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business
operations management 6th
Operations Management Sustainability And Supply Chain Management 13th Global Edition Jay Heizer, Barry Render, Chuck Munson - Solutions
Which of the following best meets the Basel II definition of operational risk?a. A basket of options expires with a value of zero.b. A client refuses to pay his invoice.c. A wire transfer is sent to the wrong account.d. A government expropriates all foreign-owned assets.
The main causes of operational risk are generally accepted to bea. People, processes, systems, external events.b. People, processes, systems, internal events.c. Processes, systems, events.d. People, events.
Which governance structure is most likely to foster an enterprise risk management view?a. The operational risk department is part of the compliance department.b. The operational risk department reports to the chief risk officer.c. The operational risk department reports to the chief financial
Which of the following are requirements of a strong governance structure?I. There are first, second, and third lines of defense.II. The first line of defense is the business line.III. The second line of defense is independent from the first line.IV. The second line of defense is owned by the audit
Which of the following are Basel II Level 1 operational risk categories?I. Clients, Products, and Business Practices II. Employment Practice and Workplace Safety III. Internal Fraud IV. Damage to Systems V. Unauthorized Tradinga. I onlyb. I and II onlyc. I, II, and III onlyd. I, II, III, and IV
The event should be mapped to which of the following Level 1 Basel II categories?a. Trading Errorb. Execution, Delivery, and Process Managementc. Business Disruption and System Failured. Transaction Capture, Execution, and Maintenancee. Data Entry, Maintenance, or Loading Error
Why should the trade support employee enter the event into the database? Select the best answer.a. Because the trader should be free to focus on making a profit for the firmb. Because it might not have been the trader’s faultc. Because the trade support employee is in the back officed. Because
The trade support employee decides not to enter the data into the event database and does not inform anyone of the error. What is the most serious consequence of this action? Select the best answer.a. He is risking being fired for breaching company policy.b. The trader cannot learn from his
Under Basel II, the board of directors has which of the following responsibilities for the firm’s operational risk appetite statement?a. Review and approveb. Review onlyc. Approve onlyd. Develop, review, and approve
What Is Operations Management? 36
Organizing to Produce Goods and Services 36
The Supply Chain 38
Why Study OM? 38
What Operations Managers Do 39
Define operations management 36
Identify the 10 strategic decisions of operations management 40
Identify career opportunities in operations management 40
Explain the distinction between goods and services 43
Explain the difference between production and productivity 45
Compute single-factor productivity 46
Compute multifactor productivity 47
Identify the critical variables in enhancing productivity 48
Why should one study operations management?lop4
What are some career opportunities in the operations management discipline?lop4
Identify four people who have contributed to the theory and techniques of operations management.lop4
Briefly describe the contributions of the four individuals identified in the preceding question.lop4
Answer Question 5 for some other organization, perhaps an organization where you have worked.lop4
What are the three basic functions of a firm?lop4
Identify the 10 strategic operations management decisions.lop4
What are the measurement problems that occur when one attempts to measure productivity?lop4
Mass customization and rapid product development were identified as challenges to modern manufacturing operations.What is the relationship, if any, between these challenges?Can you cite any examples?lop4
What are the five reasons productivity is difficult to improve in the service sector?lop4
Discuss the overlap amongst operations, marketing, and finance—the three functions basic to all organizations—for small and medium enterprises.lop4
As a library or Internet assignment, find the U.S. productivity rate (increase) last year for the (a) national economy,(b) manufacturing sector, and (c) service sector.
