Comm 205 - Operations Management Flashcards
What is the definition of Operations Management?
Operations Management with the processes that transform organizational inputs into goods and services.
Companies strategies to improve 2 things what are they?
Efficiency (Cost and Time), and Effectiveness (Quality and Timeliness)
Each step of the transformation must add ____
Value, must be added at each step else it must be deleted.
The primary role of operations functions is to ___
add value during the transformation process
Value Added is Defined as ___
Value-added is used to describe the difference between the costs of inputs and the value or price of outputs
Most Systems and industries are a mix between both ____ and ____
Good and services
What is supply chain management?
Supply Chain Management is a sequence of activities and organizations involved in producing and delivering a good or service?
What is the formula for productivity?
What is a Mission Statement?
A mission is a where a company is going now.
What is a vision statement?
A vision statement is where a company desires to be in the future.
What methods can you use to develop goals and a strategy?
Frameworks such as SWOT and Balance Scorecard to develop goals and strategies(Direction)
What is operations strategy?
Operations Strategy is a set of coordinated policies, objectives and action plans, directly affecting the operations function.
How can you measure the change in productivity?
