TPD 503 Flashcard

Characteristics/Features of management are:

-Economic resource -Goal oriented -Distinct process -Integrative force -System of Authority -Multi-disciplinary subject -Universal Application

Analyzing the problem includes;

-Evaluate the alternatives _Choosing an alternative

Criteria for decision making under the condition of risk: (3)

-Expected value criterion or Bayes criterion -Criterion of rationality or principles of insufficient reason - Criterion of maximum likelihood

How Do Today's Managers Use Scientific Management?

-Hire the best qualified employees -Design incentive systems based on output

Intellectual property is divided into 2 categories. They are

-Industrial Property -Copyright

eg of short term planning involves measures such as;

-Over time for existing staff -Having multi-skilled staff who can be reallocated to where a bottle neck has occurred.

In decision making under risk, there is information to assign probability rules to each of the possible states. Such information can be obtained from;

-Past record -From subjective judgement of the decision maker

Benefits of patent?

-Patents provide incentives for economically efficient research and development (R&D) -patents are intended to facilitate and encourage disclosure of innovations into the public domain for the common good

The major reasons for carrying out replacement analysis are:

-Physical Deterioration -Altered Requirement -Technology -Financing

Functions of management/manager

-Planning -Organizing -Staffing -Directing -Coordinating -Controlling

Reasons models are used?

-Sometimes, it is to avoid risks associated with tampering with the real object, -sometimes, the real environment is so complex that a representative model is needed just to understand it.

There are two key conditions for level production to work;

-The product must be suitable for storage, i.e. not highly customized and non perishable or with a reasonable shelf life. -Demand must be relatively reliable

When measuring capacity, the unit of measure can be either ___ or ____ to the process

an input or an output

The optimum number of orders , N* per year is obtained by dividing ____ by ____

annual demand by economic order quantity.

Classification of scheduling problems. These include minimization of;

Average flowtime Average tardiness Average number of jobs in system Maximum tardiness Number of tardy jobs

____ is obtained by dividing the summation of completion times of all jobs by the completion time of the last job

Average number of jobs

Summation of all tardiness divided by the number of jobs(including zero)

Average tardiness of all jobs

____ is a mathematical method of analyzing complex problem, as in transportation or project scheduling, by representing the problem as a network of lines and nodes.

Network Analysis

In an inventory models, various cost elevants are considered.These costs are ____,____,____ & ____

a) Unit Cost of Inventory (UCI) b) Ordering Cost c) Holding Cost or Carrying Cost d) Shortages Cost or Stock-out Costs

Manager should treat their subordinates with _____ and _____

fairness and impartiality

unplanned losses could include

poor work rate, absenteeism or new staff training

In structuring payoff matrix, ____ are listed on the left in the matrix cells, one consequence associated with each ___ pair

possible consequences action-event

The purpose of quality control is to ____

make sure that processes are performing up to a company's set standards

A ______ is one who contributes to the organization's goals indirectly by directing the efforts of others - not by performing the task himself.

manager

Manufacture of discrete parts or assemblies using a continuous process are called _____.

mass production

Arrangement of materials is called _____

material order

A ____ model represents a problem by a system of symbols and mathematical relationship or expressions.

mathematical

In some cases, Design capacity might be interpreted as ____

maximum capacity

____ enables the managers to perform their functions effectively.

Authority

____ is the average time required to complete each job in the group

Average completion time

The decision-maker functions in 3 environments, which are;

-Decision Making Under Condition of Certainty -Decision Making Under Condition of Uncertainty -Decision Making Under Condition of Risk

Structuring the problem includes;

-Define the problem -Identify the alternatives -Determine the criteria

A small probability of reaching the most optimistic time usually designated as ___.

"a"

The probability of reaching the most pessimistic time is usually designated by ___.

"b"

One and only most likely time is designated by letter

"m" => actual definite.

managers in general do not seem to adhere to the principle of ____.

"service above self"

If an invention fits into one of the first 5 categories, it is known as ____ and has passed the first test in qualifying for a patent.

"statutory subject matter"

When joining a queue, the customer is not usually engaged in the process but waiting to start the process, this leaves the customer free to either not join the queue, which is known as _____ or queue for a time and then leave the queue which is referred to as ____.

'baulking' 'reneging'

. The operation itself also is able to prevent customers entering the queue, this may occur if there is too much demand for the service at the given time, this is where the customer is ____by the queue.

'rejected'

The customers entering into the process is called___

'the calling population'

The level of inventory may be reduced by: ___,___,___ & ___

(a) Better planning (b) Continuous monitoring of stock (on-time) (c) Reliable vendors (d) Use of Just-in-time (JIT) concepts

Coordination, as a management function, involves the following sub-functions:

(a) Clear definition of authority-responsibility relationships (b) Unity of direction (c) Unity of command (d) Effective communication (e) Effective leadership

The function of directing thus involves the following sub-functions :

(a) Communication (b) Motivation (c) Leadership

Organizing thus involves the following sub-functions:

(a) Identification of activities required for the achievement of objectives and implementation of plans. (b) Grouping the activities so as to create self-contained jobs. (c) Assignment of jobs to employees. (d) Delegation of authority so as to enable them to perform their jobs and to command the resources needed for their performance. (e) Establishment of a network of coordinating relationships.

Staffing comprises several sub-function:

(a) Manpower planning involving determination of the number and the kind of personnel required. (b) Recruitment for attracting adequate number of potential employees to seek jobs in the enterprise. (c) Selection of the most suitable persons for the jobs under consideration. (d) Placement, induction and orientation. (e) Transfers, promotions, termination and layoff. (f) Training and development of employees.

Thus, controlling involves the following process:

(a) Measurement of performance against predetermined goals. (b) Identification of deviations from these goals. (c) Corrective action to rectify deviations

Planning involves:

(a) determination of long and short-range objectives; (b) development of strategies and courses of actions to be followed for the achievement of these objectives; (c) formulation of policies, procedures, and rules, etc., for the implementation of strategies, and plans.

formula for standard deviation

(b-a)/6

According to McFarland a profession possess the following characteristics:

(i) a body of principles, techniques, skills, and specialized knowledge; (ii) formalized methods of acquiring training and experience; (iii) the establishment of a representative organization with professionalization as its goal; (iv) the formation of ethical codes for the guidance of conduct; and (v) the charging of fees based on the nature of services

Only one state of nature exists in the environment, i.e. there is complete certainty about the future. Which environment is this? .

-Decision Making Under Condition of Certainty

The theory of scientific management means:

- Using scientific methods to define the "one best way" for a job to be done

There are 3 things an operation must consider when looking at production of goods and services:

-Capacity: • How much can they make? -Demand: • How much does the market require? -Forecasting: • How are they going to match what is required with what they can make without wasting resources?

