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 …show more content…
MIS: New/revised information systems, and Internet services.
Product/Service Design: Revision of current features, design of new products or services.
Product or Service Design is strategically important to win the customer’s approval to get increased demand. Translates customer’s wants and needs into profit. Example there wasn’t a demand for FB phone. A company will strategically be ahead by modifying what already exits, through innovation (page 134).
Exponential Smoothing: A weighted averaging method based on previous forecast plus a percentage of the forecast error.
Seasonal Relative: Percentage of average or trend
Focus Forecasting: Some companies use forecasts based on a “best current performance” basis. Bernard T. Smith developed this; it involves several forecasting methods (moving, average, weighting average, and exponential smoothing). Highest accuracy for net moth, and this process is for products and services.
Standard Error of Estimate: A measure of the scatter of points around the regression line.
Naïve approach to forecasting: A forecast for any period that equals the previous period’s actual