Study guide for 421 test 1 - Review Sheet for Exam#1 Covers...

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Review Sheet for Exam #1 Covers Chapters 1, 2, and 3 (through p. 66), Lectures 1/18 through 2/8,  and the assigned reading of “The Goal.” CHAPTER 1: What are the four competitive priorities and why are they important?    1) Cost : low-cost operations 2) Quality high-performance design - may include superior features, close  tolerances, and greater durability; helpfulness, courteousness, and  availability of service employees; convenience of access to service locations;  and  safety of products or services.  Determines the level of operations  performance required in making a product or service.   consistent quality quality is a dimension of the product or service that is defined by the  customer. 3) Time Fast delivery time - Industrial buyers often call in “lead time.”  Manufacturers can shorten delivery times by storing inventory;  manufacturers and service providers can do so by having excess capacity.  On-Time Delivery - Manufacturers measure on-time delivery as the  percentage of customer orders shipped when promised, with 95% often  considered the goal.   Development Speed -  measures how quickly a new  product or service is introducted, covering the elapsed time from idea  generation through final design and production; Get edge in market if out  before competition; really important in fashion apparel industry. 4) Flexibility Customization - the operating system generally must be flexible to  handle specific customer needs and changes in design.   Volume Flexibilty - is 
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the ability to accelerate or decelerate the rate of production quickly to handle  large fluctuations in demand. Know the importance of cross-functional coordination and what this  term describes. Understand the various service and manufacturing strategies given in  the book (i.e. standardized-services, etc.) and why they are selected by  an organization. -Service Strategies- a) Standardized-Services Strategy : provide services with little variety in high  volumes tend to use this; Typical competitive priorities are consistent quality,  on-time delivery, and low cost. b) Assemble-to-order services strategy : designing operations to include  processes that produce a set of standardized services and processes that are  devoted to assembling standardized offerings for a specific customer’s need.  Typical competitive priorities are customization and fast delivery time. c) Customized-Services strategy : enables the production of high variety of  customized services while providing reasonable utilization of the processes.  Typical competitive priorities include high-performance design and  customization.  Volume, in terms of service requirements per customer, is 
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