First Exam Study Guide Answers

First Exam Study Guide Answers - What is operations...

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What is operations management? An integrative and interdisciplinary body of knowledge that helps you get things done successfully  regardless of your functional area of business. It creates value for your internal and external customers Operations Management Functions Translating market knowledge of customers to design and manage goods, services, and processes Helping organizations do more with less Ensuring that resources (labor, equipment, materials, and information) and operations are coordinated Exploiting technology to improve productivity Building quality into goods, services, and processes Determining resource capacity and schedules Creating a high-performance workplace Continually learning and adapting the organization to global and environmental changes Heritage of OM Frederick Taylor – father of scientific method (analyzes and synthesizes work flows with the objective of  improving labor productivity George Danzig – founder of linear programming and simplex method. What these things did was  revolutionize planning, budgeting, and forecasting. “The oil industry long has used linear programming  in refinery planning, as it determines how much of its raw product should become different grades of  gasoline and how much should be used for petroleum-based byproducts” Thomas Saaty – analytical hierarchy process (structured technique that deals with complex decisions).  Hierarchy is built with problems that have certain qualities emphasized with different importance’s Nash Equilibrium – when two or more players know the strategies of the other and has nothing to gain  by changing their strategy Taiichi Ohno – invented JIT manufacturing for Toyota. It drives out all unnecessary processes to keep  cost low, including defects, overproduction, unnecessary processing, unnecessary transportation, ect… Difference between goods and services
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Goods are  o Tangible o Consistent product definition
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This note was uploaded on 09/08/2010 for the course BUS 140 at San Jose State University .

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First Exam Study Guide Answers - What is operations...

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