Operations Management Midterm Reviewer PDF

GROUP1 THE IMPORTANCE OF OPERATIONS MANAGEMENT - OM is at the heart of business and cultural shifts, responding to changes in customer preferences, supply networks, and work environments. - OM managers are responsible for finding solutions to technological, environmental, social, and globalization c...

GROUP1 THE IMPORTANCE OF OPERATIONS MANAGEMENT - OM is at the heart of business and cultural shifts, responding to changes in customer preferences, supply networks, and work environments. - OM managers are responsible for finding solutions to technological, environmental, social, and globalization challenges. DEFINING OPERATIONS MANAGEMENT - Operations Management refers to the administration of business practices to create the highest level of efficiency possible. - It focuses on converting materials and labor into goods and services efficiently to maximize profits. - OM involves planning and production of goods or services, requiring a well-defined operations strategy. OPERATIONS STRATEGY - Operations strategy is the long-term plan that shapes the capabilities of operations and their contribution to overall business strategy. - It reconciles market requirements with operational resources. - It sets performance objectives for operations based on market requirements. - It makes decisions on the deployment of resources to achieve those objectives. MARKET-BASED VS. RESOURCE-BASED OPERATIONS STRATEGY - Market-Based Approach - Focuses on understanding and targeting specific markets and customer needs. - Resource-Based Approach- Focuses on internal strengths and capabilities to create a competitive advantage. - Both approaches are crucial for successful operations strategy. PRODUCTIVITY - Productivity measures the efficiency of converting inputs (labor, capital) into outputs (goods and services). - It can be measured at individual, workforce, sector, team, national, or global levels. - Productivity is vital for profitability and business growth. - The formula for productivity is: Output / Input. INCREASING PRODUCTIVITY - Productivity can be increased through: - Technological improvements  - Technical efficiency - Organizational improvements - Increasing scale. COMPETITIVE PRIORITIES - Competitive priorities are the key dimensions or attributes that a company focuses on to compete in the market. - They determine how a company positions itself relative to its competitors. - The presentation identifies five key competitive priorities: - Cost - Offering products or services at a lower price. - Quality - Meeting or exceeding customer expectations. - Flexibility - Adapting to changes in customer demands or market conditions. - Delivery - Providing products or services quickly and on time. - Innovation - Introducing new products, services, or processes to differentiate from competitors. MANUFACTURING STRATEGIES - Manufacturing strategies are the approaches and practices a company adopts to produce goods efficiently and effectively. - The presentation outlines several key manufacturing strategies: - Lean Manufacturing - Minimizing waste and maximizing efficiency. - Agile Manufacturing - Emphasizing flexibility and rapid response to changes. - Mass Customization - Combining mass production with customization. - Total Quality Management (TQM - Embedding quality in every aspect of production. - Six Sigma - Reducing variation and defects to improve quality and efficiency. - Just-In-Time (JIT - Reducing inventory levels by producing only what is needed. - Sustainable Manufacturing - Minimizing environmental impact and conserving resources. - Flexible Manufacturing System (FMS - Using automated machines to produce different products. - Continuous Improvement (Kaizen - Working together to improve processes, products, and services. - Make-to-Order (MTO - Manufacturing only after customer orders are received. CONCLUSION - The presentation concludes with a call to action, emphasizing the importance of understanding and implementing effective operations management strategies. - It highlights the need to adapt to changing market conditions, prioritize competitive advantages, and embrace continuous improvement. GROUP2 DESIGN FOR MANUFACTURING (DFM) - DFM bridges the gap between product design and manufacturing, focusing on making products easier and more efficient to manufacture. - It aims to reduce production costs, optimize material use, and improve profitability. IMPORTANCE OF DFM - COST REDUCTION- Simplifying designs, using standardized parts, and optimizing processes. - QUALITY IMPROVEMENT- Minimizing defects, leading to higher quality and customer satisfaction. - TIME EFFICIENCY - Streamlining production, resulting