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

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

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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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TESTE DEIN WISSEN

What basically is a newsvendor model/problem?

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A problem where a company has to order their quantities at one specific date but the resource can only be used during a specific time frame (Zeitungsjunge kann die Tageszeitung nur an diesem Tag verkaufen) 

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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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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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TESTE DEIN WISSEN

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 are inventory holding costs? 

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opportunity cost of capital (Wenn man Inventar hat, steckt Geld drinne was man investiert hat) 


Inventory storage cost 


Obsolece cost (f.e. groceries but also products that are not fitting into the trend anymore) 



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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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What is a production cycle?

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A repeating sequence of produced units 

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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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TESTE DEIN WISSEN

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



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TESTE DEIN WISSEN

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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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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TESTE DEIN WISSEN

What does the Erlang Loss Formula give? 

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TESTE DEIN WISSEN

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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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:

What basically is a newsvendor model/problem?

A:

A problem where a company has to order their quantities at one specific date but the resource can only be used during a specific time frame (Zeitungsjunge kann die Tageszeitung nur an diesem Tag verkaufen) 

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:

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

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

Mehr Karteikarten anzeigen
Q:

What are inventory holding costs? 

A:

opportunity cost of capital (Wenn man Inventar hat, steckt Geld drinne was man investiert hat) 


Inventory storage cost 


Obsolece cost (f.e. groceries but also products that are not fitting into the trend anymore) 



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:

What is a production cycle?

A:

A repeating sequence of produced units 

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:

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:

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 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) 

Operations Management

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