Some methods of demand adjustment may include; •

-Varying the price -Providing an incentive for off peak services or products -Additional marketing can create awareness of a product that wasn't there before(most effective) -Alternative products or services could be provided using the same capacity and skills level but smoothing demand

Trademark application must contain

-clear reproduction of the sign filed for registration, including any colors, forms or three-dimensional features. -It must also contain a list of the goods or services to which the sign would apply.

Copyright covers ___,___,__,___&___

-literary works (such as novels, poems and plays), -films, -music, -artistic works (e.g., drawings, paintings, photographs and sculptures) -architectural designs.

Industrial Property includes ____,____,____ &____

-patents for inventions, -trademarks, -industrial designs -geographical indications.

Management is a distinct process consisting of such functions as ____,____,____,____ and ____

-planning -organizing -staffing -directing -controlling.

Max Weber emphasized on :

-rationality, -predictability, -impersonality -technical competence -authoritarianism

planned stoppages may include?

-shift changeovers, -lunch breaks, -set up times -many other operational factors

WIPO administers an international registration system for trademarks. The system is governed by two treaties:

-the Madrid Agreement Concerning the International Registration of Marks -the Madrid Protocol

In an organization, there are two types of interests which are;

-the individual's personal interest - the organization's general interest.

These are some important objectives of quality control:

1) To establish the desired quality standards which are acceptable to the customers. 2) To discover flaws or variations in the raw materials and the manufacturing processes in order to ensure smooth and uninterrupted production. 3) To evaluate the methods and processes of production and suggest further improvements. 4) To study and determine the extent of quality deviation in a product during the manufacturing process. 5) To analyse in detail the causes responsible for such deviation. 6) To undertake steps which are helpful in achieving the desired product quality

Management definitions calls attention to two basic issues

1. A manager is one who contributes to the organization's goals indirectly by directing the efforts of others - not by performing the task himself. 2. Management is a process - a systematic way of doing things. Some of these activities are: planning, organizing, actuating, coordinating and controlling

Continuous production is used under the following circumstances:

1. Dedicated plant and equipment with zero flexibility. 2. Material handling is fully automated. 3. Process follows a predetermined sequence of operations. 4. Component materials cannot be readily identified with final product. 5. Planning and scheduling is a routine action

Assumptions of the model "Uniform Demand Rate, Infinite Production Rate"

1. Demand for the inventory is deterministic, i.e it is known with certainty. 2. Demand rate is constant and known beforehand 3. All orders are placed in single lot. 4. No stock-out shortages or back orders are allowed 5. No quantity discount is allowed. Thus, purchase cost per unit is fixed. 6. Lead time is constant and it is independent of demand. 7. Inventory is controlled from one point of the system i.e in a stockroom or in a warehouse.

PERT management is interest in many things.

1. Determining the individual project will start and finished. 2. Interested in knowing the terms of completion of the project 3. Which part of the project must finished on time, delay or there must be possible lateness. 4. The probability of shifting the critical path of the project to non-critical path. 5. Where the management should concentrate their effort any time among other part of the project.

Based on differences on the basis of output produced, Continuous has the following characteristics;

1. Few standard products in large quantities 2. Output on the basis of anticipation of demand

Based on differences on the basis of Machinery, Intermittent has the following characteristics;

1. Generalized machinery 2. Frequent changes in machine setup 3. Less machines required

Main Characteristics of job shop;

1. High variety of products and low volume. 2. Use of general purpose machines and facilities. 3. Highly skilled operators who can take up each job as a challenge because of uniqueness. 4. Large inventory of materials, tools and parts. 5. Detailed planning is essential for sequencing the requirements of each product, capacities for each work center and order priorities

Based on differences on the basis of materials handling and labor, Intermittent has the following characteristics;

1. Highly skilled labor force 2. Not feasible to employ mechanized handling 3. High cost of material handling 4. Need for inventory is minimized.

Steps in problem solving

1. Identify and define the problem 2. Determine the set of alternative solutions 3. Determine the criterion or criteria that will be used to evaluate the alternatives 4. Evaluate the alternatives 5. Choose an alternative 6. Implement the selected alternative 7. Evaluate the results, and determine if a satisfactory solution has been reached.

Stages in PERT?

1. List all the activities involve in a project. 2. For each activity, its immediate predecessor must also be given. 3. The immediate predecessor is the activity that must immediate be given attention.

Based on differences on the basis of Machinery, Continuous has the following characteristics;

1. Specific machinery 2. Specific machine setup 3. Duplication of machines

Mass production is used under the following circumstances:

1. Standardization of product and process sequence. 2. Dedicated special purpose machines having higher production capacities and output rates. 3. Large volume of products. 4. Shorter cycle time of production. 5. Lower in process inventory

Benefits of trademarks ?

1. Trademark protection ensures that the owners of marks have the exclusive right to use them to identify goods or services, or to authorize others to use them in return for payment. 2. Trademark protection is legally enforced by courts that, in most systems, have the authority to stop trademark infringement. 3. In a larger sense, trademarks promote initiative and enterprise worldwide by rewarding their owners with recognition and financial profit. 4. Trademark protection also hinders the efforts of unfair competitors, such as counterfeiters, to use similar distinctive signs to market inferior or different products or services. 5. Trademarks enables people with skill and enterprise to produce and market goods and services in the fairest possible conditions, thereby facilitating international trade 6. The registration and protection of trademarks helps consumers to identify and purchase a product or service based on whether its specific characteristics and quality - as indicated by its unique trademark - meet their needs.

Based on differences on the basis of materials handling and labor, Continuous has the following characteristics;

1. Unskilled, small team of specialized labor force 2. Mechanized material handling 3. Materials handling cost is less 4. Investment in inventory is high

Batch production system is used under the following circumstances:

1. When there is shorter production runs. 2. When plant and machinery are flexible. 3. When plant and machinery set up is used for the production of item in a batch and change of set up is required for processing the next batch. 4. When manufacturing lead time and cost are lower as compared to job order production.

Based on differences on the basis of output produced, Intermittent has the following characteristics;

1. Wide range of products in small quantities 2. Outputs according to order received

To qualify for a patent an invention must be:

1. a process or method for producing a useful, concrete, and tangible result (such as a genetic engineering procedure, an investment strategy, computer software, or a process for conducting e-commerce on the Internet) 2. a machine (usually something with moving parts or circuitry, such as a cigarette lighter, a sewage treatment system, a laser, or a photocopier) 3. an article of manufacture (such as an eraser, a tire, a transistor, or a hand tool) 4. a composition of matter (such as a chemical composition, a drug, a soap, or a genetically altered life form), or 5. an improvement of an invention that fits within one of the first four categories.

Henry Fayol has how many principles of management

14

The protection conferred by the patent is limited in time (generally __ years)

20

Intellectual property rights are outlined in Article __ of the Universal Declaration of Human Rights,

27

an inventor's creation must overcome several additional hurdles before the patent is issued. The invention must also:

6. have some usefulness (utility), no matter how trivial 7. be novel (that is, it must be different from all previous inventions in some important way) 8. be non-obvious (a surprising and significant development) to somebody who understands the technical field of the invention.

