M4- topic 4 operations strategies part 1 performance objectives, new product, supply chain management, outsourcing, technology. Flashcards
what are performance objectives
goals that are related to specific aspects of the operations process
what are the types of performance objectives(6)
Quality
speed
dependability
flexibility
customisation
cost
what does quality performance objectives relate to
how well the product meets the needs and wants of the customer
what does having good quality do
prevents additional costs due to product recall and repairs made under warranty
what does speed relate to
the time it takes for operations to respond to demand.
what does good speed do (2)
faster processing times
reduce its lead times and wait times
what does dependability relate to
how well the product is designed and made.
what does flexibility relate to
how quick can operations processes adjust to changes in the market
what does customisation relate to
how quickly a product can be redesigned in order to match the customer’s demands.
what does cost refer to
the minimisation of expenses so that operations processes are conducted as cheaply as possible.
list approaches that business can take when a new product is designed and developed (2)
Consumer preference
Innovations in technology
what needs to be considered when designing and developing a new product (4)
supply chain management
capacity management
demand for quality
cost
what is supply chain management
The integration and management of the flow of supplies throughout the operations process to best meet customer needs
list supply chain management strategies (4)
sourcing
global sourcing
e-commerce
logistics
what is sourcing
the strategy of finding the suppliers needed so production process flow smoothly
