Operations Management Concepts Quiz

Study Notes

Administration of business practices aimed at maximizing operational efficiency.
Encompasses planning, organizing, and controlling processes for product/service delivery.
Operations managers focus on designing, managing, and enhancing these core processes.

Process Design: Determines effective production methods, including workflow creation, performance standards, and operational layouts.
Capacity Planning: Assesses production capacity to meet customer demand through forecasting and adjustments.
Inventory Management: Balances inventory levels of raw materials, works-in-progress, and finished goods to minimize costs while meeting demand.
Quality Control: Ensures products/services meet quality standards through ongoing inspections and process improvements.
Supply Chain Management: Manages the flow of materials, information, and resources from suppliers to customers, including sourcing and distribution.

Cost Efficiency: Identifies and eliminates inefficiencies, leading to cost savings and greater profitability.
Customer Satisfaction: Ensures timely delivery of products/services that meet expectations, fostering loyalty and positive reviews.
Competitive Advantage: Provides differentiation in the market through high-quality offerings.
Innovation and Adaptability: Promotes continuous improvement and responsiveness to market changes through process analysis.

Operations Planning: Involves goal setting, objective definition, and strategic decision-making for efficiency.
Operations Control: Focuses on monitoring performance against plans and implementing corrective actions for deviations.

Resource Optimization: Enhances utilization of human resources, materials, and equipment, reducing costs and boosting efficiency.
Improved Customer Satisfaction: Planning and control lead to better service delivery, directly impacting customer experiences.