With the snowballing number of security alerts being received, valuable analyst time is being consumed sorting through a plethora of security alerts. Manufacturers used to source their materials locally and sell to a local or national market. Human resources, materials management, purchasing, maintenance, and so on are all support departments [Schonberger et al., 1997]. In such a situation, companies compete directly. This is a significant challenge, necessitating consideration for different tastes and branding strategies during the implementation process. This hegemony can create tension between different groups, ultimately resulting in the smaller groups moving towards the culture of the larger ones to close the dissonance, a practice called assimilation. Management Chapter | Multiple Choice | Questions and Answers | Test Bank. Operations Management and the Transformation Process. On the surface, internal competition involves either direct product substitutes or funding competition (among different business units). Adroit management must also work actively against groupthink, empowering everyone not only to speak but to be brave enough to go against the majority opinion. As far as operations management is concerned, flexibility is needed in customer demand, operation systems, and capacity. Branding, on the other hand, aims to convince the consumer that a higher price point is worth paying based upon the company’s name, reputation, or other distinguishing characteristic. Groupthink is when many people within the same organization begin to adopt similar perspectives, usually to simplify meetings and minimize discord. Etiquette for receiving a business card in China requires accepting it with both hands and taking a full moment to read it. D) empowered employees. Current trends in operations management include all of the following except a. just-in-time performance b. rapid product development c.mass customization d. empowered employees e. All of the above are current trends. New regulations may inhibit your lending ability in the community or exorbitantly increase the costs of that lending. Areas like sub-Saharan Africa tend to be more heterogenous than, for instance, states in Europe. BTM can therefore be divided into four elements: While managers are focused upon these four aspects of BTM, they must also keep future growth and technology scaling in mind. It is common to conduct a PESTEL assessment before any serious decisions are made or any large projects undertaken. Corporate ethics and shareholder desires for profitability are not always aligned, and it is the responsibility of executive management to ensure ethics supersede profitability. By tracking the items in your inventory; 3. Management is tasked with ensuring these resources are available to employees and properly leveraged to optimize the geographic reach of a business’s operations. For example, bottled-water producers are directly involved in such a framework and thus adopt two basic competitive strategies: low-cost and branding. In general terms, globalization is the international integration of intercultural ideas, perspectives, products/services, culture, and technology. B) a time-phased stock replenishmen... ABC analysis is based upon the principle that: A) all items in inventory must be monitored very closely. Technology plays a larger and larger role each year in business and will continue to do so as research and development drive new innovations. Combining BTM with research and development will ensure managers are properly equipped to tackle the challenges of modern-day innovations, leveraging these capabilities to differentiate from the competition and derive stronger margins. In the United States, workers are imbued with very specific rights regarding the risks they take, the hours they work, the breaks they deserve, and the benefits they are provided. Explain the inherent value diversity generates in the competitive landscape and the challenges globalization presents. The two most basic inventory questions answered by the typical inventory model are: A) timing of orders and cost of orders. Responsibilities in Operations Management. empowered employees. This has resulted in large scale interdependence between countries, as specialization (arguably the root cause of globalization) allows for specific regions to leverage their natural resources and abilities to efficiently produce specific products/services with which to trade for another country’s specialization. Globalization Process: This chart illustrates the complementary localizing and internationalizing responsibilities of a globalizing organization. Current challenges in operations management include all of the following EXCEPT: asked May 31, 2016 in Business by PerkinE. Different cultures not only speak different languages but adhere to different values, draw different assumptions, and define different actions as appropriate or inappropriate. Challenge #1: Increasing visibility into complex operations to control costs and optimize the performance of … Consumers and governments both penalize companies who have a large adverse affect on the environment (or reward those who have a positive impact ). Rapid Product Development. However, as the global economy requires businesses to understand varying perspectives, it also necessitates the cultivation of these diverse perspectives internally. Abiding by laws protecting workers’ rights and appropriate compensation is a top priority for management. Current challenges in operations management include all of the following EXCEPT: None of these are exceptions, i.e., all are current challenges. Majority cultures have a tendency to create a homogeneous environment, possibly limiting the potential diverse opinions can provide. The social movement of living “green” is another example of this kind of macro-environmental opportunity or potential threat. Some of the functions include: 1. The adjustments in the everyday operations have to support the company’s strategic goals, so they are preceded by deep analysis and measurement of the current processes. On the other end of the bargain, managers are tasked with localizing products and services effectively in a way that minimizes the adverse cultural and environmental effects caused by this rapid global expansion to maintain an ethical operation. Sustainability Mass Customization How Many Hours Would The Plant Have To Work To Produce 1000 Parts? Banks eliminated certain rules and regulations (though the government did as well), allowing employees to sell mortgages that were unlikely to be repaid. The term operations management encompasses planning, implementing, and supervising the production of goods or services. This opportunity, if not properly utilized, becomes a threat as the competition grows more effective at leveraging diversity to create synergy. E) None of the above are exceptions, i.e., all are current challenges. Starting up a car manufacturing business to compete with Hyundai in the low-cost market is extremely difficult, as Hyundai has economies of scale in place that will almost always beat smaller competition on a low-cost strategy. Recognizing the potential technologies available to optimize internal efficiency is a powerful asset in management. Management is tasked with ensuring these resources are available to employees and properly leveraged to optimize the geographic reach of a business’s operations. Intercultural marketplaces allow for differing demographics, larger market potential, a more diverse customer base (and therefore more diverse product offering) and a highly valuable human resource potential. Assimilation should be a shared responsibility, not simply assumed by those in the minority group. In its simplest form, corporate ethics is a legal matter. By selecting the best possible teams to carry out the projects; … Developing this global skill set is a powerful managerial skill. Quality is at a cost. Figure 1 summarizes the transformation process. Following this, upper management deemed it fit to package these risky securities into bundles and sell them as safe investments (though they were in fact risky derivatives), in order to capture yet more value. These indicators are critical to management, as they can reveal a good time to borrow, as well as whether an economy will be friendly to an industry where businesses fluctuate substantially with GDP or spending power, etc. Managers must also be particularly aware of the current criticisms of a highly global society, particularly as it pertains to ethical and environmental considerations. Most commonly, time is wasted performing a multitude of mundane tasks to triage and determine the veracity of the alerts, often resulting in alerts being missed or those of more damaging consequences slipping through the net as they are overlooked. B) MRP with a new set of computer programs that execute on m... Distribution resource planning (DRP) is: A) a transportation plan to ship materials to warehouses. 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