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Study Guide for MAN 3504 (Intro, Forecasting, and Aggregate Production Planning)

Study Guide for MAN 3504 (Intro, Forecasting, and Aggregate Production Planning)

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1 Study Guide for MAN 3504: Operations Management The following summarizes the major topics and learning objectives covered in class thus far. You should find the answers or appropriate methods to address each of these on the PowerPoint slides (very often the case), and/or in your lecture notes, and/or in the practice homework. Introduction to Operations Management Define production / operations management, and understand that the two terms are synonymous Define the production / conversion / transformation function Identify examples of resources involved in the production function Identify the three major functions any business must perform Identify why effective management of production is important Identify the goal(s) in managing production Define productivity, and (in general) how it can be improved Identify the particular objective that we will commonly pursue throughout the course to improve productivity Identify the metric that we use to determine if we are truly making money Identify in general terms how we compute gross margin Identify in general terms how we compute net profit Identify in general terms how we compute NOPAT, and what NOPAT represents Identify in general terms how we compute EVA, and what EVA represents Understand that a positive NOPAT, or an increase in NOPAT, does not necessarily mean that we made (more) money Understand that we can make more money (higher EVA) by simply using fewer assets to operate the business Identify the four functions of management Identify the two functions of management highlighted in this course Identify the time horizon of the problems / decisions typically addressed in this course Forecasting Independent Demand Define forecasting Define independent demand and dependent demand Identify which of these we must forecast, and which can be directly computed Identify what dependent demand depends upon Identify the types of firms in which we typically find independent and dependent demand items Identify the types of items which generally have independent and dependent demand Identify why effective forecasting is important Identify and define the different types of forecasts Identify why demand and sales are not the same Identify why we often assume they are when forecasting Define what is meant by a qualitative forecasting approach Identify the different types of qualitative forecasting approaches Identify advantages and disadvantages of each type of qualitative forecasting approach Identify the most popular forecasting approaches, and why they are popular Describe the Delphi method, and why it would be used Define what is meant by a quantitative forecasting approach Identify when a qualitative forecasting approaches can be used Identify when a particular quantitative forecasting approach can be used Identify the two main types of quantitative forecasting approaches Briefly define what a causal model is and what it does Identify the most common type of causal modeling approach Define what a time series is
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