Shared Flashcard Set

Details

Operations Management Ch. 2
concepts and definitions
26
Management
Undergraduate 4
02/14/2011

Additional Management Flashcards

 


 

Cards

Term
Sustainable Strategy
Definition
must include company strategy, sustainability, and stakeholders
Term
Strategy
Definition
how a firm intends to create and sustain value for shareholders
Term
Sustainability
Definition
must meet these needs without impairing the ability of future generations to meet their needs
Term
Stakeholders
Definition
individuals and organizations influenced directly or indirectly by actions
Term
Triple Bottom Line Strategy
Definition
considers evaluating the firm against 3 criteria: social (fair and beneficial towards labor, community, region), economic (obligated to compensate shareholders), environmental (cradle-to-grave assessments)
Term
Operations and Supply Chain Strategy
Definition
concerned with setting broad policies and plans for using resources of a firm and must be integrated with corporate strategy
Term
Operations Effectiveness
Definition
relates to the core business processes needed to run the organization; can spal all business functions; reflected directly in operation costs; must anticipate future needs
Term
Closed Loop Strategy Process
Definition
Develop/Refine

Translate

Plan
Term
Strategic Analysis
Definition
forecasting how business conditions that impact strategy are going to change
Term
Initiatives
Definition
major steps taken to drive success
Term
Competitive Dimensions
Definition
Cost/Price

Quality

Delivery Speed

Delivery Reliability

Coping with change in demand

Flexibility and New Product Intoduction speed
Term
Cost/Price
Definition
make product or deliver service cheap

only one cheapest producer

typically indistiguishable goods

increased profits due to increased unit volume

more competition; higher fail rate
Term
Quality
Definition
make great product or deliver great service

2 characteristics: design quality; process quality
Term
Design Quality
Definition
set of features the P/S contains; design of P/S
Term
Process Quality
Definition
realtes to reliability of P/S

produce defect free P/S
Term
Delivery Speed
Definition
make or deliver P/S quickly

on-site repair
Term
Delivery Reliability
Definition
deliver when promised
Term
Coping with Change in Demand
Definition
change its volume
Term
Flexibility and New Product Introduction Speed
Definition
change it
Term
Straddling
Definition
when a company seeks to match the benefits of a successful position while maintaining its existing position (run)
Term
Order Winner
Definition
criterion that differentiates P/S of one firm from another's
Term
Order Qualifier
Definition
screening criterion that permits a firms products to even be considered as candidates for purchase
Term
Strategic Fit
Definition
fitting operational activities to strategy

competitive advantage comes from how a firm's activites fit with a reinforce each other

all activities relate to one another
Term
Activity System Maps
Definition
shows how a company's strategy is delivered through a set of tailored activities
Term
Core Capabilities
Definition
the skills that differentiate the frim from competition
Term
Productivity
Definition
how well a firm is using its resources
Supporting users have an ad free experience!