Term
| Define: Operations Management |
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Definition
| The management process or systems that create goods and/or provide services |
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Term
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Definition
| A series of linked actions, changes, or functions bringing about a result |
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Term
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Definition
| Operating at minimum cost and time |
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Definition
| Achieving quality and responsiveness |
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Term
| What are the three basic functions of a typical organization and how do they relate? |
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Definition
1. Operations
2. Finance
3. Marketing
Operations provides Finance with funding needs, and Finance gives funding in return. Marketing provides Operations with demands, and Operations gives products in return. |
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Term
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Definition
| Operations function performs all the activities directly related to producing goods or providing services. It is responsible for creating the organization's goods and services. |
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Definition
| Finance function performs activities related to securing resources at favorable prices and allocating those resources throughout the organization. |
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Definition
| Marketing is responsible for assessing customer wants and needs, and for communicating those needs and feedback to operations people and to product design people |
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Term
| What are some key differences between Production of Goods and Performance of Services? (7) |
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Definition
1. Degree of customer contact (services=high, goods=low)
2. Inventories (Goods can build up inventories, services can not)
3. Variability of outputs (services=subject to greater, goods=subject to less)
4. Labour content (services=high, goods=low)
5. Efficiency (goods=high, services=lower)
6. Measurement of productivity (goods=straightforward, services=more complicated)
7. Quality Assurance (services=more challenging, goods=errors are easily corrected) |
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Term
| What does the Operations Manager do? |
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Definition
| The operations manager has the ultimate responsibility for the creation of goods or performance of services. They must coordinate the use of resources through the management activities of planning, organizing, directing, and controlling. |
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Term
| What are some general approaches to decision making? (6) |
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Definition
1. Models - abstractions of reality; simplified representation of something
2. Quantitative approaches - mathematical models of managerial problems
3. Analysis of Trade-offs
4. Systems Approach - essential when something is being designed, redesigned, implemented, improved, or otherwise changed
5. Establishing Priorities - using the pareto phenomenon (20% of factors will impact 80% of results achieved)
6. Ethics - ugh. |
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Term
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Definition
| System in which highly skilled workers use simple, flexible tools to produce small quantities of customized goods |
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Term
| Define: Division of Labour |
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Definition
| (Adam Smith): Breaking up a production process into small tasks so that each worker performs a small portion of the overall job |
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Term
| Define: Interchangeable Parts |
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Definition
| (Eli Whitney): Parts of a produce made to such precision that they do not have to be custom filled |
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Term
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Definition
(Ford): System in which lower-skilled workers use specialized machinery to produce high volumes of standardized goods
Ford also introduced the assembly line |
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Term
| Define: Total Quality Management |
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Definition
| Involving every employee in a continual effort to improve quality and satisfy the customers |
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Term
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Definition
| System that uses minimal amount of resources to produce a high volume of high-quality goods with some variety |
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Term
| Name some major long-term trends that affect Operations Management (4) |
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Definition
1. Internet and E-Commerce
2. Technology
3. Globalization
4. Supply Chains: A sequence of activities and organizations involved in producing and delivering a good or service |
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Term
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Definition
| Buying a part of goods/services or a segment of production/service process rather than producing or performing it within the organization |
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