A small electronic manufacturing company that makes communication devices has determined its costs as follows(all value data are expressed in millions euro):2013 2014 Output: 2 3 Inputs:Labour 1 1.8 Material and supplies 0.6 0.8 Capital equipment depreciation 0.07 0.12a) Calculate and compare all
George Kyparisis makes bowling balls in his Miami plant. With recent increases in his costs, he has a newfound interest in efficiency. George is interested in determining the productivity of his organization. He would like to know if his organization is maintaining the manufacturing average of 3%
George Kyparisis (using data from Problem 1.5)determines his costs to be as follows:◆ Labor: $10 per hour◆ Resin: $5 per pound◆ Capital expense: 1% per month of investment◆ Energy: $0.50 per BTU Show the percent change in productivity for 1 month last year versus 1 month this year, on a
Charles Lackey operates a bakery in Idaho Falls, Idaho.Because of its excellent product and excellent location, demand has increased by 25% in the last year. On far too many occasions, customers have not been able to purchase the bread of their choice. Because of the size of the store, no new ovens
Mr. Achebe, who runs his photocopy business working 8 hours per day, processes 100 scripts in a day. He estimates his labor cost to be €9 per hour. Also, he has estimated that the total material cost for each script is approximately €2 while the daily expenses are €28. Calculate the
A production operation is making 150 pieces of a product by engaging 5 workers for 300 hours. However, 40% of the units appear to have various quality problems and the company decides to sell them as seconds at a price of €50 each when the normal unit is sold for €150 each. What is the
A furniture manufacturing company working on a 40-hour week makes 100 chairs. The sales price is €70 each, and the company has the following costs:◆ Direct materials: €700◆ Direct labor: €300◆ Overhead: €500a) Calculate the productivity of the company.b) What will be the new
Brown’s, a local bakery, is worried about increased costs—particularly energy. Last year’s records can provide a fairly good estimate of the parameters for this year. Wende Brown, the owner, does not believe things have changed much, but she did invest an additional $3,000 for modifications
Lillian Fok is president of Lakefront Manufacturing, a producer of bicycle tires. Fok makes 1,000 tires per day with the following resources:lop4
Munson Performance Auto, Inc., modifies 375 autos per year. The manager, Adam Munson, is interested in obtaining a measure of overall performance. He has asked you to provide him with a multifactor measure of last year’s performance as a benchmark for future comparison. You have assembled the
As part of a study for the Department of Labor Statistics, you are assigned the task of evaluating the improvement in productivity of small businesses. Data for one of the small businesses you are to evaluate are shown at right. The data are the monthly average of last year and the monthly average
Aldi and similar stores offer different customer experience. Do you think a similar business model could work in other industries?lop4
What are the sacrifices customers have to make in order to have access to this shopping experience?lop4
From your knowledge of production processes and from the case and the video, identify how each of the 10 decisions of OM is applied at Frito-Lay.lop4
How would you determine the productivity of the production process at Frito-Lay?lop4
How are the 10 decisions of OM different when applied by the operations manager of a production process such as Frito-Lay versus a service organization such as Hard Rock Cafe? (See the Hard Rock Cafe video case below.)lop4
From your knowledge of restaurants, from the video, from the Global Company Profile that opens this chapter, and from the case itself, identify how each of the 10 OM strategy decisions is applied at Hard Rock Cafe.lop4
How would you determine the productivity of the kitchen staff and waitstaff at Hard Rock?lop4
How are the 10 OM strategy decisions different when applied to the operations manager of a service operation such as Hard Rock versus an automobile company such as Ford Motor Company?lop4
Describe how the 10 OM decisions are implemented at Celebrity Cruises, Inc.lop4
Identify how the 10 OM decisions at Celebrity Cruises differ from those decisions at a manufacturing firm.lop4
Identify how the 10 OM decisions at Celebrity Cruises differ from those decisions at a retail store.lop4
How are hotel operations on a ship different from those at a land-based hotel?lop4
A strategy that is not one of the 10 strategic operations management decisions is:a) maintenance.b) human resources, job design and work measurement.c) location strategies.d) design of goods and services.e) advertising strategies.lop4