___ is a final expression of accent to the terms of an offer

Acceptance

In structuring payoff matrix, ____ are listed on the left of the matrix along the rows.

Actions

_____ is the same as effective capacity but contains unplanned losses as well as planned ones

Actual capacity

A number of organizations such as the ___,___,____,___&___ offer a variety of short-term management training programes.

Administrative Staff College of India, the Indian Institutes of Management, Management Development Institute, the All India Management Association, the university departments of management

OAPI means

African Intellectual Property Organization

final verification of goods to make sure they conform to desired standards (involves acceptance sampling procedures).

After production

____ are physical in form, but do not have the same physical appearance as the object being modeled

Analog models

D =

Annual demand of parts (in unit)

the iPhone (patents held by ____)

Apple

Which principle talks about: The right to issue commands, along with which must go the balanced responsibility for its function.

Authority

Which production type is characterized by: When manufacturing lead time and cost are lower as compared to job order production.

Batch production

Which production type is characterized by: When plant and machinery are flexible.

Batch production

Which production type is characterized by: When plant and machinery set up is used for the production of item in a batch and change of set up is required for processing the next batch.

Batch production

Which production type is characterized by: When there is shorter production runs.

Batch production

_____ is a form of manufacturing in which the job passes through the functional departments in lots or batches and each lot may have a different routing.

Batch production

Expected value criterion is also called ____

Bayes criterion

This is critical to the production process as the procedures and quality of the raw materials to be used in the production process are scrutinized to make sure they are acceptable (involves acceptance sampling procedures).

Before production:

magnetic resonance imaging (MRI) (patents held by ___)

Damadian

Which type of production involves: "Production facilities are arranged as per the sequence of production operations from the first operations to the finished product."

CONTINUOUS PRODUCTION

Which type of production involves: "The items are made to flow through the sequence of operations through material handling devices such as conveyors, transfer devices, etc"

CONTINUOUS PRODUCTION

____ is a rightful level of expectation by the customer to buy high-quality products at the lowest possible cost.

CUSTOMER

____ is about the quantity of a product or service that can be made within a given time period

Capacity

____ is defined as the number of units (goods and/or services) an operation can produce over a given time period, under normal working conditions, where no additional resources are deployed.

Capacity

____ measures the rate that the operation can transform inputs into outputs.

Capacity

What strategy involves waiting to see what demand is and then respond after it is confirmed,

Capacity Lags Demand

Extension to a lecture theatre being built before student numbers were confirmed is an example of what approach

Capacity Leads Demand

It is a more expensive way of providing capacity as it requires investment to be made ahead of demand

Capacity Leads Demand

This capacity strategy has an advantage in that the operation is ready to satisfy customer demand and meet short term opportunities. What strategy is this

Capacity Leads Demand

____ strategy involves providing capacity ahead of the forecast so that it is ready to respond immediately

Capacity Leads Demand

Capacity Planning Methods are 3. What are they?

Capacity Leads Demand Capacity matches Demand Capacity Lags Demand

This strategy relies heavily on forecasting and accurate information as investment decisions are made in line with the forecast. What strategy is this

Capacity Matches Demand

What strategy involves providing capacity as demand changes so that it expands and contracts its capacity to follow demand,

Capacity matches Demand

Holding Cost is also called ___

Carrying Cost

Cc =

Carrying cost per unit of individual item, expressed as a percentage of unit cost

____ is expressed as a percentage of unit cost

Carrying cost per unit of individual item,Cc

____ means concentration of authority at the top level.

Centralization

Which principle talks about: Centralization means concentration of authority at the top level. In other words, centralization is a situation in which top management retains most of the decision-making authority. Decentralization means disposal of decision-making authority to all the levels of the organization.

Centralization (Or Decentralization)

What type of system are not influenced by and do not interact with their environment (all system input and output is internal)

Closed system

The _____ and ____ life of the modern society consists largely of agreements and other forms of interaction

Commercial and economic

____ are the principles of law common to the whole of England

Common law

English law consists of ____,____ & ____

Common law, Statutes and Equity

Rationale for Operations research in industry? List 4

Complexity Scattered Responsibility and authority Uncertainty Knowledge explosion

For a party to enforce an agreement, he must show that he has finished ____

Consideration

_____ is the price paid for a promise

Consideration

Which production type is characterized by: Component materials cannot be readily identified with final product.

Continuous production

Which production type is characterized by: Dedicated plant and equipment with zero flexibility.

Continuous production

Which production type is characterized by: Material handling is fully automated.

Continuous production

Which production type is characterized by: Planning and scheduling is a routine action

Continuous production

Which production type is characterized by: Process follows a predetermined sequence of operations.

Continuous production

_____ implies that objectives, goals and standards of performance exist and are known to employees and their superiors.

Controlling

_____ is the function of ensuring that the divisional, departmental, sectional and individual performances are consistent with the predetermined objectives and goals.

Controlling

______ is the process of monitoring activities, measuring performance, comparing results to objectives, and making modifications and corrections when needed

Controlling

___ is thus the process of tying together all the organizational decisions, operations, activities and efforts so as to achieve unity of action for the accomplishment of organizational objectives.

Coordinating

____ is the function of establishing such relationships among various parts of the organization that they all together pull in the direction of organizational objectives.

Coordinating

____ covers literary works (such as novels, poems and plays), films, music, artistic works (e.g., drawings, paintings, photographs and sculptures) and architectural designs

Copyright

sewing machines (patents held by___),

Howe and Singer

C =

Cost of inventory for unit item

Cs =

Cost of shortages due to non-availability of inventor

___ criteria is a middle criterion between optimistic and pessimistic

Criterion of Realism

In this criterion, the state of nature has the highest probability of occurrence is selected. What criterion is this?

Criterion of maximum likelihood

This criterion can be used in situations where little or no data on past record is available. What criterion is this?

Criterion of rationality or principles of insufficient reason

____ is used to determine project duration

Critical Path Analysis

CPM means

Critical Path Method

____ is the longest path through the network

Critical path

Sources of Nigerian law;

Customary English law Nigerian Legislation Judicial Precedence International law

What law was used in existing communities before the advent of a colonialist?

Customary Law

____ law are rules of conduct accepted by members of the community as binding amongst them

Customary Law

_____ is the law of people and governs the affairs of the people

Customary Law

Formula for N*

D*/Q*

_____ means disposal of decision-making authority to all the levels of the organization.

Decentralization

In this situation, more than one state of nature exist, but the decision-maker has information, which will support the assignment of probability values to each of the possible states. Which environment is this?

Decision Making Under Condition of Risk

In which environments do they have more than one state of nature.

Decision Making Under Condition of Risk Decision Making Under Condition of Uncertainty

He does not also has sufficient knowledge to permit the assignment of probabilities to the states of nature. Which environment is this?

