revised corporation code lecture notes, Lecture notes of Law

Download revised corporation code lecture notes and more Lecture notes Law in PDF only on Docsity! Introduction to Operations Management Operations Management Figure 1.1 The management of systems or processes that create goods and/or provide services Production of Goods vs. Delivery of Services • Production of goods – tangible output • Delivery of services – an act • Service job categories • Government • Wholesale/retail • Financial services • Healthcare • Personal services • Business services • Education Key Differences • Customer contact • Uniformity of input • Labor content of jobs • Uniformity of output • Measurement of productivity • Production and delivery • Quality assurance • Amount of inventory Scope of Operations Management Operations Management includes: • Forecasting • Capacity planning • Scheduling • Managing inventories • Assuring quality • Motivating employees • Deciding where to locate facilities • And more The operations function Consists of all activities directly related to producing goods or providing services Responsibilities of Operations Management Products & Services • Planning • Capacity • Location • Make or buy • Layout • Projects • Scheduling Controlling/Improving • Inventory • Quality • Costs • Productivity Organizing • Degree of centralization • Process selection Staffing • Hiring/laying off • Use of Overtime Directing • Incentive plans • Issuance of work orders • Job assignments Key Decisions of Operations Managers What What resources/what amounts? When Needed/scheduled/ordered Where Work to be done How Designed Who To do the work Trends in Business Major trends • The Internet, e-commerce, e- business • Management technology • Globalization • Management of supply chains • Agility Competitiveness, Strategy, and Productivity Competitiveness: How effectively an organization meets the wants and needs of customers relative to others that offer similar goods or services. Businesses Compete Using Marketing • Identifying consumer wants and needs • Pricing • Advertising and promotion Businesses Compete Using Operations • Product and service design • Cost • Location • Quality • Quick response Businesses Compete Using Operations • Flexibility • Inventory management • Supply chain management • Service Productivity Productivity • A measure of the effective use of resources, usually expressed as the ratio of output to input Productivity ratios are used for • Planning workforce requirements • Scheduling equipment • Financial analysis Partial measures • output/(single input) Multi-factor measures • output/(multiple inputs) Total measure • output/(total inputs) Other Factors Affecting Productivity • Standardization • Quality • Use of Internet • Computer viruses • Searching for lost or misplaced items • Scrap rates • New workers • Safety • Shortage of IT workers • Layoffs • Labor turnover • Design of the workspace • Incentive plans that reward productivity Improving Productivity • Develop productivity measures • Determine critical (bottleneck) operations • Develop methods for productivity • improvements • Establish reasonable goals • Get management support • Measure and publicize improvements • Don’t confuse productivity with efficiency