COMM 410 Study Guide - Final Guide: Carrying Cost, Cost Leadership, Operational Excellence
Document Summary
Om is the set of activities that creates value in the form of goods and services by transforming inputs into outputs. Goods: tangible product, consistent, production separate from consumption, can be inventoried, low. Service: intangible product, produced/consumed at same time, unique, high cu interaction, inconsistent product definition, knowledge-based, frequently dispersed. Use resources efficiently; balance competing objectives (high service, low cost); redesign/restructure operations. Mission: where it is going; purpose, what we provide, for competitive advantage boundaries, focus; benefit to society, philosophy/values, environment, cus, Profitability/growth, public image (i. e. maintain brand, meaningful contribution, safety, sustainability, engaged. Strategy: how to get there; resources and skills needed. Operational excellence (cost leadership, cheaper) small oh, distribution 27728, no frills, efficient utilization of equipment. Closer) flexibility, innovation, reliability, timeliness, design, volume. Product leadership (differentiation, better) cu"s perception of value, quality, broad product line, performance, conformance, dependability. Flow time: t = time in queue + activity time = tq + p.
