Operations Management Overview

<p>It aims to minimize operational failures and excess costs. (C)</p> Signup and view all the answers

<p>Profitability and return on assets (C)</p> Signup and view all the answers

<p>Increased waste material generation (B)</p> Signup and view all the answers

<p>Efficiency in resource usage (B)</p> Signup and view all the answers

<p>To adopt a common sequence of activities (B)</p> Signup and view all the answers

<p>High volume processes often produce a narrow variety of products. (A)</p> Signup and view all the answers

<p>Project processes (A)</p> Signup and view all the answers

<p>Public perception of the product (B)</p> Signup and view all the answers

<p>Finding a balance between standardization and customization (A)</p> Signup and view all the answers

<p>To exert control over operations (B)</p> Signup and view all the answers

<p>Selecting important performance measures (D)</p> Signup and view all the answers

<p>To present an overall picture of business performance (A)</p> Signup and view all the answers

<p>Strategic alignment and overall performance (C)</p> Signup and view all the answers

<p>Employee compensation perspective (A)</p> Signup and view all the answers

<p>To form a strategic advantage (B)</p> Signup and view all the answers

<p>Balanced Scorecard (B)</p> Signup and view all the answers

<p>Root causes of inefficiency (B)</p> Signup and view all the answers

<p>Overall service level (D)</p> Signup and view all the answers

<p>Dependable supply (B)</p> Signup and view all the answers

<p>They are essential for creating barriers to imitation. (D)</p> Signup and view all the answers

<p>Core competencies or capabilities (A)</p> Signup and view all the answers

<p>Factors that prevent other firms from entering a market. (A)</p> Signup and view all the answers

<p>Scarce and not easily moved (A)</p> Signup and view all the answers

<p>They influence design activities. (B)</p> Signup and view all the answers

<p>Identifying operations capabilities and constraints. (B)</p> Signup and view all the answers

<p>They are closely tied to tacit knowledge. (C)</p> Signup and view all the answers

<p>When there is an excess capacity. (D)</p> Signup and view all the answers

<p>Physical assets and machinery (B)</p> Signup and view all the answers

<p>It emphasizes the importance of operational experience in shaping strategic directions. (A)</p> Signup and view all the answers

<p>Strategies must complement and reinforce each other towards common objectives. (B)</p> Signup and view all the answers

<p>Confirmation of general consensus on strategic direction. (B)</p> Signup and view all the answers

<p>To translate business objectives into actionable functional goals. (D)</p> Signup and view all the answers

<p>Top management's view is typically the only influence on strategy. (D)</p> Signup and view all the answers

<p>They enable the organization to allocate resources towards achieving functional objectives. (C)</p> Signup and view all the answers

<p>It requires a clear connection between functional strategies and their corresponding business strategies. (A)</p> Signup and view all the answers

<p>Allocating resources strategically is crucial for achieving functional objectives. (C)</p> Signup and view all the answers

<p>High-level strategies that confirm existing operational practices. (B)</p> Signup and view all the answers

<p>Operational feedback that can provide insights into practical realities. (C)</p> Signup and view all the answers

ESG stands for Environmental, Social, and Governance. It's a framework that encourages investors to consider a company's impact on these three areas, in addition to its financial performance.

The 'Planet' aspect of ESG focuses on a company's environmental impact: how its operations affect the environment, such as energy consumption, waste generation, and pollution.

The 'People' dimension of ESG evaluates a company's positive or negative social impact. This includes aspects like worker safety, fair labor practices, and community engagement.

Profit is the traditional financial performance measure, focusing on a company's profitability, return on investment, and financial stability. ESG acknowledges that financial performance is intertwined with environmental and social considerations.

Greenwashing involves a company making misleading claims about its environmental practices. This can include exaggerating their sustainable efforts to deceive customers and investors.

Operational excellence is when a company runs smoothly and efficiently, minimizing mistakes, delays, and cost overruns. This leads to better customer satisfaction, lower risk, and improved financial performance.

By being efficient with resources and minimizing waste, a company reduces its environmental impact. This aligns with the 'Planet' aspect of ESG.

The process of quantifying and measuring performance through actions taken by management, essential for ongoing control and improvement.

A holistic approach to performance measurement that combines financial and non-financial metrics, focusing on customer satisfaction, internal processes, and learning and growth.

Important factors that are used to evaluate a company's overall performance, such as profit, customer satisfaction, or employee turnover.

Performance measures that combine several individual metrics to provide a broader understanding of performance. Examples include customer satisfaction, overall service level, and operations agility.

The ability of a company to adapt and respond quickly to changes in the market or its environment.

The long-term goal of a company's operations strategy is to gain a competitive advantage over its rivals.

Operations strategy must align with the overall company strategy, while also adapting to external factors and changes in the market.

The alignment of operations with company strategy is essential for long-term success, as it allows for efficient resource allocation and focus on key priorities.

Operations need to constantly adjust and adapt to external factors, such as changes in customer demands, technology, or economic conditions.

A measure of how many items are produced or processed within a given time period.

The time it takes for a single item or unit to go through an entire process.

The total number of items within a process at any given time.

Using a consistent, predetermined sequence of activities, methods, and equipment to perform a process.

A process type characterized by discrete, highly customized products with long completion times, well-defined start and finish points, and varying levels of complexity due to professional judgment and discretion.

Specific goals set for the growth of a business, often measured by revenue or market share.

The financial return generated from an investment, typically expressed as a percentage.

Targets set to ensure a business operates at a profit, often measured by net income or profit margin.

The ability of a business to generate cash flow, which is crucial for funding operations, investments, and debt repayment.

Strategies that address specific functions within a business, such as operations, marketing, and product development.

Translating high-level business objectives into specific, actionable goals for each functional area.

The process of allocating resources, such as budget, personnel, and equipment, to achieve functional objectives.

Identifying and addressing areas that need improvement to enhance functional performance.

A strategy development approach that starts at the operational level, gathering insights from real-world experience.

A strategy development approach where high-level decisions and objectives are set and then implemented at lower levels.

The idea that a firm's competitive advantage can be derived from its unique operational capabilities and resources developed over time.

These are the unique skills, knowledge, and processes that give a company a competitive edge. They can include things like efficient manufacturing, innovative product development, and strong customer relationships.

These are the limitations or constraints that prevent an organization from fully utilizing its capabilities. Examples include limited capacity, outdated technology, or lack of skilled personnel.

When resources are scarce, it is difficult for competitors to easily access them, giving the company a competitive advantage.

When resources are embedded within the organization and difficult to move or transfer, it creates a competitive advantage as competitors cannot easily replicate them.

When resources are difficult to imitate or substitute, they offer a sustainable competitive advantage.

These are decisions related to the physical design and layout of an operation, including things like production lines, plant layout, and equipment selection.

These decisions are concerned with the intangible aspects of an operation, such as management systems, training programs, and employee motivation.

Intangible resources are often more difficult for competitors to copy, as they are embedded within the organization and difficult to quantify.

These are the resources that competitors cannot easily understand or duplicate, often because they are based on tacit knowledge and embedded within the organization's culture.