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midterm study guide

midterm study guide - MID-TERM EXAM STUDY GUIDE PROFESSOR...

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Unformatted text preview: MID-TERM EXAM STUDY GUIDE PROFESSOR BURGESS FALL 2010 This study guide is designed to give you a sense of the type of questions that Will appear on the exam. Preparing for “short-answer” style questions will prepare you for the exam, even though some questions may be multiple choice, or true/false in style. Also, the questions on the exam may not be “verbatim” what is given below, but will depend on thinking about the principles outlined below! Further study of all the material covered in the course to this point beyond the questions listed below will better prepare you for the exam! 1. Explain and contrast the competitive priorities and knowledge~based resource requirements of a flow shop and a job shop. Specifically discuss the role of knowledge embedded in technical systems (technological capabilities) and workforce knowledge in each. In a flow shop knowledge is embedded in the machines and equipment, the flow shop requires less skilled and less knowledgeable workers who are only trained in one area. in a job shop, knowledge is embedded in the highly skilled workers. These workers are cross trained in multiple functions. 2 A firm may encounter a variety of problems in the design and development ofnew 4. pr oducis andprocesses. Moreover, the problems may impact a variety ot'performance dimensions. Briefly describe five approaches that can be taken to address these problems. Firms can lower costs by using different raw materials or supplies. Firms can shorten product processes or the amount of'parts in a product. Firms can get higher skilled labor or implement programs such as CAD. Shift from series schedule to parallel schedule. Compete on pure product variety or mass customization. PRICE, DESIGN QUALITY, CONSISTENT QUALITY, TlME, CU SIOMIZAIION . (a) What challenges exist in today’s marketplace that motivate firms‘to improve resource flexibility? Firms can achieve first pioneer benefits by entering a market first, or may be able to charge premium prices. Products are having shorter life cycles so new products need to be manufactured quicker. Barriers to entry are smaller. (b) What are the key tradeoii's for a high-volume producer that considers the investment in a flexible versus dedicated facility? By switching to a flexible facility the firm will achieve the ability to output a wider range of products with less set up time. Iradeoft's would be that it would he hard for workers to learn the multiple ways of production so you may lose out on experience curves and also economies of scale. (a) Describe four significant consumer -based market forces that drive today's competitive environment. Switching costs are low for consumers, consumers have a global marketplace to buy from now, consumers want new products quicker and cheaper, consumers want more customized products (b) Describe three ways in which new technology can be deployed to respond to these consumer—based market forces. Small firms can now compete with large firms on customization and through the global marketplace, six sigma can be done to increase quality, and niche markets are easier to reach through the global marketplace. Page 1 of 2 1 MID-TERM EXAM STUDY GUIDE PROFESSOR BURGESS FALL 2010 Briefly describe the five steps taken to establish a project plan. 1 . Information phase, 2.. Analysis phase, 3. Creativity phase, 4. Evaluation phase, 5. Implementation phase What did we learn from the Campbell Soup case in terms of (i) the interface between R&D and other functions ofthe organization and (ii) incremental versus revolutionary innovation? R&D needs to interface with marketing so that it knows the most important product features that will provide the most customer value, so that they are focusing on those. R&D also needs to interface with manufacturing from the beginning so they are creating projects easy to manufacture Sometimes it is more beneficial to incrementally innovate that revolutionary innovate 7.. (a) Briefly describe what is a lead-user? A lead user is a customer who experiences 10. new needs that a current product is no longer satisfying before other customers experience these needs. (b) Briefly state the essential goal(s) oflead-user' research. The goal is to tap into the lead users, discover their needs, and find a way to satisfy them before the consumers do so themselves (0) List 3 challenges associated with undertaking lead-user research. The first challenge of lead user research is there is no predictable outcome of the research, so it may be tough to sell this research to managers when you are not sure what will come out at the end. A second challenge is that it is a timely process, whereas improving products incrementally may be more time and cost effective. A third challenge may be finding employees who are able to dedicate a majority of their time to this research. How does the target “sigma~level” (as captured in the individual process step’s yield rate) help guide in the reduction in product & process complexity? 'By using six sigma, companies can determine to what level they need to shorten a process or reduce product components by to improve conformance quality What lessons were learned from the Eli Lilly case regarding facility decisions? By using flexible facilities, it allows the firm to determine demand in real-time before investing up-fr'ont in a dedicated facility that might not be needed. Facilities should be made so that capacity is not wasted. By using both flexible facilities and dedicated facilities, the firm can still experience learning effects and economies of scale While minimizing risk. What lessons were learned from the Bank of America case regarding service innovation? Experiments need to accurately reflect real life environment and multiple experiments should be run to minimize noise. There should be a balance between the amount of high risk experiments and low risk experiments. Page 2 of2 2 ...
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midterm study guide - MID-TERM EXAM STUDY GUIDE PROFESSOR...

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