A Study Guide On Operations Management Essay

744 Words Oct 28th, 2015 3 Pages
Study Guide:

Operations Management: refers to the administration of business practices to create the highest level of efficiency possible within an organization. Operations management is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization. In other words, management of systems or processes that creates goods and/or provides services.

Strategy: Strategies provide focus for decision making on how overall operations are run. Functional strategy should support the overall strategies of the organization to support the goals and mission of the company. Tactics are the methods and actions to accomplish strategies.

Global Strategy: A strategy has a long-term impact on the characters to compete with other organizations. A strategy can be guidelines on how to preserve the global environment.

Departments within Organizations: Accounting, finance, human resources, marketing, MIS, and product/service design.

Accounting: New product/process cost estimates, profit projections, and cash management.

Finance: Equipment/equipment replacement needs, timing and amount of funding/borrowing needs.

Human Resources: Hiring activities, including recruitment, interviewing and training lay off planning, including outplacement counseling.

Marketing: Pricing and promotion, e-business strategies, and global competition strategies.

MIS: New/revised information systems, and Internet services.…

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