OPMAN midterms part 2

hayuf ang haba grabe ka maam kasipag

Quality Control

is a procedure with well defined steps implemented and

executed by organizations to make sure that their product or service is

governed by certain quality standards, thresholds, limits and guidelines. is the ultimate aim of an efficient business.

Establish Controls

Establishment of specific set of controls to which product

and service quality are to conform.

Test and Check the Product/Service

Checking product or service quality is very important

even if the manufacturing was done as per defined

controls.

Analyze Variance

Analyzing variances between set controls and actual

quality. Ideally there should not be any variances

Check and Define Limits

There should be proper checking as to whether the

variances are within statistical limits. These are defined

as tolerance levels

Corrective Decisioning

If the variances are way over the tolerance limits then

a corrective action and decision has to be taken for

sure. Either it can be rejecting a batch or sending them

back for rework to improve the overall quality.

Benchmark and Feedback

This includes establishing procedures so that the variances do not arise again

Automated and Statistical

This method focusses on automating the

entire manufacturing process in which there is

a constant monitoring of quality control limits

and thresholds against the manufactured

products.

Manual Sampling Driven

In many business, the method of sampling

and inspection is used where a random sample

is taken from the inventory of almost finished

goods and are manually inspected by the

quality assurance department.

Quality Assurance

is the overall execution and

inspection of the produced

goods and services against

the limits set by the quality

control

Supply Chain Management

is the

coordination of a business’ entire

production flow, from sourcing raw

materials to delivering a finished item.

Sourcing

involves identifying which providers to work

with, negotiating contracts and managing supplier

relationships to ensure a reliable supply of raw

materials and components.

Manufacturing

_____ involves

organizing the supply chain

operations required to accept

raw materials, design and

produce the product, and handle

quality control.

Delivery

____ involves the transportation

and distribution of finished

products to meet customer needs.

Returns

Handling returns involves creating a network

or process to take back defective, excess or

end-of-lifecycle products.

Lean Supply Chain Management

This approach focuses on eliminating waste in all forms, including

excess inventory, unnecessary transportation and inefficient

processes. The goal is to create a streamlined, cost-effective

supply chain.

Agile Supply Chain Management

This approach emphasizes quick response to changes in customer

demand and market conditions. It often involves practices such as

quick batch production, rapid replenishment and flexible supplier

contracts.

Six Sigma

This approach is data-driven and aims to eliminate defects and

reduce variability in supply chain processes.

Total Quality Management

This approach focuses on improving quality throughout the supply

chain, with the goal of increasing customer satisfaction

Resilient Supply Chain Management

This approach focuses on building a supply chain that can withstand

disruptions and adapt to changing conditions

Green Supply Chain Management

This approach focuses on minimizing the environmental impact of

the supply chain and promoting social responsibility.

Digital Supply Chain Management

This approach uses technologies such as artificial intelligence (AI),

machine learning (ML), Internet of Things (IoT) and advanced

analytics to enhance various aspects of supply chain management,

including demand forecasting, inventory management and logistics.

AI and ML

revolutionized demand forecasting, allowing

companies to predict sales with greater accuracy and

adjust their production, inventory levels and pricing

strategies accordingly.

Internet of Things

__ devices, such as sensors and radio-frequency

identification (RFID) tags, collect real-time data on

inventory levels, shipment tracking and asset

performance.

Industry 4.0

incorporates new technologies such as

digital-physical systems, augmented reality, cloud

computing and advanced data analysis.

Blockchain technology

is enhancing supply chain

transparency, traceability and security.

Operations Strategy

An operations strategy refers to the system an

organization implements to achieve its long-

term goals and mission.

Core Competency Strategies

This strategy involves identifying the core

business practices within your company that can

leverage existing strength to maximize profitability.

Corporate Strategies

This strategy is most concerned with your

company

’s mission statement and involves

developing production initiatives, key performance

indicators (KPIs), and decision-making processes

that will help reach the desired mission

Competitive Strategies

This strategy involves distinguishing your business

from others in the same space, and requires

consideration of what your competitors are doing.

Product or Service Strategies

This strategy requires focus on quality control of

existing products or services, as well as

development of new offerings.

Customer-Driven Strategies

This strategy is all about the customer’s

experience, and all operational decisions are

determined by looking at it.

Forecasting

refers to the analysis of current and

historical business data to discover trends and make

educated predictions about future data.

Time Series

A time series forecast uses historical data that corresponds to a

specific period, such as inputs every 30 days over ten years

Associative Models

These forecasting models attempt to identify different

variables and understand their association.

Short-range Forecasts

that usually look three months into the future. These

horizons are often used for hiring, scheduling, or production-level

predictions.

Medium-range Forecasts

peer anywhere from three months to 12 months

into the future and are generally used for budgeting, sales, and demand

planning.

Long-range Planning

use available data to gauge three or more years into

the future to foresee capital expenditures, relocation and/or expansion, and

research and development (R&D).

Economic Forecasts

make predictions

related to inflation, the supply of

money, and other economic factors

that can affect businesses and

production schedules.

Technological Forecasts

keep track of the

rate of technological progress.

As technologies mature and present

applicable business use cases, you may

want to invest in new facilities, equipment,

and/or processes.

Demand Forecasts

estimate consumer demand

for a business's products or services.

You can use a ____ to estimate

production, supplies needed, and all other

relevant inputs, including the number of raw

materials or employees required.

Run Rate

s useful to extrapolate demand

patterns, availability of resources at different

times, and financial liabilities at different stages

of the production process.

Driver-based Forecasting

This method uses key operational metrics to

predict the obtainable output

Risk-Based Forecasting

This approach assesses the possible

risks that the process could run into,

such as strikes, machine failures, budget

overages, etc., and makes a plan to

mitigate some, if not all, of these factors

before they become problems

Scheduling

Staff and inventory forecasting are critical

functions to meet demand.

The ____ process involves organizing,

selecting, and allocating the necessary resources

to complete the desired outputs over a period of

time.

Material Requirements Planning

is a system used to calculate the total

materials needed to manufacture a final product.

___ requires inventory management so you can

determine if any additional materials are or will

be needed and appropriately schedule

production