Decision Making Under Condition of Uncertainty

Here more than one state of nature exist, and the decision-maker has no knowledge about the various states. Which environment is this?

Decision Making Under Condition of Uncertainty

____ can be summarized as a set of quantitative methods for reaching optimal decisions

Decision theory

____ is defined as the mathematical study of strategies for optimal decision making between options involving different risks or expectations of gain or loss depending on the outcome

Decision theory

When planning capacity there are always two sides to consider: -

Demand Provision of the good or service

Formula for Number of orders to be placed in a year

Demand in a year/Quantity ordered each time D/Q

Formula for EOQ

Demand rate * Optimum ordering interval

In carrying out locational analysis, the following are to be considered____

Demographic analysis Trade area analysis Competitive analysis Traffic analysis Economic site analysis

____ is a theoretical number and not one that is applied to the daily production of an operation.

Design Capacity

____ is the output that an operation can produce continuously, at maximum rate without stopping for any shift changeovers, maintenance or any other delays. What the process is capable of producing under perfect conditions.

Design capacity

Uniform Demand Rate, Infinite Production Rate is an example of what type of model?

Deterministic Inventory Models

_____ is the function of leading the employees to perform efficiently, and contribute their optimum to the achievement of organizational objectives

Directing

Which principle talks about: Employees must obey, but this is two-sided: employees will only obey orders if management play their part by providing good leadership.

Discipline

Which principle talks about: Specialization allows the individual to build up experience, and to continuously improve his skills. Thereby he can be more productive

Division of work

The 14 principles of management by henry fayol are

Division of work Authority Discipline Unity of command Unity of direction Subordination of individual interest Remuneration Centralization (Or Decentralization) Scalar Chain (Line of authority) Order Equity Stability of Tenure of Personnel Initiative Esprit de corps

to make sure conversion of inputs into outputs is proceeding in acceptable manner (involves process control).

During production

The job that has the smallest due date is processed first and then other jobs are processed in order of due dates. Which scheduling rule is this?

Earliest(Shortest) Due Date(EDD)

EOQ means

Economic Order Quantity

____ is the period of time (years) of the minimum equivalent uniform annual cost (EUAC) of owning and operating an asset.

Economic life

electric lighting (patents held by ____)

Edison and Swan

This considers how the operation will run on a long term basis, how it will be staffed and how it will be maintained. All planned stoppages under the normal working time frame are taken into consideration. These stoppages may include shift changeovers, lunch breaks, set up times and many other operational factors . This is called?

Effective Capacity

____ source of Nigerian law came about as a result of Nigeria Colonial history which links nation to Britain

English law

_____ refers to creations of the mind such as inventions; literary and artistic works and symbols, names and images used in commerce.

Intellectual property

____ allow creators, or owners, of patents, trademarks or copyrighted works to benefit from their own work or investment in a creation

Intellectual property rights

Which principle talks about: . It is a combination of fairness and justice. It creates loyalty and devotion in employees. Manager should treat their subordinates with fairness and impartiality. They should not discriminate with respect to age, sex, caste or religion

Equity

____ is the doctrine involved in English to mitigate the harshness of the common in order to justice

Equity

_____ creates loyalty and devotion in employees.

Equity

_____ is a combination of fairness and justice.

Equity

Which principle talks about: It refers to team spirit. Management should encourage harmony and general good spirit among employees. Fayol cautioned the managers against dividing the employees into competing groups because it might damage the moral of the workers and interest of the undertaking in the long run.

Esprit de corps

____ refers to team spirit

Esprit de corps

EPO means

European Patent Office

In this criterion, the expected value of each decision alternative are calculated. What criterion is this?

Expected value criterion or Bayes criterion

Equity means _____

Fairness

Management is a profession like medicine and law. True/False

False

a management degree is a prerequisite to become a manager. True/false

False

Jobs are processed in order in which they arrive at the machine. Which scheduling rule is this?

First come first serve(FCFS)

Scheduling rules;

First come first serve(FCFS) Earliest(Shortest) Due Date(EDD) Shortest Processing Time(SPT)

_____ first developed the model "Uniform Demand Rate, Infinite Production Rate" and in what year?

Ford Harris(1915)

____ is the prediction of future demand based upon qualitative or quantitative measures

Forecasting

_____ propounded the theory and principles of scientific management

Frederick W. Taylor

____ was the first manager-theorist who made significant contributions to the development of management as a science.

Fredrick W. Taylor

Who is the "father" of scientific management

Fredrick Winslow Taylor

Who published "Principles of Scientific Management" and in what year

Fredrick Winslow Taylor (1911)

Frederick W. Taylor work was followed by many others including ____,____,____ & ____

Gantt, Emerson, Fayol, Barnard

IMPORTANCES OF QUALITY CONTROL

Good Quality Products Inspire Brand Loyalty Reduction in production cost Most effective utilization of resources Increased Sales Reduce Your Level of Risk

____ are incurred due to maintaining an inventory level in the organization.

Holding costs

Which general administrative theorist believed that the practice of management was distinct from other organizational functions

Henry Fayol

Which general administrative theorist developed fourteen principles of management that applied to all organizational situations

Henry Fayol

Who defined management as : "To manage is to forecast and plan, to organize, to compound, to co-ordinate and to control."

Henry Fayol

2 general administrative theorists:

Henry Fayol Max weber

____ is due to interest on the held-up capital in inventory, insurance cost, rent, salaries of storage staff, obsolescence etc.

Holding costs

If demand is greater than supply (D>S), • Then profit is equal to

If S<D, Profit= S(R-C) - G(D-S). R=per unit revenue (selling price) C=relevant unit cost G=Goodwill Loss per shirt

If supply (S) is greater than demand (D), i.e. S>D, • Then profit is equal to ____

If S>D, Profit = D(R-C) - (C-K)(S-D); R=per unit revenue (selling price) C=relevant unit cost K=Half price(end of season ) price

The rules of law contained in international treaties or convention which are rectified by Nigeria is also part of the Nigerian Legal system referred to as ______

International law

____ includes patents for inventions, trademarks, industrial designs and geographical indications

Industrial Property

Which principle talks about: eagerness to initiate actions without been asked to do them. Management should encourage initiative, that is, they should encourage workers to make plans and carry out the plans. This is because initiative brings satisfaction to the employees and success to the organisation

Initiative

____ brings satisfaction to the employees and success to the organization

Initiative

____ means eagerness to initiate actions without been asked to do them.

Initiative

____ measures are most appropriate for small processes or where capacity is relatively fixed, or for highly customized or variable outputs such as complicated services.

Input

"It stores most of the company's capital". This is a purpose/use of?

Inventory

____ may be defined as any resources that has certain value and which can be used at a later time, when the demand for the item will arise.

Inventory

_____ is thus a stock of goods, which may be in the form of rain material semi-finished goods (or work-in-process) or finished product

Inventory

One of the major features of Nigeria Legal System is?

