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31 Cards in this Set
- Front
- Back
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Production
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is the creation of goods and services using the factors of production.
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Production Management
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describes all the activities managers do to help companies create goods.
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Operations Management
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the management of systems or processes that convert or transform resources into goods and services.
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Value-Added
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the term used to describe the difference between the cost of inputs and the value of price of outputs.
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Transformation process
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the actual conversion of inputs to outputs.
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Managers use IT to heavily influence OM decisions including:
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WHAT:what resources will be needed and in what amounts
WHEN:when should the work be scheduled? WHERE: where will the work be performed? HOW: how will the work be done? WHO:who will perform the work? |
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What does operations strategy address?
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it addresses broad questions about using major resources to achieve corporate objectives.
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Strategic Planning
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focuses on long range planning
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strategic business units (SBUs)
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consist of several stand alone businesses.
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Materials requirement planning (MRP)
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use sales forecast to make sure that needed parts and materials are available at the right time and place.
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Tactical Planning
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focuses on producing goods and services as efficiently as possible within the strategic plan.
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Global inventory management system
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provides the ability to locate, track, ans predict the movement of every component or material anywhere upstream or downstream in the production process.
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operational planning and control
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deals with day-to-day procedures for performing work, including scheduling, inventory, and process management.
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inventory management and control system
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provide control and visibility to the status of individual items maintained in inventory.
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transportation planning system
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track and analyze the movement of materials and products to ensure the delivery of materials and finished goods at the right time , the right place, and the lowest cost.
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distribution managing systems
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coordinate the process of transporting materials from a manufacturer to distribution centers to final customers.
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Five key competitive priorities which a company can add value to its om decisions including:
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cost
quality delivery flexibility service |
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cost
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there can only be one lowest cost producer, and that firm usually establishes the selling price in the market.
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Quality
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is divided into two categories product and process quality
-Six Sigma Quality Malcomes Balridge National Quality Awards |
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Supply chain Management
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involves the management of information flows between and among stages in a supply chain to maximize total supply chain effectiveness and profitability.
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The four basic components of supply chain management include:
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Supply chain strategy
Supply chain partner supply chain operations Supply chain logistics |
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Supply chain strategy
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strategy for managing all resources to meet customer demand.
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Supply chain partner
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partners throughout the supply chain that deliver finished products, raw materials and services.
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Supply chain operation
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schedule for production activities
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Supply chain Logistics
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product delivery process
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Factor driving SCM
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visibility
consumer behavior speed competition |
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Supply chain Visibility
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the ability to view all areas up and down the supply chain.
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Bullwhip effect
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occurs when distorted product demand information passes from one entity to the next throughout the supply chain.
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Demand planning software
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generates demand forecasts using statistical tools and forecasting
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Supply chain planning software
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uses advanced mathematical algorithms to improve the flow and efficiency of the supply chain.
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Supply chain execution (SCE) software
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automates the different steps and stages of the supply chain.
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