Business Operations Pt. I Flashcards
Is in charge of supplying products and services in the right amount, at the right place, at the right time and at the right quality
Operations Management
Business approach that creates long-term consumer and employee value by creating a “green” strategy aimed toward the natural environment and taking into consideration how a business operates in the social, cultural, and economic environment
Corporate Sustainability
It is at the heart of the creation of wealth for business and the improvement in the living standards of citizens of all countries
Importance of Operations Management
Is Getting good financial returns for the shareholders enough?
No, it is also for stakeholders: employees, customers, society, and interested institutions
Are responsible for the production of services and products in an ethical and environmentally responsible way while being responsive to the market
Operations managers
Businesses integrate three main functions
-Marketing: creates demand
-Operations: which supplies goods and services
-Finance: manage resources and demand
Processes that transform inputs into services and products for internal and external customers
Operations management
takes one or more inputs transforms them and provides one or more outputs
A process
How can you offer a similar product?
Standardization, process design, automation
*Physical, durable output
*Output can be inventoried
*Low customer contact
*Long response time
*Capital intensive
*Quality easily measured
manufacturing process
*Intangible, perishable output
*Output cannot be inventoried
*High customer contact
*Short response time
*Labor intensive
*Quality not easily measured
service process
Is producing enough to
identify the best way to add value for our customers?
No, therefore expand process boundaries and include more processes into two categories
Supply chain consists of
Core processes
Support processes
set of activities that delivers values to external customers
Core processes
provide vital resources and inputs to the core processes and is essential for the management of the business
Support processes