Its tremendous influence on the Nigerian Law

Production systems can be classified as ___,___,___&___

Job Shop, Batch, Mass Continuous Production

____ production are characterized by manufacturing of one or few quantity of products;

Job shop

Which production type is characterized by: Detailed planning is essential for sequencing the requirements of each product, capacities for each work center and order priorities

Job shop production

Which production type is characterized by: High variety of products and low volume.

Job shop production

Which production type is characterized by: Highly skilled operators who can take up each job as a challenge because of uniqueness.

Job shop production

Which production type is characterized by: Large inventory of materials, tools and parts.

Job shop production

Which production type is characterized by: Use of general purpose machines and facilities.

Job shop production

Which source of Nigeria law means the decision of a superior court which are binding on other lower courts?

Judicial Precedence

A situation where raw materials are gotten at the instance of use is called

Just in Time

JIT means

Just-in-time

___ can be loosely defined as the body of rules governing human conducts and society

Law

TL =

Lead time

_____ inspire people to support plans, creating belief and commitment

Leaders

_____ use knowledge, character, and charisma to generate enthusiasm and inspire effort to achieve goals.

Leaders

Which management process includes people that are behind any accomplishment in any organization.

Leading

____ is defined as a system and framework of law and course in a given jurisdiction.

Legal system

____ has a great influence on all other sources of Nigeria law

Legislation

____ is considered to be the most important source of Nigeria Law because it can be used as an instrument for rapid legal development

Legislation

___ allows an operation to manufacture efficiently and optimize capacity irrespective of the demand.

Level production

____ largely ignores demand fluctuations and works on producing units efficiently and then either storing the finished goods or satisfying demand from stock.

Level production

______ can use the power of reward and punishment to make people support plans and goals.

Managers

______ must also lead by communicating goals throughout the organization, and by encouraging high performance.

Managers

A ____ is done to be able to arrive at best locational decision

Locational analysis

Measure of realism(MR) is calculated as;

MR = α x X max + (1 - α)Xmin

Maximum of flow times is called ____

Make span

___ assembles and integrates other factors of production to produce goods and services required by the society.

Management

____ is a process - a systematic way of doing things. Some of these activities are: planning, organizing, actuating, coordinating and controllin

Management

____ is therefore most critical force in the successful performance of all kinds of organized social activities.

Management

_____ is the social process by which managers of an enterprise integrate and coordinate its resources for the achievement of common, explicit goals.

Management

Who defined management as : management is the "art of getting things done through people"

Mary Parker Follett

Which production type is characterized by: Dedicated special purpose machines having higher production capacities and output rates.

Mass production

Which production type is characterized by: Large volume of products.

Mass production

Which production type is characterized by: Lower in process inventory

Mass production

Which production type is characterized by: Shorter cycle time of production.

Mass production

Which production type is characterized by: Standardization of product and process sequence.

Mass production

_____ models are used in quantitative approach,

Mathematical

Which general administrative theorist developed a theory of authority based on an ideal type of organization (bureaucracy)

Max Weber

There are four criteria that can be used for decision making under the condition of uncertainty, they are:

Maximax Maximin Minimax Regret Criterion of Realism

____ criteria is maximizing the minimum payoff possible •

Maximin

Who defined management as : "Management is defined as that process by which managers create, direct, maintain and operate purposive organization through systematic, coordinated co-operative human effort."

Mc Farland

____ criteria involves taking a decision based on the minimum of the maximum regret (had I know)

Minimax Regret

____ are simplified representation of objects, systems or situations.

Models

____ are sometimes used in preference to the "real thing" for reasons such as economic - to save money, time or some other valuable commodities. •

Models

Count of all the number of jobs that are tardy

Number of tardy jobs

____ is a proposition made by a party called _____ to another party called _____ indicating his willingness to be contractually bound on certain terms if those terms are accepted by the two parties

Offer Offeror Offeree

The elements of every contracts are ?

Offer, Acceptance, Invitation and consideration

In ____, the model is compared against some historical standard to see if it could have accurately predicted what has since been observed to occur

Retrospective Testing

Types of systems:

Open and Closed

What type of system dynamically interact to their environments by taking in inputs and transforming them into outputs that are distributed into their environments

Open system

______ establish a structure of roles and the flow of information within the operations subsystem.

Operation managers

_______ determine the activities required to achieve the goals and assign authority and responsibility for carrying them out

Operation managers

____ is concerned with optimal decision making modeling of systems (both deterministic and probabilistic) that originate from real life.

Operations Research

____ is the application of the methods of science to complex problems arising in the direction and management of large systems of men, machines, materials and money in industry, government and defense •

Operations Research

____ teams collect the latest information for analysis purposes which is quite useful for the organizations.

Operations Research

Optimum cost formula?

Optimum cost = (Annual Demand)(Priceof unit item) + (2DCoCc)^0.5

Q* =

Optimum quantity of inventory ordered for minimum total cost

Which principle talks about: This principle is associated with proper arrangement of materials and people.

Order

____ is the cost associated with the placement of an order for the acquisition of inventories. The expenses incurred in the purchase department, are its main constituents.

Ordering cost

Co =

Ordering, Set-up or procurement cost per order

The study of the actions of people at work is _____

Organizational Behavior (OB)

_____ are activities that establish a structure of tasks and authority.

Organizing

_____ involves identification of activities required for the achievement of enterprise objectives and implementation of plans; grouping of activities into jobs;

Organizing

_____ is thus the basic process of combining and integrating human, physical and financial resources in productive interrelationships for the achievement of enterprise objectives.

Organizing

One method of validating predictive models is ____

Retrospective Testing

____ is the time between the date of acquisition and the date of disposal by a specific owner

Ownership life

Which NA model deals with activities that must be done before other

PERT

____ is a rightful level of expectation of the goods/service provider to produce/provide quality products/services at the highest possible profits.

PROVIDER

PCT means

Patent Cooperation Treaty

____ regulates the procedures adopted at the Patent Registry

Patent Rules

____ shows the outcome that results from taking a certain decision.

Pay off table

_____ is an important motivator

Payment

_____ is the period between original acquisition and final disposal of an asset by its succession of owners.

Physical life:

____ is the most fundamental and the most pervasive of all management functions.

Planning

_____ is deciding in the present about the future objectives and the courses of action for their achievement.

Planning

_____ means defining performance goals for the organization and determining what actions and resources are needed to achieve the goals.

Planning

____ patents are issued less frequently than any other type of patent.

Plant

The arrangement of physical facilities such as machines, equipment e.t.c within the factory building in such a manner so as to have quick flow of materials at the lowest cost and with the least amount of handling

Plant Layout

A choice of a region and the selection of a particular site for setting up a business or a factory is what is referred to as _____

Plant Location

The decision to make the best profit possible is very important in _____

Plant Location

____ is based primarily on the manager's or executive's judgement and past experience. It includes the manager's intuitive "feel" for the problem and is more of an art than a science.

