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Production the creation of goods and services from raw materials and is characterized by some form of transformation
Operations management he set of activities that creates value in the form of goods and services by transforming inputs into outputs
Operations research the application of quantitative methods to business processes to optimize or satisfy an objective
Productivity ratios of outputs to inputs like miles per gallon
Value proposition the linkage of components of the firm’s or organization’s activities to value produced
three dimensions of operations management framework i. Product:-goods and services delivered to a customer ii. Process(es)- the activities that transform inputs to outputs iii. Supply chain: the order in which the processes are performed to produce and deliver products to customers
The three realms of operations management framework i. Time: cycle time- the time to perform a set of tasks in a process ii. Cost: economic resources used in a process iii.Quality-the attributes of product or service to meet customer needs
complications of operations management framework i. unknowns ii. uncertainty iii.variability
Characteristics of services compared to goods A. Intangible B. Consumed at time of production C. More variable in attributes D. Geographically disbursed in terms of production
traditional factors of productions land, labor, capital
additional factors of production technology, management, knowledge
types of strategies for OM differentiation, cost leadership, response
value chain supporting activities organization, human resources, technology, purchasing
value chain primary activities inbound logistics, operations, outbound logistics, marketing and sales, service
porters five forces 1)threats of new entrants 2)determinants of supplier power 3) rivalry among existing firms 4) determinants of buyer power 5) threats of substitute products
product life cycle introduction growth, maturity, decline
supply chain raw materials, supplier, manufacturing, distribution, customer, consumer
core competencies a set of skills, talents, and activities in which a firm is particularly strong
key success factors activities or factors that are key to achieving competitive advantage
competitive advantage the creation of a system that has a unique advantge over competitors. through differentiation, low cost, and response
feasibility study some form of analysis as to the likelihood that a plan of action will achieve defined objectives
Monte Carlo Simulation e use of repeated (~ 200 trials is normal) random numbers applied to a set of assumptions and formulas (algorithms) to simulate the results
types of forecasts economic, technological, demand
qualitative methods for forecasting jury of executive opinion, delphi method, sales force composite, consumer market survey
quantitative methods for forecasting time series, seasonal variation
creativity something new
innovation making something that exists better
demand pull find a market and fill the need. sort of a supply side approach
innovation push find a product or service and create the need, sort a demand side approach
quality ability of a product or service to meet customer expectations and needs
types of quality -quality of design -will specify a set of specifications that should be met -quality of conformance- will measure ability of the process to meet those specifications
Attributes of quality high mean, low variance, number of options
cost of quality prevention costs, appraisal costs, internal failure costs, external failure costs
quality standards industry standards, regulatory standards, firm standards, contractual standards
ISO 9000 quality standards
ISO 14000 environmental management
applications of quality management A. TQM – total quality management B. Continuous improvement model C. “PDCA” – plan-do-check-act D. “Inspect what you expect” E. Benchmarking F. Six-sigma
Quality Tools A. Quality circles B. Visual tools – primarily graphs like histograms and scatter plots C. Cause-and-effect diagrams D. Pareto charts
poka yoke Japanese term that means "fail-safing" or "mistake-proofing". A poka-yoke is any mechanism in a lean manufacturing process that helps an equipment operator avoid (yokeru) mistakes (poka)
Created by: bobjones