M1S1 Into to OM Flashcards
What is Operations?
The part of a business organization that is responsible for producing goods or services
Operations is the core function of a business; there is no business if there is no operation.
How can we define operations management?
The management of systems or processes that create goods and/or provide services
It includes planning, executing, and delivering in the most efficient and effective way.
What are the key responsibilities of operations management?
Planning, coordinating, and controlling the resources needed to produce products and services
The goal is to achieve the desired profit.
What does marketing do in relation to operations?
Manages customer demands and understands customer wants and needs
Marketing focuses on generating customer demands.
What does finance manage in a business?
Manages money and fund allocation
It decides where and what to invest in.
What is the role of Management Information Systems (MIS)?
Manages the flow of information through data analytics
MIS is crucial for decision-making and operational efficiency.
What are the different functions that an operations manager should perform?
Planning, organizing, leading, controlling, and staffing
Each function aims to maximize efficiency.
What are goods?
Physical items that include raw materials, parts, subassemblies, and final products
Examples include automobiles, computers, and shampoo.
What are services?
Activities that provide some combination of time, location, form, or psychological value
Examples include air travel, education, and legal counsel.
What is a supply chain?
A sequence of activities and organizations involved in producing and delivering a good or service
The value of the item increases as it moves through the supply chain.
What is the Transformation Process?
A process that includes inputs, transformation/conversion, outputs, feedback, and control
It adds value to the product or service.
Fill in the blank: The difference between the costs of the inputs and the value of the price of outputs is called _______.
[Value]
What is the Goods-Service Continuum?
Products are typically neither purely service-based nor purely goods-based
Examples include surgery as a service and automobile assembly as a good.
How does manufacturing differ from service in terms of customer contact?
Service has a higher degree of customer contact
This is due to the direct interaction required in service delivery.
What is the impact of AI on labor content in manufacturing?
AI reduces labor content
Manufacturing processes often incorporate automation.
True or False: Manufacturing has a higher uniformity of output compared to services.
True
What is the significance of quality assurance in manufacturing compared to services?
Manufacturing allows time to correct possible defects
Services deliver on demand, making quality harder to track.
What are the basic functions of a business organization?
Marketing, Operations, Finance
These functions are essential for business success.
What are some career opportunities in operations management?
Operations manager, supply chain manager, production analyst, schedule coordinator
Other roles include production manager, industrial engineer, and quality manager.
Name two OM-related professional societies.
APICS, American Society for Quality (ASQ)
Other societies include ISM and PMI.
Why learn about operations management?
It is essential in making the business profitable
Understanding operations helps in grasping global dependencies and company success.
