Difference Between Good and Services

1. Difference between good and services.
GOODS SERVICES
Goods are the material items that can Services are amenities, facilities,
be seen, touched or felt and are ready benefits or help provided by other
for sale to the customers. people.
Goods can be returned. Services cannot be returned back once
they are provided.
Tangible Intangible
Goods can be stored for use in future Services cannot be stored.
or multiple use.
2. Describe economic production process system .

Production is a process of combining various material inputs and
immaterial inputs (plans, know-how) in order to make something for
consumption (output).
3. For which types of task time study and work sampling.

A work sampling study usually requires a substantial period of time to
complete. Work sampling is commonly used to study the activities of
multiple workers rather than one worker.
4. Describe production .
Production is the process of making, harvesting or creating something or
the amount of something that was made or harvested. An
example of production is the creation of furniture.
5. Difference between single factor and multifactor productivity.
Multifactor productivity refers to the productivity of all the inputs used in

the production process. Multifactor productivity is a more comprehensive
measure of productivity than labor productivity or other single-
factor productivity measures.
6. Describe the changes facing operation manager.

 Concerned over productivity.
 Need to improve process quality.
 Worried about customer satisfaction.
 Unresolved conflicts between departments.
 Difficulty recruiting the right talent.
7. Difference between independent and dependent demand.
Dependent Demand Independent Demand
An inventory of an item is categorized
An inventory of an item is categorized
independent demand when the demand
as dependent when demand for such an
for such an item is not dependent upon
item is dependent upon another item.
the demand for another item.
Raw materials and component
Finished goods items, which are ordered
inventories are dependent upon the
by external customer or manufactured
demand for finished goods and hence
for stock and sale, are referred to as
are referred to as dependant demand
independent demand items.
inventories.
A business will have to look at what the Independent demands for inventories
forecast customers will demand for their (goods) are based on confirmed
finished products and order the goods to customer orders, forecasts, estimates
fulfill that order. and past historical data.
8. Steps of forecasting process.

 Identify the Problem.
 Collect Information.
 Perform a Preliminary Analysis.
 Choose the Forecasting Model.
 Data analysis.
9. Short note of judgmental forecasting.
A judgmental forecast is made by a person thought to be
knowledgeable about the company or market about which the forecast
is being made.
10. Types of time series forecasting.
An observed time series can be decomposed into three components: the
trend (long term direction), the seasonal (systematic, calendar related
movements) and the irregular (unsystematic, short term fluctuations).
11. Define capacity.
Capacity planning is the process of determining the production
capacity needed by an organization to meet changing demands for its
products.
12.What is difference between efficiency and utilization?

Efficiency is usually expressed as a percentage of the actual output to
the expected output. Capacity utilization, on the other hand, is a
measure of how well an organization uses its productive capacity. It's
the relationship between potential or theoretical maximum output and
the actual production output.
13. Community consideration factors?

 Quality of life
 Services
 Attitudes
 Taxes
 Environmental regulations
 Utilities
14. Describe all the regional Factors.

 Location of raw materials
 Location of markets (two parties can gather to facilitate the exchange of
goods and services.)
 Labor factors (the number of hours required to perform a task under project
conditions to the number of hours required to perform an identical task under standard
conditions of work measurement.)
 Climate and taxes
15. Why need to select suitable location.

When starting a new organization, i.e., location choice for the first time.
In case of existing organization. In case of Global Location.
16. Write down different between lot of lots and fired lots size.
The speaker expects that they have sold a

Haven’t they sold many tickets?
small quantity of tickets.
Haven’t they sold a lot of tickets? (or lots of) The speaker expects that they have sold a large
quantity of tickets.
17. What are the imports and outputs of MRP.
The three major inputs of an MRP system are the master production
schedule, the product structure records, and the inventory status records.
Without these basic inputs the MRP system cannot function. The demand
for end items is scheduled over a number of time periods and recorded on
a master production schedule.
18. Describe bill of Material with a suitable example.

A bill of materials (BOM) is a comprehensive inventory of the
raw materials, assemblies, subassemblies, parts and components, as
well as the quantities of each, needed to manufacture a product. Take,
for example, a bicycle manufacturer that wants to build 1,000 bicycles.
19. Define MRP and Write down of purpose of MRP.
Material requirements planning (MRP) is the earliest computer-based
inventory management system. Businesses use MRP to improve their
productivity. MRP works backward from a production plan for finished
goods to develop inventory requirements for components and
raw materials.
20. Comparison of JIT and Traditional process.
Factor Traditional JIT

Inventory Much to offset forecast Minimal necessary to
errors, late deliveries operate
Deliveries Few, large Many, small
Workers Necessary to do the work Assets
21. Define lean operation and objective of lean operation.

A lean organization understands customer value and focuses its
key processes to continuously increase it. The ultimate goal is to
provide perfect value to the customer through a perfect value
creation process that has zero waste.
22. What is the difference pull and push systems.
A workstation pulls output from the preceding station as it is needed.
Work is pushed to the next station as it is completed.
 A company using the push system will forecast demand and employ
the Material.
 The Pull System is a lean manufacturing method that uses the Just-in-
Time strategy of not producing goods until an order is received.
 The push-pull strategy is usually suggested for products with high demand
uncertainty and high importance of economies of scale.
23. Define Just-in-time.

Just-in-time also known as JIT is an inventory management method
whereby labor, material and goods (to be used in manufacturing) are re-
filled or scheduled to arrive exactly when needed in the manufacturing
process.
24. Benefits of just-in-time and objective of just-in-time.
The fundamental objective of JIT is to produce and deliver what is
needed, when it is needed, at all stages of the production process-just-in-
time to be fabricated, sub-assembled, assembled, and dispatched to the
customer.
25. Describe product design parts.
 Standard Parts: workers have fewer parts to deal with,
training time and costs are reduced .
 Highly capable production system: poor quality can create major
disruption .
26. What do you understand concurrent engineering.

Concurrent engineering (CE) is a very important concept in the world of
new product development. It is a methodology used for creating timely
products, while maintaining the highest quality, lowest cost and most
customers' satisfaction.
27. Describe personal or organizational elements.
 Workers as asset: given more authority to make decisions.
 Cross-trained workers: perform several parts of a process and
operate a variety of machines.
 Cost accounting: activity-based costing
28. Identify sources of west .

 Overproduction
 Waiting time
 Unnecessary transportation
 Processing waste
 Inefficient work methods
 Product defects
29. Who just in time can reduce it.
Just-in-time (JIT) is an inventory management strategy that reduces

waste and increases efficiency by receiving inventory only as they are
needed for production, not ahead of time. This significantly reduces the
8 wastes in lean manufacturing.

Difference Between Good and Services

Uploaded by

Copyright:

Available Formats

Difference Between Good and Services

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Difference Between Good and Services

Uploaded by

Copyright:

Available Formats

1. Difference between good and services.

2. Describe economic production process system .

3. For which types of task time study and work sampling.

Multifactor productivity refers to the productivity of all the inputs used in

6. Describe the changes facing operation manager.

8. Steps of forecasting process.

12.What is difference between efficiency and utilization?

13. Community consideration factors?

14. Describe all the regional Factors.

15. Why need to select suitable location.

The speaker expects that they have sold a

18. Describe bill of Material with a suitable example.

Factor Traditional JIT

21. Define lean operation and objective of lean operation.

23. Define Just-in-time.

26. What do you understand concurrent engineering.

28. Identify sources of west .

Just-in-time (JIT) is an inventory management strategy that reduces

You might also like