ANALYZING BUSINESS OPERATIONS
ANALYZING BUSINESS OPERATIONS DIS 300
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This 7 page Class Notes was uploaded by Kaela Marquardt on Friday October 23, 2015. The Class Notes belongs to DIS 300 at University of Kentucky taught by Pei Xu in Fall. Since its upload, it has received 8 views. For similar materials see /class/228259/dis-300-university-of-kentucky in Decision Sciences at University of Kentucky.
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Date Created: 10/23/15
DIS 300 1122011 52200 PM What is Operation Management OM o President or CEO 0 Marketing VP of Marketing Manages customer demands Generates sales for goods and services 0 Operations VP of Operations n Manages people equipment technology materials and information a To produce goods andor services 0 Finance VP of Finance a Manages cash flow current assets and capital investments o OM is the business function that plans organizes coordinates and controls the resources needed to produce a company s goods and services c Role of OM 0 To transform a company s inputs into the finished goods and services For OM to be successful it must 0 Be efficient Being able to perform activities well and at the lowest possible cost 0 Add value value added describes the net increase between the final value of a product and the value of all the inputs Review At the GAP which function plans and coordinates all the resources needed to design produce and deliver the merchandise to its various retail locations 0 Answer operations management Which one of the following would not be considered a transformation 0 Answer waiting to see a doctor o At a factory the transformation process is a change of raw materials and compnents into products 0 Answer physical OM Decisions o Strategic decisions 0 Longterm decisions that set the direction for the entire organization o Tactical decisions 0 Shortterm decisions tha focus on specific departments and tasks Review o Which of the following is not true with respect to strategic and tactical decisions 0 Answer tactical decisions determine the direction for strategic decisions Chapter 2 1122011 52200 PM Operation Strategy and Competitiveness Learning Objectives o The role of operations strategy o Developing a business strategy The Role of Operations Strategy o What is strategy 0 A plan of action intended to accomplish a specific goal o Business strategy 0 The longrange plan of a business designed to provide and sustain shareholder value p 28 0 Michael Porter s competitive strategies p 30 Cost leaderships ex Southwest Airline p 28 Differentiation ex Singapore Airlines p 28 o Operation Strategy OS 0 A longrange plan for the operations function that specifies the design and use of resources to support the business strategy 0 An OS must be aligned with the company s business strategy and enable the company to achieve its longterm plan 0 Business Strategy defines the longrange plan for the company Environmental scanning monitoring the business environment for market trends threats and opportunities Mission statement that defines What is our business Who are our clients and How our values define our business Core competencies unique strengths that can help us win in the market o Mission 0 Dell To be the most successful computer company in the world delivering the best computer experience in markets we serve o Lowe s Helping customers build improve and enjoy their homes o Environmental scanning o Marketplace trends Economic trends Political trends Social trends SWOT analysis Strengths weaknesses opportunities threats Review o Which one of the following would not be considered a core competency that a compny might have Hula Hoop Video o Showed 0 Supply management 0 Accountingfinance 0 Marketing 0 RampD o Decisions 0 Longterm business strategy Produce o Shortterm selling price retailer 1122011 52200 PM Forecasting o Two projects in forecasting 0 Time series model Pattern in results of a company sales Used to predict the future 0 Casual model Most researchers use this model Rating of review 9 sale Time Series model o Nai39ve model 0 Ft1 At o Simple mean 0 Ft1 Sum of At n Simple moving average 0 Ft1 Sum of At n n3 0 Certain time frame Weighted moving average 0 Ft1 Sum of CtAt Exponential Smoothing o Ft1 alphaAt 1alphaFt alpha 6 o Linear Trend Line A Actual Sale T Time period N numberx 1122011 52200 PM 1122011 52200 PM Linear trend line Model
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