Chapter 1 Flashcards
Creation of goods and services.
Production
Activities that relate to the creation of goods and services through the transformation of inputs to outputs.
Operations management
All organizations perform 3 functions that are necessary ingredients for an organizations survival:
Marketing, production/operations and finance/accounting
Generates demand, or at least takes the order for a product or service.
Marketing
Creates the product.
Production/operations
Tracks how well the organization is doing, pays the bills and collects the money.
Finance/Accounting
Global network of organizations and activities that supplies a firm with goods and services.
Supply chain
______ in specific fields helps supply chains, gives company competitive advantage.
Specialization
Good managers perform basic functions of management process, POLCS:
Planning, organizing, leading, controlling, staffing.
There are 10 strategic OM decisions: 1. Design of \_\_\_\_&\_\_\_\_ 2. Managing \_\_\_\_\_\_ 3. Process strategy 4&5. \_\_\_\_\_ &\_\_\_\_\_ strategies
Goods and services, quality, location and layout
10 strategies cont.
- HR
- ____ ______ management
- ________ management
- Scheduling
- _______
Supply chain, inventory, maintenance
Economic activities that typically produce an intangible product.
Services
Segment of the economy that includes trade, financial, lodging education, legal, medical and other professional occupations.
Service sector
Rate of outputs/one of more inputs
Only through increases in _____ can the standard of living improve.
Productivity
Indicates the ratio of one resource (input) to the goods and services produced (outputs).
Single factor productivity
Indicates the ratio of many or all resources to the goods and services produced.
Multi factor productivity.
Those with an invested interest in an organization, including customers, distributors, suppliers, owners, lenders, employees and community members.
Stakeholders.
6 reasons domestic business operations decide to change to some form of international operations:
- Improve ___ chain.
- Reduce ____
- Improve operations
- Understand _____
- Improve ______
- Attract and retain global ____
Supply, costs, markets, products, talent
- Designs of goods and services: defines what is __________; product design determines quality, sustainability and HR
Required of operations
- Managing quality: determines the ______ quality _______; establish policies and procedures to identify and achieve that quality
Customers, expectations
- Process and capacity strategy: how is a good or service produced? Commits management to specific technology, quality, ____ and _____
Resources, investment
- Location strategy: nearness to customers, suppliers and talent; considering costs, infrastructure, logistics and ______
Government
- Layout strategy: integrate capacity needs, personnel levels, technology and _____; determines the efficient flow of materials, people and _____
Inventory, information
- Human Resources and job design: recruit, motivate and retain personnel with the required talent and skills; integral and expensive part of the total ___ ____
System design
