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EM Final Requirement

This document summarizes key concepts in operations management, marketing, and finance for engineering firms. It discusses topics such as defining operations, the importance of operations management, types of transformation processes, job shops and batch flows. It also covers marketing concepts like defining products, using price as a competitive tool, and selecting target markets. Finally, it discusses the finance function, sources of funds, determining financial health, and managing risk. The document provides an overview of essential managerial topics for engineering organizations.

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Joyce Abegail De Pedro
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983 views4 pages

EM Final Requirement

This document summarizes key concepts in operations management, marketing, and finance for engineering firms. It discusses topics such as defining operations, the importance of operations management, types of transformation processes, job shops and batch flows. It also covers marketing concepts like defining products, using price as a competitive tool, and selecting target markets. Finally, it discusses the finance function, sources of funds, determining financial health, and managing risk. The document provides an overview of essential managerial topics for engineering organizations.

Uploaded by

Joyce Abegail De Pedro
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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DE PEDRO, JOYCE ABEGAIL D.

CE- 5202
IE 530 – ENGINEERING MANAGEMENT

MANAGING PRODUCTION AND SERVICE OPERATIONS

1. What is meant by “operations”? Does the term cover production of farm products?
Operations management focuses on carefully managing the processes to supply and distribute products and services. Yes,
because operation management also covers agriculture and farm products is under this sector.

2. Why is operations management an important activity? Who are qualified to become operations managers?
Operation Management is important because it plays a vital role to run the project successfully. A qualified operation manager
must have a Bachelor's degree in operations management, have prior experience in a management or leadership position and has a
deep understanding of financial management.

3. What are the types of transformation process? In what ways are they similar and different?
The types of transformation process are the manufacturing process and the service process. They are similar because both
create mission statements and a vision for how the organization will be run and perceived by customers yet different for reason
that manufacturing process produce physical, tangible goods that can be stored in inventory before they are needed. By contrast,
service process produces intangible products that cannot be produced ahead of time.

4. What is a job shop? What makes it a useful transformation process?


Job shop is a small company or business that makes specific products for one customer at a time. It is a useful transformation
process because most of the products produced in job shop requires a unique set-up and sequencing of process steps that
results to a unique output.

5. What is the batch flow process? What possible advantages does it offer?
Batch flow is a process in where lots of generally own designed products are manufactured. And one of its possible advantage is
that the product in batch flow has a low initial setup cost

6. What is the worker-paced assembly line? Why is it called as such?


worker-paced assembly line refers to a production layout arranged in a sequence to accommodate processing of large volumes of
standardized products or services. It is called worker-paced assembly line because the quality and quantity in this process depends
on the skill of the labor utilized.

7. Why is the machine-paced assembly line very popular among large corporations?
It is popular among large corporations because the process is clear rigid pattern, the technique used is specialized, the capital
equipment is bigger cost item than labor, operation is large and lastly the process is machine-paced.

8. What is a service factory? Provide an example.


-A service factory offers a limited mix of services which results to some economies of scale in operations. This also affords the
company to compete in terms of price and speed of producing the service. An example of service factory is Jollibee
9. What types of services do professional service firms offer?
It provides specialized services such as; Engineering or Management Consulting services, Design services, Advertising agencies,
Legal services, Data processing services and health services.

10. What are the important parts of a productive system? Point out the relationship between these parts?
The important parts of productive system are product design, production planning and scheduling, purchasing and materials
management, inventory control, work flow layout and quality control. The relationship between these parts are it arranges
inputs, conversion process and output based on some logic and functions.

11. What steps might you take to try to inculcate the essential values of your organization into new employees and to keep them in
the minds of other employees? (For example, “quality is job one” or “The customer comes first” might represent two such values.)
Getting ahead is equal to getting started

12. Recalling what you learned about motivation, how might you encourage your technical employees to support corporate goals and
values through self-control?
I learned a motivation quotes by Lao Tzu which says The journey of a thousand miles begins with one step For me the meaning is
that even our plan is far from reality or we think that It’s impossible if we take just one step and a step after another we can
reach it.

MANAGING THE MARKETING FUNCTION

1. What is the marketing concept be explained? Is it applicable to engineering firms?


States that the engineer must try to satisfy the needs of his clients by means of a set of coordinated activities. Yes, it is
applicable to engineering firms.

