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Bus140 - Exam #1 Crib Sheet

Bus140 - Exam #1 Crib Sheet - Chapter 1 1 2 3 4 1 2 3 4 5 1...

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Chapter 1 Operations manages is that business function plays a major role in converting factors of production into products of value 1. Design 2. Development 3. Distribution 4. Post-sale service to the customers who buy our products Goal is customer satisfaction. Consequence is sufficient profits and content employees Themes 1. Operations must support a firm’s strategic initiative which is customer-centric 2. Business is coordinated set of interconnected business process, each with inputs/structure/desired outcome 3. The performance of each process is measured by how well it contributed to achieving its desired goals 4. The two most important processes are the product innovation and supply chain management 5. Processes are important, but well trained highly motivated people make them perform well 3G Environment 1. Growth – firms and their operations management function must position the organization so as to be attractive as a place to invest in and as a place to work 2. Global – operations must effectively deal with increased complexity that worldwide operations created (diverse employees/customers/suppliers) 3. Green – operation managers must run both its product innovation function and its supply chain in ways that do the least possible harm to our environment (eco- friendly) Early Industrial Revolution Heroes 1. Adam Smith : efficiency of labor 2. Eli Whitney : cotton gin 3. Frederick Taylor : improve industrial efficiency (efficiency management movement) 4. Henry Ford : assembly line used in mass production (Model T) European Industrial Revolution => American Industrial Revolution Five Major Activities of Management 1. Planning 2. Analyzing 3. Organizing 4. Directing/Implementing 5. Controlling Three Management Heroes 1. Alfred P. Sloan : Modern Corporation 2. Peter Drucker : Theory of Management. American businesses evolve from production era to marketing era. Management is the life giving element of every business. Defined customer centricity. 3. W. Edwards Deming : Total Quality Management The Impact of Pace 1. Dimensions of Pace a. Rate of new product introductions b.
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