Operations Management Overview

A fundamental business function responsible for producing goods and services, encompassing all activities involved in transforming inputs into outputs.

A set of decisions and actions that determine how an organization will achieve its strategic objectives by managing its operations.

The ability of a function to satisfy its customers, often through the process of adding value, in terms of the expectations that customers have of it.

Key performance indicators (KPIs) are quantifiable metrics used to track progress towards achieving operational goals and objectives.

Features that customers perceive as minimum standards for acceptance of a product or service, essential for even considering a purchase.

Features that customers perceive as superior characteristics of a product or service, compelling them to choose one offering over another.

The process of achieving organizational goals through the efficient and effective management of resources.

The ability to produce desired outputs with minimal errors, defects, or waste.

An enterprise resource planning (ERP) system is an integrated software application that helps organizations manage their resources and processes across various departments.

SAP is a leading global provider of ERP software solutions, widely used by businesses worldwide.

A visual representation of the flow of products or services within an organization, highlighting various stages of the process from input to output.

The flow of resources and information within a specific operation or process, highlighting interconnected activities.

The flow of resources and information within a single process, highlighting the individual steps and interactions.

The ability to adapt operations to changing demand or market conditions, ensuring responsiveness and flexibility.

A strategic approach that emphasizes the elimination of waste and inefficiency in all aspects of operations.

A set of principles and practices that aim to improve the design, planning, and execution of products and services.

A high-level plan that defines the overall direction and objectives of an organization.

A plan that outlines how a specific business unit will compete within its market and achieve its goals.

A set of decisions and actions that determine how an organization will achieve its operational goals and objectives in support of the overall business strategy.

A strategic approach that emphasizes the development and deployment of new products or services to gain a competitive advantage.

A strategic approach that emphasizes the optimization of resources and processes to minimize costs and maximize efficiency.

A strategic approach that emphasizes the delivery of products or services on time, every time, with minimal delays or disruptions.

A strategic approach that emphasizes the development and deployment of new products or services in response to changing customer needs and market trends.

A strategic approach that emphasizes the creation of products or services that meet or exceed customer expectations in terms of features, performance, and reliability.

A strategic approach that emphasizes the optimization of resources and processes to minimize waste and maximize value.

A strategic approach that focuses on understanding and responding to customer needs and expectations, tailoring products and services to meet those needs.

The evolution of an organization's operations strategy over time, often influenced by factors such as market competition, technological advancements, and customer expectations.

The phase in a product's life cycle where it is initially introduced to the market, characterized by high innovation and growth potential.

The phase in a product's life cycle where it experiences rapid sales growth and gains significant market share.

The phase in a product's life cycle where sales stabilize and mature, and the focus shifts to maintaining market share and profitability.

The phase in a product's life cycle where sales decline as the product loses its appeal or faces new competition.