214 OPS Final Study Guide (1)

214 OPS Final Study Guide (1) - Eric Peterson OM EXAM Role...

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Eric Peterson OM EXAM Role of operations: Design, produce, and supply product to customers effectively (satisfying cust) and efficiently (without waste) *Effective and efficient processes improve stakeholder value* SIPOC Framework: Suppliers > Inputs > Processes (value added) > Outputs > Customers Highest GDPs: US, UK, Netherlands, last is Italy In 2006 the service sector’s share of global employment exceeded that of agriculture for the first time in history. 43.2% Goods dominant logic vs. Service Dominant logic: o Service logic measures good service from customer value. People exchange services for benefits: knowledge/skill Value Co-Creation: made up of service, contribution by the provider, contribution by customer, and value creation Relationship between service delivery process and the service system: o Service delivery process: customer > step 1 > step 2 > step 3 > step 4 > customer o Service System: supply chain, equipment, HR, technology, facilities, inventory, finance, marketing Service Science = TECHNOLOGY (feasible), BUSINESS (viable) and PEOPLE (desirable) o “Service is second only to price for consumers when deciding to do business with a company*” Products are “bundles” of goods and services GOODS: tangible, non-perishable, no cust interaction, homogeneous. SERVICES: intangible, perishable, direct interact, hetero Perceived Customer value = total benefits / total costs. All about satisfying customer needs. Sources of Value Creation: low cost (WAL-MART), service experience (4 Seasons), innovation (economy sharing, UBER) Triple Bottom Line: 1. Economically feasible, 2. Socially feasible, 3. Environmentally sustainable. Key challenges for services (organizational level): using info to create value, recognize trend toward increasing competition, working in a continuously changing business environment, providing higher levels of service caused by increase cust awareness, how to attract and retain customers ----------------------------------------------------------------------------------------------------------------------------------------------------------- STRATEGY: Vision -> Mission Statement -> Strategy. Strategy is all about adding value to the customer, and winning($+ ) Competitive Priorities >External customer requirements. Core competencies > internal process strengths Strategic Ops structural decisions: location, capacity, vertical integration, process technology Business Unit Strategy = how to compete within industry with performance measures Infrastructural Decisions: Workforce, quality management, policies and procedures, organizational structure Balanced Scorecard
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