Qualitative analysis

Analyzing the problem involves 2 kinds of analysis. They are

Qualitative and Quantitative

Criterion of rationality is also called ____

Principles of insufficient reason

Quantitative Analysis process involves steps that include ___,___ & ___

Problem definition Development of model Model testing

____ is the process of identifying a difference between some actual and some desired state of affairs and then taking action to resolve the difference.

Problem solving

____ is thought of as a scale ranging from perfect to utterly disastrous so that a product/service will inevitably fall somewhere on the scale and if it is on the end of the scale closer to perfect, we refer to it as high-quality and when it falls on the other end, we might say it is low-quality

Quality

_____ is a management process that evaluates output relative to a standard and takes corrective action when output doesn't meet these predetermined standards.

Quality Control

______ is the process, which combines and transforms various resources used in the production/operations subsystem of the organization into value added product/services in a controlled manner as per the policies of the organization.

Production/operations management

______ is the process, which ____&____ various resources used in the production/operations subsystem of the organization into _____ in a controlled manner as per the of the ____ organization

Production/operations management combines and transforms value added product/services policies

The aim of every business is ____

Profit maximization i.e when cost per unit effort is minimized

PERT means

Project Evaluation and Review Technique

Network Analysis is made of 2 important models. They are?

Project Evaluation and Review Technique (PERT) and Critical Path Method (CPM).

____ can mean providing value to the customer by offering products or services that meet or exceed customer's expectations, yet are still affordable

QUALITY

____ involves testing of units and determining if they are within the specifications for the final product.

Quality control

____ evolved from mathematical and statistical methods developed to solve WWII military logistics and quality control problems

Quantitative Approach

_____ focuses on improving managerial decision making by applying Statistics, optimization models, information models, and computer simulations

Quantitative Approach

GIGO is applicable in what type of analysis

Quantitative analysis

Q =

Quantity ordered each time

____ works on the basis that where the flow of consumers into a process is not regular then there will be an element of waiting involved where customers will have to queue.

Queuing theory

The model "Uniform Demand Rate, Infinite Production Rate" first developed by Ford Harris in 1915 was later developed by and in what year? 1943,

R.H. Wilson(1943)

R =

Re-order point

Which principle talks about: Payment is an important motivator although by analyzing a number of possibilities, Fayol points out that there is no such thing as a perfect system.

Remuneration

With stiff competition, the demand for higher quality goods and services, shorter response times, this type of decision known as the _____

Replacement Analysis

List 4 early Organizational Behaviour Advocates

Robert Owen Hugo Munsterberg Mary Parker Follett Chester Barnard

Which principle talks about: Employees work better if job security and career progress are assured to them. An insecure tenure and a high rate of employee turnover will affect the organization adversely.

Stability of Tenure of Personnel

____ is "the chain of superiors ranging from the ultimate authority to the lowest".

Scalar chain

____ is a line of authority (flow of authority).

Scalar chain

_____ line joins all the members (managers and employees) from top to bottom.

Scalar chain

Which principle talks about: "the chain of superiors ranging from the ultimate authority to the lowest". It is a line of authority (flow of authority). This line joins all the members (managers and employees) from top to bottom.

Scalar chain(Line of authority)

_____ determines the order in which the jobs assigned to a machine or a group of machines will be processed.

Scheduling

___ establishes the order for doing the jobs at each facility

Sequencing operation

____ involves shop floor control which consists of communicating the status orders and the productivity of workstation

Sequencing operation

____ reflects job priority according to the way that jobs are arranged in sequence

Sequencing operation

____ is a continuous and vital function of management.

Staffing

____ is a reactive time scale and can be as immediate as adjusting capacity on the same day or on a time scale of up to around 3 months

Short-term planning

"When there is a stock-out situation, the customer demand is not satisfied. This causes loss due to emergency purchase. Unsatisfied customer results in loss of goodwill and lost-sale". The cost associated with the above is ____

Shortages Cost or Stock-out Costs

This is called the shortest operation among jobs on hand. It is the jobs that requires minimum processing time are processed first. Which scheduling rule is this?

Shortest Processing Time(SPT)

____ is a single machine on which several jobs are waiting to be processed, the order in which these jobs will be processed needs to be specified

Single Machine scheduling(SMS)

____ is the difference between the latest time and earliest time of an event.

Slack value

_____ is the length of time an activity can be delayed without delaying the project

Slack value

Formula for slack value?

Slack value = LS - ES LS is Latest start ES is earliest start

In structuring payoff matrix, ____ are listed on the top of the matrix along the columns.

States

____ are the English enactments which were extended to Nigeria

Statutes

Shortages Cost is also called ___

Stock-out Costs

_______ are long-term and affect the entire organization. A strategic plan bridges the gap between what an organization is and what it will become

Strategic plans

A decision is divided into ___ & ___

Structuring the problem Analyzing the problem

Which principle talks about: Fundamentally, this principle proposes that employees should sacrifice their interest for the good of the organization.

Subordination of individual interest

____ is a set of interrelated and interdependent parts arranged in a manner that produces a unified whole.

Systems

______ translate strategic plans into specific actions that need to be implemented by departments throughout the organization

Tactical plans

This is a job that is completed after the due date

Tardiness

Formula for Total cost, Tc

Tc = (ordering cost)(Number of Orders placed in a year) + (carrying cost per unit)(average inventory level during year)

_____ is the substantive law governing affairs of patents in Nigeria

The Patents and Designs Act of 1971 Cap. 344

The advantage of criterion "Decision making under risk" is

The decision maker is able to introduce his personal feeling of relative optimism and pessimism into the decision process as indicated by the the value assigned to α

Tc =

Total annual costs

____ is the sum of the inventory carrying cost during year and total ordering cost.

Total cost during the year

____ may be one or a combination of words, letters and numerals.

Trademarks

____ may consist of drawings, symbols or three-dimensional signs, such as the shape and packaging of goods.

Trademarks

EOQ=Q*, true or false

True

Unity of command does not exist without unity of direction but does not necessarily flows from it. True or false

True

An example of Deterministic Inventory Models

Uniform Demand Rate, Infinite Production Rate

_____ is one of the oldest developments in material management.

Uniform Demand Rate, Infinite Production Rate

UCI means

Unit Cost of Inventory

____ is the price which is paid to the supplier for procuring one unit of the inventory,

Unit Cost of Inventory (UCI)

Which principle talks about: People engaged in the same kind of activities must have the same objectives in a single plan. This is essential to ensure unity and coordination in the enterprise. Unity of command does not exist without unity of direction but does not necessarily flows from it.

Unity of Direction

Which principle talks about: Each worker should have only one boss with no other conflicting lines of command.

Unity of command

____ is an estimate of how long an asset is expected to be used in a trade or business to produce income

Useful life

____ is the period of time (years) that an asset is kept in productive service (either primary or backup).

Useful life

_____ represents economic worth or practical utility & importance for both the customer and the company that creates the product or service.

