Pre 1 Flashcards
What is the definition of Operations Management (OM)?
The business function responsible for planning, coordinating, and controlling the resources needed to produce products and services for a company
OM transforms inputs to outputs, including people, material, money, technology, facilities, and processes.
What are the inputs in Operations Management?
Resources such as People, Material, Money, Technology, Facilities, and Process
Inputs are necessary for producing goods and services.
What are the outputs of Operations Management?
Goods and services
Outputs are the result of transforming inputs.
List at least three importance of Operations Management.
- Ensures optimal use of resources
- Improves productivity and efficiency
- Enhances customer satisfaction
- Drives innovation and competitive advantage
- Reduces waste and improves sustainability
These factors contribute to the overall success of a business.
What are the key decisions in Operations Management?
- Strategic decisions
- Tactical decisions
- Operational decisions
Each type of decision focuses on different aspects of operations.
What are examples of a strategic decision in Operations Management?
- Facility location and layout
- Capacity Planning
- Supply chain design
Strategic decisions are broad and long-term in nature.
What are examples of a tactical decision in Operations Management?
- Inventory management
- Scheduling and workforce management
Tactical decisions focus on specific day-to-day issues.
What are examples of a Operational decision in Operations Management?
- Quality control
- Day-to-day operations
What is Forecasting?
Predicting future demand to optimize production.
Minimizing waste while maximizing value
This approach is aimed at improving efficiency.
Lean Manufacturing
What does Just-In-Time (JIT) Inventory aim to achieve?
Reducing inventory costs by producing goods only as needed
JIT helps in minimizing excess inventory.
Focusing on long-term quality improvement across all operations
involves all employees in the organization.
Total Quality Management (TQM)
Improving quality by identifying and removing defects
This methodology combines lean manufacturing and Six Sigma principles.
Lean Six Sigma
Coordinating materials, information, and finances across the supply chain
is crucial for efficient operations.
Supply Chain Management (SCM)
What is Capacity Planning in Operations Management?
Ensuring the organization can meet current and future production demands
This involves forecasting and resource allocation.
What is Process Mapping used for in Operations Management?
Visualizing workflows to identify inefficiencies
It helps in streamlining operations.
Challenges in Operations Management.
- Managing global supply chain disruptions
- Adapting to technological advancements
- Balancing cost, quality, and speed
- Addressing environmental concerns
- Managing workforce diversity and remote operations
This challenge requires effective strategies to mitigate risks.
How does Operations Management contribute to business success?
- Aligns operations with business strategy
- Enhances organizational agility
- Fosters innovation and adaptability
- Builds strong customer relationships
- Ensures financial stability and growth
These contributions are essential for sustaining competitive advantage.
True or False: Operations Management does not concern itself with customer satisfaction.
False
Enhancing customer satisfaction is one of the key importance of Operations Management.
