exam 1 cheat sheat - What is operations/supply chain...

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What is operations/supply chain management ? The design, operation, improvement of the systems/processes that create & deliver the firm’s primary products/services. Goods : tangible, less interaction w/ customers, homogenous (similar parts), not perishable (CAN be inventoried) Services : intangible, more customer interaction, diverse, time dependent Efficiency: doing something at lowest possible cost Effectiveness: doing right things to create most value to customer Value: attractiveness relative to its cost. Benefit to cost ratio. Adding a sustainability requirement means meeting value goals w/o compromising ability of future generations to meet their needs. Triple Bottom Line: Economic Prosperity – Environmental Stewardship – Social Responsibility Operations Strategy : Broad policies/plans for using resources of firm, must be integrated with corporate strategy. How do we compete? Competitive Dimensions: Price: make product/service for cheap (qualifier) Quality: make great product/service (winner) Dlvry Spd: deliver when ordered/promised (time) Changing Demand: change its volume Flexbility: change the product/service (time) Order qualifiers are dimensions that are necessary for a firm’s products to be considered for purchase by customers (customers will not forego). Order winners are criteria used by customers to differentiate the products/services of one firm from those of other firms (purchase). Productivity Measurements : Partial: output / labor or output / capital or output / materials or output / energy Multifactor: output / labor + capital + energy or output / labor + capital + materials Total: output / input or goods & services produced /
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  • Spring '16
  • ya boy
  • Economics, sales representative

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