Operations Management Study Guide - 1844 Words

1: Operations and Productivity I. What is Operations Management? a. The business functions responsible for planning, coordinating, and controlling the resources needed to produce a company’s products and services. b. Production is the creation of goods and services c. OM is the set of activities that create value in the form of goods and services by transforming inputs (human resources, facilities and processes, technologies, raw materials) into outputs (goods amp; services). d. Basic Management Functions: Planning, Organizing, Staffing, Leading, Controlling Strategic Decisions | Tactical Decisions | * Broad in scope * Long-term in nature * All encompassing | * Narrow in scope * Short-term†¦show more content†¦4. Understand Markets: interacting with foreign customers and suppliers can lead to new opportunities. EX: knowledge of markets helps firms understand where the market is going amp; helps diversify customer base, add production flexibility, and smooth t he business cycle. 5. Learn to Improve Operations: remain open to the free flow of ideas. EX: GM partnered with Japanese auto manufacturers to learn new approaches to production and inventory control. GM to Jap: capital and knowledge of US laws, Jap to GM: production amp; inventory ideas 6. Attract and Retain Global Talent: offer better employment opportunities worldwide II. Mission and Strategy a. Mission statements answer the question â€Å"Where are you going?† It’s purpose needs to benefit society. i. Factors affecting mission include: environment, values, benefit to society, profitability, public growth b. The Strategy answers the question â€Å"How are we going to get there?† It is an action plan to achieve the mission. ii. Strategies for Competitive Advantage: 1. Differentiation- better at or different 2. Cost Leadership- cheaper 3. Rapid Response III. Product Life Cycle- ***may be any length from a few hours to decades Introduction | Growth | Maturity | Decline | * Product design and development critical * Frequent product and process design changes * Limited models * AttentionShow MoreRelatedMg375 Operations Management Student Study Guide Final Examination 1.122423 Words   |  10 PagesMG375 Operations Management Student Study Guide Final Examination 1.12 This is a two-hour, closed book and closed notes test. Therefore, it cannot be a take-home test. Students may use a hand-held calculator during the test provided it does not have features that allow it to take pictures or otherwise store test information other than the current calculation. The calculator cannot have means to communicate via email, instant messenger or any other means. 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