in shorter lead times. - MARKET COMPETITIVENESS- Producing cost-effective and high-quality products. PRINCIPLES OF DFM - SIMPLICITY- Straightforward designs with fewer parts and less complexity. - STANDARDIZATION- Using standardized parts and processes for compatibility and efficiency. - MODIFIABILITY- Designing for easy modifications to adapt to market changes. - EASE OF ASSEMBLY- Products that are easy to assemble with minimal tools and labor. - MATERIAL SELECTION- Choosing the right materials for both product performance and manufacturing. INTEGRATING DFM WITH PRODUCT DEVELOPMENT - PHASE INTEGRATION- Incorporating DFM principles at every stage of development. - COLLABORATION- Close collaboration between design and manufacturing teams. - FEEDBACK LOOPS- Regular feedback to identify challenges early and make adjustments. - PROTOTYPING- Building prototypes to test designs and identify potential problems. CROSS-FUNCTIONAL COLLABORATION - TEAM DYNAMICS- Strong team dynamics that foster mutual respect and understanding. - COMMUNICATION STRATEGIES- Clear and structured communication to ensure alignment. - ROLES OF ENGINEERING AND MANUFACTURING- Clearly defined roles for accountability and a seamless workflow. - CONFLICT RESOLUTION- Structured approaches to resolving conflicts to ensure collaboration. TOOLS AND TECHNIQUES - DESIGN GUIDELINES- Best practices to help designers make informed decisions. - DFM CHECKLISTS- Checklists to ensure all DFM considerations have been addressed. - PROTOTYPING- Building prototypes to identify potential design flaws. - SIMULATION SOFTWARE- Software to simulate manufacturing processes and enable early design adjustments. COST IMPLICATIONS COST ANALYSIS- Comparing initial investments with expected savings. - BUDGETING- Incorporating DFM into budgeting processes to allocate resources effectively. - COST REDUCTION STRATEGIES- Implementing cost reduction measures early in the design process. - LONG-TERM VALUE- Sustainable cost savings and improved product quality, generating long- term value. QUALITY MANAGEMENT - QUALITY ASSURANCE- Ensuring products meet specific standards, enhancing customer satisfaction. - DEFECT REDUCTION- Proactively addressing potential defects during the design phase. - COMPLIANCE SYSTEMS- Adhering to industry standards and regulations, minimizing risks. - CONTINUOUS IMPROVEMENT- Ongoing evaluation and enhancement of processes and products. SUSTAINABILITY IN DFM - ECO-DESIGN PRINCIPLES- Creating functional, cost-effective, and environmentally friendly products. - MATERIAL EFFICIENCY- Optimizing material use to minimize waste and lower production costs. - WASTE REDUCTION STRATEGIES- Implementing waste reduction initiatives throughout the DFM process. - LIFECYCLE ASSESSMENT- Evaluating the environmental impact of products throughout their lifecycle. CHALLENGES IN DFM - RESISTANCE TO CHANGE- Hesitation to adopt new practices. - MISALIGNMENT BETWEEN TEAMS- Balancing innovative designs with manufacturing capabilities. - DESIGN CONSTRAINTS- Design limitations that restrict DFM implementation. - BUDGET CONSTRAINTS- Limited budgets that hinder DFM strategies. REAL-WORLD EXAMPLES - CONSUMER ELECTRONICS- Reducing product weight and size for portability. - AUTOMOTIVE INDUSTRY- Streamlining assembly lines by designing parts that are easier to produce and assemble. THE FUTURE OF DFM - INDUSTRY 4.0- Smart manufacturing technologies and the Internet of Things (IoT) enable real- time adjustments and data-driven decision-making. - AUTOMATION- Automation streamlines operations and minimizes human error, increasing efficiency. - ARTIFICIAL INTELLIGENCE- AI assists in optimizing designs and processes, facilitating innovative solutions. - GLOBAL SUPPLY CHAIN INFLUENCE- Robust DFM approaches are needed to account for varied production capabilities and design requirements across regions. CALCULATING PRODUCT RELIABILITIES - INTRODUCTION- Assessing product reliability to maintain consistent quality and performance. - WHY RELIABILITY MATTERS- Identifying weaknesses, predicting product lifespan, reducing maintenance costs, and enhancing customer satisfaction. - WHAT IS RELIABILITY- The ability of a product to function consistently without failure. - MEAN TIME BETWEEN FAILURES (MTBF- A metric used to assess product reliability. - FAILURE RATE- The frequency of failures for a product over a specific period. - RELIABILITY FUNCTION- A mathematical model for predicting the likelihood of successful operation. - WEIBULL DISTRIBUTION- A model used to analyze product and system failure times. - CONCLUSION- The importance of assessing product reliability and using metrics to evaluate product durability and predict failures.