Operations Management Overview

Supply-chain partnering = Building long-term relationships with suppliers to meet customer needs Sustainability = Designing products that minimize resource use and are environmentally friendly Rapid product development = Using technology to shorten product life cycles and improve responsiveness Mass customization = Adapting production to meet individual consumer preferences

Lean operations = Eliminating waste while ensuring customer satisfaction Creative alliances = Forming partnerships for enhanced collaboration and innovation Digital technology = Improving efficiency through the use of modern tools Flexible production = Quickly adapting to changing consumer demands

Shorter product life cycles = Increased pressure on firms to innovate rapidly Outsourcing = Leveraging the expertise of external partners Cultural awareness = Recognizing the need for tailor-made products Customer demands = Driving firms to enhance product customization

<p>Operations managers = Professionals focusing on efficient production and product design Globalization = The worldwide integration of capital, materials, and talent Ecologically sustainable design = Creating products and processes that support the environment Customer satisfaction = The goal of operations to meet consumer needs effectively</p> Signup and view all the answers

<p>Demand for high-quality goods = Utilizing international collaboration Technological changes = Implementing rapid product development frameworks Resource scarcity = Adopting sustainable design practices Increased competition = Implementing lean operation methodologies</p> Signup and view all the answers

<p>Creative designs = Innovative approaches to product development High-quality goods = Products that meet rigorous standards and consumer expectations Efficient production = Processes that maximize output while minimizing costs Customized products = Goods tailored to specific customer preferences</p> Signup and view all the answers

<p>Partnerships = Enhancing long-term cooperation for better outcomes International collaboration = Leveraging global resources for enhanced efficiency Technology integration = Streamlining processes through modern tools End-user focus = Aligning supply chain activities with consumer needs</p> Signup and view all the answers

<p>Waste reduction = Increases profitability by cutting unnecessary costs Employee respect = Encourages a positive workplace culture and engagement Customer satisfaction = Drives repeat business and loyalty Efficiency enhancement = Improves overall operational performance</p> Signup and view all the answers

<p>Operations Management = The activities that create value by transforming inputs into outputs Supply Chain = A network of organizations and activities that supply a firm with goods and services Production = The creation of goods and services Marketing = Generates demand and takes orders for products or services</p> Signup and view all the answers

<p>Understanding OM = Helps improve performance regardless of job role Costly Function = A large percentage of revenue is spent in OM Integration with Business Functions = OM is closely related to marketing and finance Career Opportunities = Explores numerous lucrative paths in the field</p> Signup and view all the answers

<p>Operations = Creates, produces, and delivers product Finance/Accounting = Tracks organizational performance and manages financials Marketing = Initiates the process by generating demand Supply Chain Management = Ensures the flow of goods and services to the firm</p> Signup and view all the answers

<p>Operations Manager = Oversees the production of goods and services Supply Chain Manager = Manages logistics and supply networks Marketing Manager = Focuses on demand generation and customer relations Finance Manager = Handles budgeting and accounting for operations</p> Signup and view all the answers

<p>Tangible Goods = Physical products that can be touched and stored Intangible Services = Activities performed for customers without physical items Durable Goods = Long-lasting items like appliances and vehicles Perishable Services = Services that cannot be stored for future use</p> Signup and view all the answers

<p>Design of Goods and Services = Creating products that meet customer needs Managing Quality = Ensuring products meet quality standards Layout Strategy = Organizing physical arrangement of resources Supply Chain Management = Coordinating the flow of goods and services</p> Signup and view all the answers

<p>Plant Manager = Overseeing daily operations of a manufacturing facility Operations Analyst = Analyzing and improving operational processes Quality Manager = Ensuring compliance with quality standards Supply Chain Manager and Planner = Planning and managing supply chain activities</p> Signup and view all the answers

<p>Single Factor Productivity = Output produced per specific input used Multifactor Productivity = Output produced per all inputs used Productivity = Ratio of outputs to inputs Efficiency = Improvement in productivity without increasing inputs</p> Signup and view all the answers

<p>Labor = Improving worker health and education Capital = Investment in resources for productivity enhancement Management = Overseeing efficient resource use Knowledge Societies = Transition from manual to knowledge-based workforce</p> Signup and view all the answers

<p>Globalization = Expanding markets due to better communication Quality Variability = Changes in quality affecting productivity measurement External Elements = Factors outside control impacting productivity Measurement Problems = Lack of precise units affecting productivity assessment</p> Signup and view all the answers

<p>Reducing Inputs = Lowering resources while maintaining output Increasing Output = Raising production levels without changing input Enhancing Labor Skills = Improving education and training of workers Investing in Technology = Upgrading tools to enhance production efficiency</p> Signup and view all the answers

<p>Maintenance = Ensuring functionality of equipment and processes Scheduling = Planning the timing of production activities Inventory Management = Controlling stock levels effectively Location Strategy = Deciding optimal placement for facilities</p> Signup and view all the answers

<p>Inputs = Resources used to produce outputs Outputs = Goods and services produced from inputs Efficiency = Maximizing output from given inputs Productivity Measurement = Method of assessing production efficiency</p> Signup and view all the answers