Production
What is Operations?
A function or system that transforms inputs into outputs of greater value
Six Sigma quality means there are ________ defects per million opportunities
3.4
Key developments in the First Industrial Revolution during the 18th century
Steam engines allowed production to be mechanized
Which countries are typically within the top 10 largest economies in the world?
USA, China, Japan, Germany, UK, India, France, Italy, Canada, Brazil
Time Value of Money is the concept that:
A dollar today is not the same as a dollar tomorrow... the value of money changes over time.
What is division of labor?
Dividing a job into a series of small tasks, each performed by a different worker
What are some dimensions of quality?
Performance, features, reliability, conformance, durability, serviceability, aesthetics, safety, perception, timeliness, completeness, courtesy, consistency, accessibility, conveniences, accuracy, responsiveness
Key developments in the Second Industrial Revolution during the 19th century
Electricity and scientific advancements led to mass production
GDP comprises which 4 sectors?
Consumers (C), corporate investments (I), government expenditures (G), net exports (EX-IM)
Cost-benefit analysis is primarily used to determine if a new production process, asset, machine, or project is:
Profitable and that the value exceeds its costs
We are currently in the _________ Industrial Revolution
Fourth
What is Six Sigma?
A process for developing and delivering virtually perfect products and services. Six Sigma is a measure of how much a process deviates from perfection.
Key developments in the Third Industrial Revolution during the 1950s
Computing and digital technology
When interest rates go down, the economy typically goes _____
Up
Which of the following key metric results is typically used in cost-benefit analysis:
Net present value, internal rate of return, return on investment
The transformation process can include...
Physical: manufacturing operations. Locational: transportation or warehouse operations. Exchange: retail operations. Physiological: health care. Psychological: entertainment. Informational: communication.
What is DMAIC in Six Sigma?
Define, Measure, Analyze, Improve, Control
Key developments in the Fourth Industrial Revolution (now)
AI, robotics, IoT, Web3, blockchain, 3D printing, genetic engineering, biotechnology, quantum computing, voice-activated assistants, GPS, face recognition, customized recommendations…
When a nation's currency appreciates in value, the level of production and export sales: (increase/decrease)
Decrease
The process going from the present to the future is called...
Compounding
What are some of the responsibilities of operations managers?
Managing inventories, planning production, scheduling production, organizing work, selecting processes, arranging layouts, locating facilities, designing jobs, measuring performance, controlling quality
A customer typically looks at quality from the most important point of view of _______ whereas producers look at the ___________
Price
Cost to Produce
What are the impacts and causes of the Fourth IR?
Raises global income levels; improves quality of life; emergence of new jobs; and fueled by AI and the COVID pandemic.
What are CPI and PPI, and what do they measure?
Consumer Price Index and Producer Price Index, they measure the level of price increase or Inflation
What do the following mean: COGS, OPEX, CAPEX, EBITDA
Cost of Goods Sold
Operating Expenses
Capital Expenditures
Earnings Bedore Interest Taxes, Depreciation and Amortization