Operations Management and Industry 4.0 Quiz

The ability to maximize outputs while minimizing inputs and costs in processes.

The process of ensuring that products and services meet established standards and customer expectations.

The management of the flow of materials and information from suppliers to customers.

Predicting future demand for products, services, and raw materials to meet market needs.

The process of converting physical documents into digital formats accessible by computers.

Using digital data to improve decision-making and organizational processes.

Products that last a long time, typically over 3 years, such as vehicles and furniture.

Optimizing customer interactions and managing service recovery during disruptions.

An interaction between the customer and the service provider.

Episodes where a customer interacts with any aspect of the service delivery system.

Value = perceived benefits / price (cost) to the customer.

A set of tangible and intangible features recognized by the customer.

The core offering that meets basic customer needs.

Additional features that enhance the primary offering but are not essential.

A network describing the flow of materials, services, and information.

The physical movement of goods and materials from suppliers to customers.

Processes focused on producing an organization's primary goods or services.

An organization's ability to meet current needs while preserving resources for the future.

Commitment to maintaining the quality of the environment long-term.

Maintaining healthy communities and improving quality of life.

Addressing current business needs and ensuring economic vitality.

Process of transforming data into actions through analysis for decision-making.

Location or firm-specific attributes that differ from the standard CBP.

Massive amounts of business data from diverse sources, often in real time.

Volume, Velocity, Variety, Veracity define characteristics of Big Data.

The quantity of data generated or stored.

The speed at which data is generated and processed.

Different formats and types of data.

The accuracy and reliability of data.

Act of quantifying performance of units, services, and processes.

Important financial metrics for evaluation in businesses.

Degree to which output meets customer requirements.

Five key aspects: Tangibles, Reliability, Responsiveness, Assurance, Empathy.

Ability to adapt processes to changing demands and customization.

Time taken to complete a task.

Time spent waiting for service.

Ability to respond quickly in real time.

Errors in service creation and delivery.

Ability to anticipate, prepare for, and recover from disruptions.

Creating new and unique goods and services for competitive advantage.

Creation, acquisition, and transfer of knowledge and behavior modification.

The ratio of output to input in a process.

Providing goods/services with minimal waste and maximum resource use.

Measurement of sustainability focusing on environmental, social, and economic factors.

Analyzing data to make informed management decisions.

Methods for summarizing and describing data effectively.

Total revenue/profit generated by each customer over their lifecycle.

Framework to translate strategies into measurable performance metrics.

A firm's ability to outperform competitors in the market.

Qualifiers are minimum expectations, winners are features that differentiate.

Characteristics customers evaluate before purchase (e.g., price, color).

Giving employees authority to make decisions and control their work.

Promises to compensate customers if a service upset occurs, can be explicit or implicit.

The process of correcting a service upset to regain customer trust.

Key elements that retain service providers: recognition, advancement, achievement, nature of work, compensation.

Physical products with embedded sensors connected to the Internet.

Equipment and devices that perform tasks in goods and services creation.

Applications of the Internet and software for data and analysis.

Union of hardware, software, and databases to automate production.

NC machines operated by computers to control tool movements.

Software for designing and testing products virtually.

Computer-controlled machines linked by automated handling devices.

Additive manufacturing to create objects layer by layer.

Digitized manufacturing facility that uses connected devices.

Using the Internet to provide services and deliver value.

Strategy to learn about customer needs and build loyalty.

Utilization of tech to enhance manufacturing and services.

Processes to ensure products meet established standards.

Framework defining how activities are directed and coordinated.

The group of individuals engaged in work for an organization.

Elements like market segmentation, customer service, and complaint resolution are included in a CRM system.

CRM helps firms gain an edge by tracking sales, analyzing markets, and forecasting customer behavior.

The process of dividing a market into distinct groups with similar needs.

Developing strong, lasting connections with customers to enhance loyalty.

Addressing and resolving customer complaints effectively to improve satisfaction.

Offering additional products or services to existing customers to increase sales.

The ability to serve more customers without high incremental costs as volume increases.

The study of how people make decisions, especially under uncertainty.

Evaluating when a business will be able to cover costs and start making a profit.

Designing products and services based on customer needs and preferences.

The expressed needs and expectations of customers in their own words.

A design process translating customer needs into specific product features.

Creating a model to test product performance and customer reactions.

Assessing the success of products in terms of sales and customer feedback.

Attributes customers evaluate after purchase, like taste and friendliness.

Aspects of goods/services that can't be evaluated after purchase, like professional expertise.

The spectrum showing the difference in evaluation between goods and services.

Strategic focuses for success: cost, quality, time, flexibility, innovation.

A firm that maintains low prices to gain competitive advantage.

High-quality products often lead to higher market shares and returns.

The ability to respond quickly and maintain reliability increases market edge.

Creating products or services tailored to individual customer's needs at scale.

Unique strengths that distinguish an organization in the marketplace.

The process of defining long-term goals and ways to achieve them.

Decisions that shape how a business meets its competitive priorities.

Strategies that address environmental, social, and economic impacts.

A company operating across multiple countries to maximize efficiency and profits.

Technical details outlining dimensions, tolerances, and materials for a product.

The target dimension set for a product design.

The permissible range of variation from the nominal specification.

A formula to measure economic loss from deviating from the target specification.

Design process focused on efficient and high-quality production.

The process of reducing complexity and costs in product designs.

Incorporating environmental considerations into product design.

Creating systems and processes for effective service delivery.

The physical environment where service encounters occur.

Systems structured around the presence of customers during service.

Creating an efficient sequence of activities for service delivery.

Systems where customers spend significant time interacting with the service.

Systems where customer interaction is minimal during service delivery.