Intro to Operations
Intro to Operations BUS 351
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This 2 page Class Notes was uploaded by Erika Briggs on Friday January 22, 2016. The Class Notes belongs to BUS 351 at Indiana State University taught by Kym Pfrank in Spring 2016. Since its upload, it has received 41 views. For similar materials see Intro to Operations Management in Business at Indiana State University.
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Date Created: 01/22/16
Chapter 1 Operations and Supply Chain Management includes Product design Purchasing Manufacturing Service operations Logistics Distribution Success depends on Strategy Processes to deliver products and services Analytics to support the decisions needed to manage the firm What is Operations and Supply Chain Management? Operations- manufacturing and service processes used to transform resources into products Process Activities: Planning, sourcing, making, delivering, returning Efficiency- doing something at the lowest possible cost Effectiveness- doing the right things to create the most value for the customer Value- attractiveness of a product relative to its cost Management efficiency ratios Labor Activity Net income per employee Revenue (or sales) per employee Asset Productivity Receivables turnover ratio Inventory turnover Asset turnover Receivable Turnover = Annual Credit Sales Average Accounts Receivable Inventory Turnover = Cost of Goods Sold Average Inventory Value Asset Turnover= Revenue (or Sales) Total Assets Chapter 2 Shareholders- ind. Or companies that legally own one or more shares of stock in the company Stakeholder- ind or org who are directly or indirectly influenced by the actions of the firm Triple bottom line- evaluating the firm against social, economic, and environmental criteria Adding sustainability requirement means meeting value goals without compromising the ability of future generations to meet their own needs Corporate strategy- provides overall direction and coordinates operational goals with those of the larger organization Operations and effectiveness- performing activities in a manner that best implements strategic priorities at a minimum cost Competitive Dimensions Price Quality Delivery Speed Delivery Reliability Coping with Changes in Demand Flexibility and new product introduction speed Trade Offs Management must decide which parameters of performance are critical and concentrate resources on those characteristics. Straddling- seeking to match a successful competitor by adding features, services, or technology to existing activities (often a risky strategy) Order qualifiers- dimensions that are necessary for a firm’s products to be considered for purchase by customers Order winners- criteria used by customers to differentiate the products and services of one firm from those of other firms Productivity Measurement - How well you are using resources, relative measure Productivity=outputs Inputs Assessing Risk Supply Chain risk is the likelihood of a disruption that would impact the ability of a company to continuously supply products.
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