VALUE

Elements of quality of a product or service

VALUE VALUE ENTITLEMENT -CUSTOMER -PROVIDER

_____ is usually expressed for the customer as well as the provider of goods/services in the following ways:

VALUE ENTITLEMENT

The ____provides for the filing of a single international patent application that has the same effect as national applications filed in the designated countries.

WIPO-administered Patent Cooperation Treaty (PCT)

Management principles are firmly based on ____,____,____

observed phenomena, systematic classification analysis of data.

Example of iconic models

a scale model of an airplane is a real representation of a real airplane.

In model "Uniform Demand Rate, Infinite Production Rate" It is further assumed that lead time is ___; which means that ____

Zero the inventory is delivered instantaneously after the order to placed.

Optimum Ordering Interval (t*) formula

[(2Co)/DCc]^0.5

Formula for Optimum quantity of inventory ordered for minimum total cost, Q* (or EOQ)

[(2DCo)/Cc]^0.5

Qualitative analysis may be sufficient for making a decision if ____ or ____ .

a manager has had experience with similar problem(s) or if the problem is relatively simple

Why protect intellectual property?

a) the progress and well-being of humanity rest on its capacity to create and invent new works in the areas of technology and culture. b) the legal protection of new creations encourages the commitment of additional resources for further innovation. c) the promotion and protection of intellectual property spurs economic growth, creates new jobs and industries, and enhances the quality and enjoyment of life. d) Intellectual property rights reward creativity and human endeavor, which fuel the progress of humankind.

Reasons for an Inventory ?

a.) To ensure that sufficient goods are available to meet anticipated demand b.) To afford the opportunity of bulk purchase e.g quantity discount c.) To meet demands of stocks that have cyclical or seasonal fluctuation patterns d.) It may be neccesary to stock up as an integal part of production process. e.) To ensure a smooth and efficient flow of production process. f.) To even out variations in sales and production level. g.)As a deliberate investment policy inflation or possible future shortage is envisaged. h.)As a deliberate policy of management

Medium-term planning time scale:

around 3 - 18 months

the customers will arrive in varying groups and batch sizes in different timing this is known as the ____ of customers.

arrival rate

The ____ represent the activities in a project,

arrow

Effective capacity can also be known as ___ .

available capacity

Quality testing involves inspection/testing at each step of the manufacturing process. This is usually done ___,___ & ____ production

before, during and after

Long-term planning time scale:

beyond 12- 18 months

Optimal decision making modeling of systems can be ____ or ____

deterministic probabilistic

_____ is a situation in which top management retains most of the decision-making authority.

centralization

____ is where the operation attempts to follow demand by expanding and contracting capacity. To follow such a strategy requires considerable planning in process design and staff training.

chase demand

For the sake of corporate identity, trademarks are being displayed on ____.

company buildings

Influencing factors in Decision Making is also called

constraints

____ is an agreement which the court will enforce

contract

With ____, quality procedures and processes are carried out to ensure that a high quality of output is maintained at a reasonably low cost. While in relation to ____, high quality can differentiate a product/service from that of competitors

cost differentiation

Companies/organizations usually exploit their competitive advantage in two ways namely ____ & ____ with quality playing an important role in both.

cost and differentiation

Affairs of Nigerians are mostly governed by the ____ laws of their various states

customary

Value entitlement is usually expressed for the ____ as well as the ____ of goods/services in the following ways:

customer provider

Good Quality Product has a lot of benefits such as____

customer satisfaction

traditional definitions were focused on conformance to standards based on the ____ of quality; other definitions of quality that have emerged in recent times focus on _____

customer's perception achieving value entitlement

Manufacture of _____ parts or assemblies using a _____ process are called mass production.

discrete continuous

When the first 5 steps of problem solving are undertaken, a ____ is made, when all the 7 steps are undertaken a ____ has been undertaken

decision problem solving process

More often than not however, the decision is usually to whether to replace an existing asset referred to as the ____ with a new one known as the ____.

defender challenger

Project on a critical path cannot be ____

delayed

There is a great uncertainty about ____& ____

economic and general environment

If a company has good asset management culture in place, then the ____ will coincide to the period of time that ranges from the date of acquisition to the date of abandonment, demotion in use or replacement from the primary intended service.

economic life

Actual output plus unplanned losses are the same as ____

effective capacity

In production, ___&___ is of paramount importance.

effective management and conserving of resources

The primary aim of law is to ____

ensure orderliness in a society

EUAC means

equivalent uniform annual cost (EUAC)

Management partially fulfils the third characteristic of profession. This characteristic is:

establishment of a representative organization with professionalization as its goal

All the activities leading to a node can be called ____

events

___ can sometimes be an educated guess.

forecasting

GIGO

garbage in, garbage out

With economic growth, uncertainty is also ____

growing

These analyses and study of observed phenomena are used for inferring cause-effect relationships between two or more variables. Generalizations about these relationships result in _____.

hypotheses

An ____ model is concrete.

iconic

____ is a physical representation of some real object on a different scale

iconic model

Short-term planning time scale:

immediate-3 months

As a result of physical deterioration, the asset needs frequent maintenance which leads to ___,___&___

increased maintenance costs, increased energy use, more operation time

Any forms of inventory is a sign of _____.

inefficiency

The skill in the qualitative approach is ____ in the manager and usually increases with ____

inherent experience.

Where the provision of capacity is fixed, it is often easier to measure capacity by ____

inputs

An ____ and ____ will affect the organization adversely.

insecure tenure and a high rate of employee turnover

The purpose of the testing in quality control _____

is to determine any needs for corrective actions in the manufacturing process.

Another characteristic of science in management is that ____

it uses the scientific methods of observation, experimentation and laboratory research

Employees work better if ____ and ____ are assured to them.

job security and career progress

The most important advantage of having intensive quality control measures in a production outfit is that it ____

leads to the production of top-quality products.

In network analysis, the problem is represented as a network of ____ & ____.

lines and nodes

The ____ signify the start of the operation for most customers,

points of sale or servers

____ is the critical part of quantitative approach

modeling (mathematical modelling)

The registration of a trademark must be filed with the appropriate _____

national or regional trademark office

the ____ are the starts and finishes of all the activities.

nodes

A network is numbered in circle connected with arrows, the circles are the ____ and ____are called branches.

nodes arrows

plants may qualify for a patent if they are both ___& ___ .

novel and nonobvious

For design patents, the law requires that the design be ____,____ & ____

novel, non-obvious, and non-functional

Quantitative approach is also called

operations research or management science

In Criterion of Realism, index of _____, α is required, where 0 < α < 1

optimism

α = 1 - expression of ____ about nature

optimism

The ___ measures count the finished units from the process such as mobile phones produced in a day or cars manufactured per week.

output

This measure is best used where there is low variety in the product mix or limited customization. What measure is this?

output

A____ is a document, issued, upon application, by a government office (or a regional office acting for several countries), which describes an invention

patent

_______ are the most important asset of an organization

people

Rights related to copyright include those of ___,___&___

performing artists in their performances, producers of phonograms in their recordings, broadcasters in their radio and television programs.