2. What is meant by the term “product”?


The term product means includes the tangible or intangible item and its capacity to satisfy a specific need.

3. How may the engineer manager meet the threat of a competitor’s products?
To meet the threats of the competitors, Engineer manager must know the four P’s of marketing which are product, place, price
and promotion.

4. Why is price considered to be a strong competitive tool?


The price is considered to be a strong competitive tool because it is one of the first things that a consumer notices about a
product and is one of the deciding factors when it comes to their decision to buy it or not.

5. What are some of the possible measures to make products easily available to customers?
The possible measures to make products easily available to customers are considering the place they will establishing their company
or firms and establishing branches where customers are located

6. How may the engineer manager convince the buyer or client to patronize the firm?
The engineer manager must know the proper management of marketin g, for it helps the manager to come up with the ideas
that will help them to convince customers to patronize their firm.
7. Does the engineer manager use publicity in promoting his firm? Cite an example.
Publicity may be a promotional tool that publishes news and knowledge a few product and services, and with this it'll help the
engineer manager to market their product or services.

8. In selecting a target market, what must the engineer manager do?


In selecting target market, the following steps are necessary; Divide the total market into groups of people who have
relatively similar products or services needs and determine the profit potentials of each segment.

9. What factors must be used in selecting a target market?


The factors used in selecting a target market are the size of the market and the number of competitors serving the market.

MANAGING THE FINANCE SECTION


1. What is the finance function? How important is it to the engineering firm?
One of the three basic management functions aside from production and marketing. It is important in engineering firm
because it deals with the procurement and administration of funds with the view of achieving the objectives of business.

2. What are the specific fund requirements of firms?


The specific fund requirements of firms are daily operations, firm’s credit services, purchase of inventory and the
purchase of major assets.

3. What are the various sources of the firm’s cash inflow?


The various sources of the firm’s cash inflow are cash sales, collection of accounts receivables, loans and credits, sales
assets, ownership contribution and advances from costumers,

4. What is the difference between short-term and long-term sources of funds?


Short-term sources of funds options are for smaller amounts while long-term sources of funds are for larger amounts.

5. What are the suppliers of short-term funds? Describe briefly each.


The suppliers of short-term funds are:
Trade Creditors – Refer to suppliers extending credit to a buyer for use in manufacturing.
Commercial Banks - Institutions which individuals or firms may top as source of short term financing.
Commercial Paper Houses - Are those that help business firms in borrowing funds from money market.
Business Finance Companies- Financial institutions that the finance inventory and equipment of almost all types and sizes of
business firms.
Factors -Institution that buy the accounts receivables of firm, assuming complete accounting and collection responsibilities.
Insurance Companies - These are also possible sources of short term funds.
6. Describe briefly the long-term source of funds.
Long Term sources of funds are for larger amounts and it is classified as; long term debts, common stocks and retained
earnings
7. How may one determine the best source of financing?
You can determine the best source of financing if it possesses the following: flexibility, risk, income, control, timing and other
factors.

8. How may the financial health of the company be determined?


Financial health of the company may be determined by three basic statements such as; balance sheet, income sheet and
statement of changes in financial position.

9. What do you mean by “risk”? Why must it be managed properly?


Refers to the uncertainty concerning loss or injury. It must be manage properly in order to secure the economic survival
of the firm.

10. Describe briefly the methods of dealing with risks.


Methods in dealing with risks:
Risk Retention - a method of handling risk wherein the management assumes the risk.
The hazard may be reduced – It can be reduced by simply instituting appropriate measures in a variety of business activities
Reducing Losses - When losses occur in spite if preventive measures, the severity of loss may be limited by way of reducing
the concentration exposures.
Shifting Risk – Subcontracting, Incorporation and Insurance

11. How does the existence of profit centers assist top executives in doing their job?
Profit centers assist top executives in doing their job by helping them in strategic decisions.

12. If you were preparing to lead a management audit of a large construction company, what are some questions you might seek
to answer in the investigation?
If I were preparing to lead a management audit of a large construction company, I’ll ask them two question such as; Is the
external auditor are reducing external audit fee? Or Do they know the basic role concept of internal auditing?

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