OM 300- Test 1 Study Guide .docx

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Operations Management
OM 300
William Petty

What is Operations ManagementIt is the set of activities that creates value in the form of goods and services by transforming inputs into outputs The efficient production of goods and services requires OM A supply chain is a global network of organizations and activities that supply chainWhy study it1 OM is one of the three major functions of any organization and related to other business functions So we study how people organize themselves for productive enterprise 2 We want to know how goods and services are produced3 To understand what operations managers do 4 Because it is such a costly part of an organizationWhat OM People doThere are 10 decisions that OM has to make involvingdesign of goods and services managing quality process and capacity design location strategy layout strategy human resources and job design supply chain management inventory management scheduling and maintenance To create goods and services all organizations much perform 3 functions marketing productionoperations and financial accountingDifferences in GoodsServices Manufacturers produce a tangible product while service products are often intangibleIntangible Ride in an airline seat Tangible The seat itself Investments and medical care are unique Similar products produced ipods High customer interaction Limited customer involvement Auto insurance changed with age and car Product standardized iphone Service may occur at store office house call Or internet Produced at fix facility Knowledge based Automation feasibleProductivity Ratio of outputs goods and services divided by the inputs resources such as labor and capital Job is to enhance improve this ratio of outputs to inputs Improving productivity means improving efficiencyA Global View of Operations Globalization means customers talent and suppliers are worldwide Impact quality variety customization convenience timeliness and cost Change to some form of international operation improve the supply chain reduce costs improve operations understand markets improve products attract and retain global talentMissions and StrategyMission is the economic success indeed survival is the result of identifying missions to satisfy a customers needs and wants Its purposewhat it will contribute to society Provide boundaries an
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