M1S1 Flashcards
-The part of a business organization that is for producing goods or services
-The reason the business exist. there is no business if there is no “______________-“
-This is the core function of a business
Operations
-the management of system or processes that create goods and or/provide services
-Execute and planning, deliver the best way (efficiency and effectiveness)
-From transformation processes to logistics
-a management function and organization’s core (at the center function)
-Responsible for planning, coordinating, and controlling the resources need to produce products and services for a company
Operations Managements
-Manages Customer
-Generating customer demands
-Understand customer wants and needs (preferences and changes in the preferences)
Marketing
-Manages creation of goods and services
-Modification of products/services to align with customer wants and needs.
-Managing the technology, equipment, people, information, and raw materials, and other materials needed in the manufacturing process.
-Engine room of the organization
Operations
-Manages money (Fund allocation)
-Where and what to invest
Finance
-Manages information
-Managing the flow of information (data analytics)
MIS
(5) Different Functions that Operations Manager Should Be Doing (to achieve maximum level of efficiency)
- Planning
- Organizing
- Leading or Directing
- Controlling
- Staffing
are physical items that include raw materials, parts, subassemblies, and final products
Goods
are activities that provide some combination of time, location, form or psychological value
Service
remember: (The Transformation Process (to add Value)
-First thing a customer looks like to judge the product’s quality is price
-The more value added, the higher the price
Measurements taken at various points in the transformation process.
Feedback
The comparison of feedback against previously established standards to determine if corrective action is needed
Control
The difference between the costs of the input and the value of price of outputs
Value-Added
Manufacturing vs. Service:
Degree of customer contact
Service has much higher degree of customer contact because of the direct contact.
Manufacturing vs. Service:
Labor Content of jobs:
Service has an higher labor content. because manufacturing can use AI or machines
Manufacturing vs. Service:
Uniformity of input
Manufacturing has higher uniformity in input. (Uses the same materials or parts every time.)
Manufacturing vs. Service:
Uniformity of output
Manufacturing has higher uniformity of output (Makes the same product many times.)
Manufacturing vs. Service:
Measurement of productivity
Manufacturing has higher measurement of productivity. (easier to count number of products made)
Manufacturing vs. Service:
Production and delivery
Manufacturing has higher production and delivery (Can produce and deliver in large amounts fast.)
Manufacturing vs. Service:
Quality Assurance
Manufacturing: Can check and fix products before selling
Service: Done live, so it’s hard to fix mistakes.
Manufacturing vs. Service:
Inventory
Manufacturing holds higher level of inventory. since service is intangible it doesn’t need any inventory.
Manufacturing vs. Service
Evaluation of work
same as quality assurance (Easy to check products.)
(Manufacturing higher)
Manufacturing vs. Service:
Ability to patent design
Easier to apply for patent in manufacturing
large term for several smaller subjects
Operations management
(3) Basic Functions of the Business Organization
- Marketing
- Operations
- Finance
-Budgeting
-Economic analysis of investment proposals
-Provision of funds
Finance and Operations
-demand data
-product and service design
-competitor analysis
-lead time data (time interval when you launched the product)
Marketing and operations
a sequence of activities and organizations involved in producing and delivering a good or service
Supply Chain
