Operations Management at Frankfurt School Of Finance & Management | Flashcards & Summaries

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# Lernmaterialien für Operations Management an der Frankfurt School of Finance & Management

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen Operations Management Kurs an der Frankfurt School of Finance & Management zu.

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What is Operations Management?

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Managing...

1. the transformation of an input rate into an output rate

2. to match an demand rate and make money or achieve non for profit objectives

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What are the two types of variation?

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common cause variation

natural; system is fully under control; can never be eliminated

special cause variation

should be eliminated; Handschuhe und Brille beim Darts Beispiel

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Why is it important to measure inventory in money not in products/units ?

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Because if there are several different products the number of units is useless

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What does the average inflow rate and the average service time give?

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Average inflow rate = how many customers per hour/minute

Average service time = How long does it take to serve customer

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What does the Erlang Loss Formula give?

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r = p/a

Look up r in the Erlang Loss Table and find out how much percent of the whole time the process is busy (all servers are busy)

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Why are buffers needed in general?

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Because without buffers flow units cannot wait but simply go from step to step which can cause extremely high trouble when a station needs more time than the other (buffers are used as simple waiting rooms)

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What does Years/Months/Days of Supply measure and how is it calculated?

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T = I/R I=Inventory and R=COGS

How long does money stay in a company until it turns to revenue?

How long has one passenger have to wait in average?

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What is a production cycle?

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A repeating sequence of produced units

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What are examples for a typical situation with patient customers and vice versa?

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patient = supermarket (when you put your things in the cart you have to get to the checkout)

inpatient = backery (if you get there and see a long line you can leave without even getting into the queue)

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As customers do not come in a constant rate but in peaks - how can one manage those peaks?

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Reduce demand (off peak discount)  or increase capacity (increase resources or pre sale)

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Was ist der Unterschied zwischen "do the right things" und "doing things right"?

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Do the right things = Effektivität

Do things right = Effizienz

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Explain power of pooling

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Neither more or faster work

Pooled process uses available capacity more efficient

Pooling prevents that one resource is idle while the other faces backlog

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Q:

What is Operations Management?

A:

Managing...

1. the transformation of an input rate into an output rate

2. to match an demand rate and make money or achieve non for profit objectives

Q:

What are the two types of variation?

A:

common cause variation

natural; system is fully under control; can never be eliminated

special cause variation

should be eliminated; Handschuhe und Brille beim Darts Beispiel

Q:

Why is it important to measure inventory in money not in products/units ?

A:

Because if there are several different products the number of units is useless

Q:

What does the average inflow rate and the average service time give?

A:

Average inflow rate = how many customers per hour/minute

Average service time = How long does it take to serve customer

Q:

What does the Erlang Loss Formula give?

A:

r = p/a

Look up r in the Erlang Loss Table and find out how much percent of the whole time the process is busy (all servers are busy)

Q:

Why are buffers needed in general?

A:

Because without buffers flow units cannot wait but simply go from step to step which can cause extremely high trouble when a station needs more time than the other (buffers are used as simple waiting rooms)

Q:

What does Years/Months/Days of Supply measure and how is it calculated?

A:

T = I/R I=Inventory and R=COGS

How long does money stay in a company until it turns to revenue?

How long has one passenger have to wait in average?

Q:

What is a production cycle?

A:

A repeating sequence of produced units

Q:

What are examples for a typical situation with patient customers and vice versa?

A:

patient = supermarket (when you put your things in the cart you have to get to the checkout)

inpatient = backery (if you get there and see a long line you can leave without even getting into the queue)

Q:

As customers do not come in a constant rate but in peaks - how can one manage those peaks?

A:

Reduce demand (off peak discount)  or increase capacity (increase resources or pre sale)

Q:

Was ist der Unterschied zwischen "do the right things" und "doing things right"?

A:

Do the right things = Effektivität

Do things right = Effizienz

Q:

Explain power of pooling

A:

Neither more or faster work

Pooled process uses available capacity more efficient

Pooling prevents that one resource is idle while the other faces backlog

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## Das sind die beliebtesten StudySmarter Kurse für deinen Studiengang Operations Management an der Frankfurt School of Finance & Management

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## Das sind die beliebtesten Operations Management Kurse im gesamten StudySmarter Universum

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