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BA360 Exam 1 Cheat Sheet

This document discusses key concepts in project management, operations management, and business strategy. It covers topics like work breakdown structures, critical path methods, quality control, productivity, operations management functions, strategic decisions around production, location, and supply chain. Globalization strategies and reasons for globalizing are outlined. Mission statements and competitive advantage strategies are defined. Outsourcing and inventory management are also summarized.

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1K views2 pages

BA360 Exam 1 Cheat Sheet

This document discusses key concepts in project management, operations management, and business strategy. It covers topics like work breakdown structures, critical path methods, quality control, productivity, operations management functions, strategic decisions around production, location, and supply chain. Globalization strategies and reasons for globalizing are outlined. Mission statements and competitive advantage strategies are defined. Outsourcing and inventory management are also summarized.

Uploaded by

Anonymous sFCheD
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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-WBS: decomp project into: phases,

deliverables, work packages


Scheduling: ensure all activities planned
for, order of performance accounted for,
activity time estimates recorded, overall
project time developed
-Gantt chart, Critical path method, program
evaluation and review technique
Controlling: monitoring resources, costs,
quality, budgets; feedback enables revising
project plan and shift resources;
computerized & mobile tools produce
reports
Six Steps CPM & PERT
1. Define project, prepare WBS
2. Develop relationships among activities;
which must precede, which must follow
3. Draw network connective activities
4. Assign time and/or cost estimates
5. Compute critical path
6. Use network to plan, schedule, monitor and
control project
-Critical path is longest path through
network; shortest time in which project can
be completed; no slack time
ES=Earliest start; EF=Earliest finish; LS=latest
start activity can start and not delay completion
of project; LF=latest finish activity can be
finished and not delay project
-Forward Pass: find earliest start & earliest
finish of all activities
-Backwards pass: find latest start & latest
finish of all activities
-Activities with same ES & LS, and same LS
& LF are on critical path
-ES=Max of EF of all immediate
predecessors
-EF= ES + Activity time
Slack time= LS-ES
LS=LF Activity
-Most likely time (m)
-Optimistic Time (a)
-Pessimistic time (b)
-Expected time= (a+4m+b)/6
Variance of times=[(b-a)/6]^2
Project Variance: sum of variances of
Projects critical activities

Forecasting: process of predicting a future event (3 major


types are economic, technological, demand)
7 steps:
1. Determine use of forecast
2. Select items to forecast
3. Determine time horizon
4. Select forecasting model
5. Gather data needed
6. Make forecast
7. Validate and implement results
-Product family and aggregated forecasts are more
accurate than individual product forecasts
-Qualitative methods: use when situation is vague and little
data exists; involved experience, personal judgement
1. Jury of executive opinion-pool opinions of high-level
experts
2. Delphi Method: panel of experts, queried iteratively
3. Sales force composite: estimates from individual
salespersons are reviewed then aggregated
4. Market survey: ask customer
-Quantitative Methods: use when situation is stable and
historical data exists
Time series models:
1. Nave approach: assumes demand in next period is
same as demand in most recent period
2. Moving averages=demand in previous n periods/n
Weighted moving average=((weight for period n)
(demand in period n))/weights
3. Exponential smoothing: new forecast=previous periods
forecast +a(previous periods actual demand previous
periods forecast)
a=smoothing constant
4. Trend projections use y=a+bx
Associative models:
5. Linear regression
-Time series data components:
Trend: gradual movement over time
Seasonal: repeating data pattern after days, weeks,
months, years
Cyclical: multi-year data patterns, related to
unpredictable business cycles
Random: unpredictable data anomalies with
indiscernible pattern
Common measures of error
1. MAD=sigma lactual-forecastl/n
2. MSE=sigma (forecast errors)^2/n
Porters 5 forces model
-evalutes competition based on immediate rivals, potential
entrants, customers, suppliers, substitute products
-Value chain analysis: product research, human resources,
quality management, process innovation

Matthew Levitt
Essential Functions of Any Business:
RED ID: 816819608
1. Marketing Generates demand
2. Production/Operations Creates the Product
Division of Labor-Smith, Standardized parts& Service
Whitney, scientific management-Taylor, coordinated
3. Finance / Accounting Tracks how well the
assembly line-Ford, Motion study-Gilbreths, quality
organization is doing, Collects the Money &
control-deming
Pays Bills
Productivity=outputs/inputs
Basic OM Management Functions
Labor Productivity=units prod./labor hours used
Planning, organizing, staffing, leading,
Productivity=output/
controlling
(labor+material+energy+capital+misc.)
Strategic Decisions
% improvement=(new-old)/old
1. Design of Goods and Services
-Defines what is Required of Operations
Reasons to Globalize
-Product Design determines Functionality,
1. Improve supply chain
Sustainability and Human Resources.
2. Reduce costs
2. Managing Quality
3. Improve operations
-Determine the customers Quality
4. Understand markets
Expectations
5. Improve products
-Establish Policies and Procedures to identify
6. Attract and retain global talent
and achieve that Quality.
Mission Statements: tell org where it is going.
3. Process and Capacity Design
Strategy: tells org how to get there (action plan)
-How is a Good or Service Produced?
Strategies for Competitive Advantage:
-Commits Management to Specific
Differentiation (better, different), Cost Leadership
Technology, Quality, Resources, and
(cheaper), Response (more responsive)
Investment.
Product Design, inventory, location, technology &
4. Location Strategy
process, supply chain, maintenance, human resource,
-Nearness to Customers, Suppliers, and Talent.
service delivery
-Considering: Costs, Infrastructure, Logistics,
Outsourcing: transfer internal activities to external
and Government.
suppliers
5. Layout Strategy
International Strat.: import/export or license
-Determine the Efficient Flow of Materials,
existing product
People, and Information.
Global strat.: standardize product, economies of
-Integrate Capacity Needs, Personnel Levels,
scale, cross-cultural learning
Technology, and Inventory.
Multi-domestic Strat.: use existing domestic model
6. Supply-Chain Management
globally; franchise, joint ventures, subsidiaries
-Integrate Supply Chain into the firms strategy.
Transnational strat.: move material, people, ideas
-Determine what is to be Purchased, from
across national boundaries; economies of scale;
Whom, and under What Terms & Conditions.
cross-cultural learning
7. Inventory Management
-Inventory Ordering and Holding Decisions.
Project Manager: activities finished in order and on
-Optimize Considering Customer Satisfaction,
time; stay within budget; meet quality goals; people
Supplier Capability, and Production Schedules
assigned get motivation, direction and information.
& Cost.
Should be: good coaches, good communicators, able
8. Scheduling
to organize activities from variety of disciplines
-Determine and Implement Intermediate- and
Project: unique and non-routine activities; problem
Short-term Schedules.
with known solution scheduled for completion;
-Optimize the use of Personnel and Facilities in
specific, finite task
Meeting Customer Demands.
Project Constraints: cost, scope, time; plus quality
9. Maintenance
and risk
Consider Facility Capacity, Production
Project management activities:
Demands, and Personnel.
Planning: establishing goals/objectives, define
Maintain a Reliable and Stable Process.
project, create work breakdown structure,
determine needed resources, select and form
team

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