Operations management jobs comprise approximately ____%of all jobs.lop4
Services often:a) are tangible.b) are standardized.c) are knowledge based.d) are low in customer interaction.e) have consistent product definition.lop4
Productivity:a) can use many factors as the numerator.b) is the same thing as production.c) increases at about 0.5% per year.d) is dependent upon labor, management, and capital.e) is the same thing as effectiveness. lop4
Describe four process strategies 314
Compute crossover points for different processes 318
Use the tools of process analysis 321
Describe customer interaction in service processes 325
Identify recent advances in production technology 326
What is process strategy? LOP4
What type of process is used for making each of the following products?(a) beer(b) wedding invitations(c) automobiles(d) paper(e) Big Macs(f ) custom homes(g) motorcycles LOP4
What is service blueprinting? LOP4
What is process redesign? LOP4
What are the techniques for improving service productivity? LOP4
Name the four quadrants of the service process matrix.Discuss how the matrix is used to classify services into categories. LOP4
What is CIM? LOP4
What do we mean by a process-control system, and what are the typical elements in such systems? LOP4
Identify manufacturing firms that compete on each of the four processes shown in Figure 7.1. LOP4
Identify the competitive advantage of each of the four firms identified in Discussion Question 9. LOP4
Identify service firms that compete on each of the four processes shown in Figure 7.1. LOP4
Identify the competitive advantage of each of the four firms identified in Discussion Question 11. LOP4
What are numerically controlled machines? LOP4
Describe briefly what an automatic identification system(AIS) is and how service organizations could use AIS to increase productivity and at the same time increase the variety of services offered. LOP4
Name some of the advances being made in technology that enhance production and productivity. LOP4
Explain what a flexible manufacturing system (FMS) is. LOP4
In what ways do CAD and FMS connect? LOP4
What is additive manufacturing? LOP4
Discuss the advantages and disadvantages of 3D printing. LOP4
Borges Machine Shop, Inc., has a 1-year contract for the production of 200,000 gear housings for a new off-road vehicle. Owner Luis Borges hopes the contract will be extended and the volume increased next year. Borges has developed costs for three alternatives. They are general-purpose
Using the data in Problem 7.1, determine the most economical volume for each process. LOP4
Using the data in Problem 7.1, determine the best process for each of the following volumes: (1) 75,000, (2) 275,000, and (3) 375,000. LOP4
Refer to Problem 7.1. If a contract for the second and third years is pending, what are the implications for process selection? LOP4
Metters Cabinets, Inc., needs to choose a production method for its new office shelf, the Maxistand. To help accomplish this, the firm has gathered the following production cost data:PROCESS TYPE ANNUALIZED FIXED COST OF PLANT &EQUIP.VARIABLE COSTS (PER UNIT) ($)LABOR MATERIAL ENERGY Mass
California Gardens, Inc., prewashes, shreds, and distributes a variety of salad mixes in 2-pound bags. Doug Voss, Operations VP, is considering a new Hi-Speed shredder to replace the old machine, referred to in the shop as “Clunker.” Hi-Speed will have a fixed cost of $85,000 per month and a
Nagle Electric, Inc., of Lincoln, Nebraska, must replace a robotic MIG welder and is evaluating two alternatives. Machine A has a fixed cost for the first year of $75,000 and a variable cost of$16, with a capacity of 18,000 units per year. Machine B is slower, with a speed of one-half of A’s, but
Stapleton Manufacturing intends to increase capacity through the addition of new equipment. Two vendors have presented proposals. The fixed cost for proposal A is $65,000, and for proposal B, $34,000. The variable cost for A is $10, and for B,$14. The revenue generated by each unit is $18.a) What
Prepare a flowchart for one of the following:a) the registration process at a schoolb) the process at the local car washc) a shoe shined) some other process with the approval of the instructor. LOP4
Prepare a process chart for one of the activities in Problem 7.13. LOP4
Prepare a time-function map for one of the activities in Problem 7.13. LOP4
Prepare a service blueprint for one of the activities in Problem 7.13. LOP4
Using Figure 7.6 in the discussion of value-stream mapping as a starting point, analyze an opportunity for improvement in a process with which you are familiar and develop an improved process. LOP4
As a production manager for RMC, what do you recommend?Why? LOP4
Prepare a case by a conservative plant manager for maintaining the status quo until the returns are more obvious. LOP4
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