 1 type of good Assembly line type of product layout in which partially finished product moves through plant on conveyor belt (or other equip.) Lean manufacturing involves getting rid of traditional assembly lines altogether. Suppliers pre- assemble many specific parts into modules, then production workers combine to finish product U-shaped production lines production layout in which machines placed in narrow U shape rather than straight line Flexible manufacturing system (FMS) production system that allows single factory to produce small batches of different goods on same production line Soft manufacturing reducing huge FMS operations to smaller, more manageable groups of www.notesolution.commachines Service flow analysis an analysis that shows process flows necessary to provide service to customers; allows managers to determine which are necessary Master production schedule showing which products will be produced, when production will take place, & what resources Gantt chart scheduling tool that diagrams steps to be performed & specifies time required to complete each PERT chart production schedule specifying sequence & critical path for performing steps in a project Operations control managers monitor production performance by comparing results w plans & schedules Inventory control receiving, storing, handling & counting of all raw materials, partly finished & finished goods Purchasing acquisition of all raw materials & services that company needs to produce products Holding costs costs of keeping extra supplies inventory on hand Lead times in purchasing control, gap between customers placement of order & sellers shipment Just-in-time (JIT) production method of inventory control in which materials are acquired & put into production as needed Material requirements planning (MRP) method of inventory control in which computerized bill of materials is used to estimate production needs so that resources are acquired & put into production only as needed Bill of materials basically a recipe for the finished product Manufacturing resource planning (MRP II) an advanced version of MRP that ties together all parts of the organization into the companys production activities 12. Increasing Productivity & Quality Productivity measure of economic performance that measures how much is produced relative to resources used to produce it Labour productivity partial productivity ratio calculated by dividing GDP by total # of workers Total quality management (TQM) all activities necessary for getting high-quality g&s into marketplace Performance quality features of a product & how well it performs Quality reliability consistency of repeatability of performance Quality ownership idea that quality belongs to each person who creates destroys it while performing job Competitive product analysis process by which a company analyzes competitors products to identify desirable improvements
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