Podcast
Questions and Answers
What is the primary focus of Operations Management?
What is the primary focus of Operations Management?
- Maximizing profits through marketing strategies
- Enhancing brand recognition and customer loyalty
- Developing new products for consumer markets
- Integrating various functional areas of a business (correct)
Which of the following is NOT a strategic priority organizations compete on?
Which of the following is NOT a strategic priority organizations compete on?
- Product innovation
- Cost efficiency
- Customer experience
- Employee satisfaction (correct)
How did Henry Ford's approach to wages and work hours impact productivity?
How did Henry Ford's approach to wages and work hours impact productivity?
- By reducing wages to minimize costs
- By doubling wages and shortening the work week (correct)
- By implementing a four-day work week without pay increases
- By maintaining traditional working hours while increasing workload
Which area has the biggest impact on the triple bottom line?
Which area has the biggest impact on the triple bottom line?
What do UN SDGs refer to?
What do UN SDGs refer to?
Which of the following is a potential risk in supply chain management?
Which of the following is a potential risk in supply chain management?
What is the primary focus of Operations Management?
What is the primary focus of Operations Management?
What might be a challenge for managing service organizations compared to manufacturing organizations?
What might be a challenge for managing service organizations compared to manufacturing organizations?
Which of the following best describes the process of Supply Chain Management?
Which of the following best describes the process of Supply Chain Management?
How could AI potentially transform supply chains?
How could AI potentially transform supply chains?
What is meant by 'transformation' in operations management?
What is meant by 'transformation' in operations management?
Which of the following examples fits under 'physical transformation'?
Which of the following examples fits under 'physical transformation'?
In the supply chain management process, which step comes first?
In the supply chain management process, which step comes first?
What type of outputs can be generated from operations management?
What type of outputs can be generated from operations management?
Which of the following components is NOT typically part of supply chain management?
Which of the following components is NOT typically part of supply chain management?
Which process is primarily involved in the 'Deliver' aspect of supply chain management?
Which process is primarily involved in the 'Deliver' aspect of supply chain management?
What is a key focus of the 'Triple Bottom Line' concept?
What is a key focus of the 'Triple Bottom Line' concept?
Which functional area has the largest direct impact on an organization's 'Triple Bottom Line' performance?
Which functional area has the largest direct impact on an organization's 'Triple Bottom Line' performance?
In the context of sustainability, what does 'Planet' refer to in the 'Triple Bottom Line'?
In the context of sustainability, what does 'Planet' refer to in the 'Triple Bottom Line'?
How do functional areas like Marketing and Information Systems contribute to the 'Triple Bottom Line'?
How do functional areas like Marketing and Information Systems contribute to the 'Triple Bottom Line'?
Which of the following is NOT a component of the 'Triple Bottom Line'?
Which of the following is NOT a component of the 'Triple Bottom Line'?
What challenge does the modern operations management face regarding sustainability?
What challenge does the modern operations management face regarding sustainability?
Which aspect is most closely associated with the role of Human Resources in the 'Triple Bottom Line'?
Which aspect is most closely associated with the role of Human Resources in the 'Triple Bottom Line'?
What is the importance of Circular Economy in operations management?
What is the importance of Circular Economy in operations management?
Which of the following elements is NOT considered a performance measure for adding value in operations and supply chain strategy?
Which of the following elements is NOT considered a performance measure for adding value in operations and supply chain strategy?
What aspect of customer demand is addressed by the emerging OSCM strategy of 'Information Access'?
What aspect of customer demand is addressed by the emerging OSCM strategy of 'Information Access'?
Which of the following components falls under the infrastructural/intangible decision area in OSCM?
Which of the following components falls under the infrastructural/intangible decision area in OSCM?
Which of the following strategies can enhance supply chain transparency?
Which of the following strategies can enhance supply chain transparency?
In the context of OSCM, what does the term 'flexibility' mainly refer to?
In the context of OSCM, what does the term 'flexibility' mainly refer to?
What is a key consideration when deciding on capacity in operations and supply chain management?
What is a key consideration when deciding on capacity in operations and supply chain management?
Which of the following reflects the growing importance of environmentalism in OSCM?
Which of the following reflects the growing importance of environmentalism in OSCM?
How do organizations typically approach the decision of where to locate facilities in OSCM?
How do organizations typically approach the decision of where to locate facilities in OSCM?
What was one consequence of adopting the five-day work week in industries that served Ford workers?
What was one consequence of adopting the five-day work week in industries that served Ford workers?
According to Henry Ford, what would be the impact if factories reverted back to the ten-hour day?
According to Henry Ford, what would be the impact if factories reverted back to the ten-hour day?
What was Henry Ford's view on the relationship between the eight-hour day and prosperity?
What was Henry Ford's view on the relationship between the eight-hour day and prosperity?
What is suggested as a possible benefit of the five-day work week?
What is suggested as a possible benefit of the five-day work week?
What is the main argument Ford presents regarding the production of goods?
What is the main argument Ford presents regarding the production of goods?
What was one likely motivation for industries to adopt the five-day week after observing Ford's practices?
What was one likely motivation for industries to adopt the five-day week after observing Ford's practices?
In what year did Henry Ford express his views on the five-day work week?
In what year did Henry Ford express his views on the five-day work week?
What does the reference to 'the industry of this country could not long exist' imply about economic sustainability?
What does the reference to 'the industry of this country could not long exist' imply about economic sustainability?
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Study Notes
Definition of Operations Management
- Operations management involves the design, operation, and improvement of systems that produce and deliver goods and services.
- It focuses on both manufacturing and service processes which transform inputs into outputs.
Supply Chain Management
- Supply chain management coordinates the activities of a firm, from sourcing raw materials to delivering products to customers.
- It focuses on processes that move information and materials within the supply chain.
- “Source,” “Make,” and “Deliver” are key components in supply chain management.
Why Study Operations and Supply Chain Management?
- Integration: Many functional areas such as accounting, marketing, information systems, and human resources can impact an organization's "Triple Bottom Line."
- The Emergence of Operations Management: The "Triple Bottom Line" (Profit, Planet, People) emphasizes a shift towards sustainable practices.
- Operations and Supply Chain Management have a significant direct impact on all three aspects of the Triple Bottom Line, emphasizing its importance for achieving long-term business success.
The Changing World of Operations
- Organizations are focused on achieving sustainability through their operations.
- Circular economies, modern slavery, and cobalt mining are examples of issues in the global supply chains.
Services and OSCM
- The service sector is growing significantly, with many organizations now providing predominantly service-based outputs.
- Value is created in service operations through the combination of cost, quality, delivery, flexibility, service, environmentalism, and social responsibility initiatives.
OSCM Strategies
- Strategic Priorities: Businesses use a combination of eight strategic priorities to achieve value for their customers: cost, quality, delivery, flexibility, service, environmentalism, and social responsibility.
- Decision Areas: Operations and supply chain management strategies are implemented through structural and infrastructural decision areas.
Emerging OSCM Strategies
- Information Access: Customers desire access to information about the background and usage of products or services, as well as order tracking details.
- Supply Chain Transparency: Blockchain technology enables increased transparency in supply chains, providing traceability information for products like seafood and childcare services.
High Level Decision Areas
- Capacity: Deciding on the level of capacity, its flexibility, and location are key considerations.
- Human Resources: Focusing on skills development and compensation strategies for employees is critical.
- Research & Development: Investing in research and development helps enhance product innovation and efficiency.
- Facilities: Deciding on the centralized or decentralized nature of facilities, and their technological advancement, is essential.
- Process Technology: Selecting appropriate technology to support production processes, whether build-to-stock or make-to-order, is vital.
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