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Chapter 5

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Department
Commerce
Course
COMM 310
Professor
Julie Kim
Semester
Summer

Description
CHAPTER 5 Operations ManagementSupply Chain Management 51 Operations Management Introduction production is the creation of goodsservices using the factors of production land labour capital entrepreneurshipknowledge organizations that excel in OM specifically SCM perform better in almost every financial measure of success when supply chain excellence improves ops companies experience a higher profit margin less inventory stronger perfect order ratingssignificantly shorter cycle times than competitors OM Fundamentals production mngmt describes all activities managers perform to help companies create goodsoperations mngmt mngmt of systems or processes that convert or transform resources into goodsservices OM is responsible for managing the core processes used to manufacture goodsproduce services transformation processes such as storing transporting cutting transformation process actual conversion of inputs to outputs to ensure that desired outputs are obtained an org takes measurements at various points in transformation processthen compares them with previously established standards to determine whether corrective action is needed value added describe the difference between the cost of inputsthe price value of outputs OM enables an org to increase valueadded during transformation process OM In Business scope of OM ranges across the orgincludes many interrelated activitiesforecastingcapacity planningmanaging inventories assuring qualitymotivatingtraining employeesdeciding where to locate facilities
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