α = 0 means expression of ____ about nature,

pessimism

Through_______, management defines what the future of the organization should be and how to get there

planning

Governmental agencies, financial institutions, and hospitals are rapidly increasing their use of Operations Research especially in ___,___& ___

planning, budgeting, investment analysis.

The management process consists of four primary functions that managers must perform:

planning, organizing, leading, and controlling

The hypotheses when tested and found to be true are called ____.

principles

Because the cost estimates of project were usually made under uncertainty environment, the estimated time of an activity is usually expressed by ____

probability distribute

In ordering cost, the expenses incurred in the ____department, are its main constituents

purchase

In manufacturing, ____ can be a measure of excellence of a product or a state of its being free from defects, deficiencies and significant variations.

quality

____ invariably leads to value entitlement being realized for both the customer and the provider of a product/service at every level of the business relationship.

quality

the ___ of its products and services is increasingly seen as a critical factor in the success/failure of the organization

quality

In using _____ approach, an analyst will concentrate on quantitative facts or data associated with the problem, and develop mathematical expression that describe the objectives, constraints, and relationship that exist in the problem.

quantitative

The unit cost of inventory may be independent of ____

quantity of inventory produced.

Inventory is thus a stock of goods, which may be in the form of _____ or _____

rain material semi-finished goods (or work-in-process) finished product

Generally, as we move down in the managerial hierarchy, the degree of authority gets gradually ____

reduced

The model "Uniform Demand Rate, Infinite Production Rate" was popularized among ___ & ___

researchers and practitioners.

This environment (Decision Making Under Condition of Certainty) is usually associated with ____ decision

routine

Management is essential not only for business concerns but also for ____,____and _____

schools, religious bodies & charitable trusts

Frederick W. Taylor used the ___,___ &____ in the management of production function

scientific methods of analysis, observation experimentation

Under ____ , the Jurisdiction to hear and dispose of legal proceedings under the PDA is vested in the Federal High Court

section 26 Patent and Designs Act

Many of the tools suggested for demand management may be ____ measures; however, it is important that the adjustments made do not damage the potential ____ demand

short term long term

The ability to increase or decrease capacity can be viewed in 3 time phases;

short term medium term long term

Contingency approach is also called ______

situational approach

Each activities can be delayed by the number of ____

slack variables.

management is a ____ science

social

the arrangement of people is called _____

social order

Expected value of each decision alternative is the ____

sum of weighted payoff for that alternative

Optimum Ordering Interval (t*) formula in terms of EOQ

t* = EOQ/D

formula for expected time "t"

t=(a+4m+b)/6

The ______ defines what has to be done, who will do it, and the resources needed to do it

tactical plan

Every patent in Nigeria shall lapse at _____ from the date of the filing of the relevant patent application.

the end of the twentieth year

The success of management is measured by ____

the extent to which the organizational goals are achieved.

Management does not fulfill the last two requirements of a profession. These characteristics are:

the formation of ethical codes for the guidance of conduct; and the charging of fees based on the nature of services

The intellectual property system helps strike a balance between ___ & ___, providing an environment in which creativity and invention can flourish, for the benefit of all.

the interests of innovators and the public interest

Total cost during the year is the sum of ___ & ___

the inventory carrying cost during year and total ordering cost

A patent shall also lapse if____, provided that a grace period of ____ months shall be allowed for the payment of the fees

the prescribed annual fees are not duly paid in respect of it six (6)

Examples of analog models

thermometer to read or show temperature, speedometers of automobiles to show speed.

A major reason to maintain inventory is _____.

to keep the operations going without interrogation due to shortages of materials

Unlike patents and copyrights, ___ do not expire after a set term of years.

trademarks

One of the lessons for Operations Mangers is that customers dislike ____

uncertainty

The ____ effectively regulates the flow of customers into the process and turns the uneven demand into a manageable flow

waiting line or queue

In PERT Network time is usually express in ____ because most of the activities in PERT will take considerable time to complete

week

Areas of applications of OR (7)

• Allocation and Distribution • Production and Facility Planning • Procurement • Research and Development • Personnel • Finance • Marketing

Volume per output can be ___ or ___

• Continuous • Intermittent

eg of medium term planning involves measures such as;

• Hiring or firing contract staff • Leasing in facilities,

Classifications of model?

• Iconic Models • Analog Models •Mathematical Models

There are three general strategies that can be used in the medium term: They are:

• Level production • Chase demand • Demand management

___ criteria involves selection of decision alternative which will maximize our maximum payoff

• Maximax

eg of long term planning involves measures such as;

• New trained full time staff or fire existing staff • New processes that may be faster • New Machinery on a manufacturing line • Information systems or technology can be applied to increase efficiency and capacity • Additional facilities

Using scientific methods to define the "one best way" for a job to be done involves:

• Putting the right person on the job with the correct tools and equipment •Having a standardized method of doing the job •Providing an economic incentive to the worker

A trademark may be designated by the following symbols:

• ™ (the "trademark symbol", which is the letters "TM" in superscript, for an unregistered trademark, a mark used to promote or brand goods) • ℠ (which is the letters "SM" in superscript, for an unregistered service mark, a mark used to promote or brand services) • ® (the letter "R" surrounded by a circle, for a registered trademark)

Implications of the systems approach

•Coordination of the organization's parts is essential for proper functioning of the entire organization. •Decisions and actions taken in one area of the organization will have an effect in other areas of the organization. •Organizations are not self-contained and, therefore, must adapt to changes in their external environment.

Decision making in organizations is key and has the following elements/characteristics:

•Objectives •Alternatives, •Influencing factors (constraints)

Major Approaches to Management are:

•Scientific Management •General Administrative Theory •Quantitative Management •Organizational Behavior •Systems Approach •Contingency Approach

Differences on the basis of output can be done in 3 ways

•Variety • Uniformity •Volume per output

Each job is characterized by its routine that specifies

✓ the information about the operations to be performed ✓ the sequence of these operations ✓ the machines required for processing these operations, ✓ the time required for these operation

Quantitative approach may be used when:

✔ 1. The problem is complex, and the manager cannot develop a good solution without the aid of quantitative analysis. ✔ 2. The problem is very important (for example a great deal of money is involved, and the manager desires a thorough analysis before attempting to make a decision. ✔ 3. The problem is new and the manager has no previous experience to draw on. ✔ 4. The problem is repetitive and manager saves time and effort by relying on quantitative procedures to make the routine decision recommendation

A factory production schedule has to take into account the following:

✔Customer demand ✔Requirements of raw materials, ✔Equipment capacity and possibility of equipment failure, ✔Restrictions on manufacturing processes