Flashcards: Fundamentals of Operations Management — 20 cards

Operations Management — definition?

Function responsible for producing goods/services.

Operations processes — role?

Transform inputs into outputs efficiently.

Inputs — examples?

Raw materials, labor, equipment, information.

Outputs — purpose?

Deliver value and meet customer needs.

Value creation — focus?

Outputs fulfilling customer expectations.

Scope of operations management?

Design, operate, improve productive systems.

Manufacturing vs Service — difference?

Tangible products vs intangible services.

Process measurement — importance?

Evaluate efficiency and effectiveness.

Performance measures — types?

Financial, external, internal.

Operations strategy — purpose?

Aligns operations with business goals.

Competitive priorities — examples?

Cost, quality, flexibility, delivery.

Product attributes — influence?

Shape process design and capabilities.

Process competencies — define?

Operational abilities to deliver product attributes.

Strategic positioning — mapping?

Product portfolio along key attributes.

Operational effectiveness — role?

Supports strategic positioning and competitiveness.

Trade-offs — meaning?

Sacrificing one aspect to improve another.

Cost leadership — focus?

Minimize costs, compete on price.

Differentiation — emphasis?

Unique features, flexibility, quick delivery.

Order qualifiers — role?

Minimum standards to be considered.

Order winners — significance?

Attributes that attract customers and win orders.