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Lecture 1 Intro to OM and Strategy1

Lecture 1 Intro to OM and Strategy1 - Bus Mgt 630...

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Bus Mgt 630: Intro to Operations 1 Bus Mgt 630: Introduction to Operations Management Introduction to Operations Management (OM) and Supply Chain Strategy
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Bus Mgt 630: Intro to Operations 2 The processes that effectively produce, transform, and deliver a product or service. What is Operations Management? INPUTS Human labor Materials and parts Energy (gas, electricity, coal) Machinery/equipment TRANSFORMATION Manufacturing Assembly Location change Exchange (retail) Storage (distribution center) OUTPUTS Finished product Service interaction with customer Increased knowledge or satisfaction
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Bus Mgt 630: Intro to Operations 3 Every company has Operations Managers
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Bus Mgt 630: Intro to Operations 4 Why all business students need to study OM Operations Management is about how things get done the improvement of business systems for better customer service, reduced cost and greater competitiveness removing waste and increasing value-add applicable to all businesses and all business functions
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Bus Mgt 630: Intro to Operations 5 OM impacts all organization decisions Where and how to produce or serve? How will we compete? What should we include? How should it be delivered? How much is the customer willing to pay? How much will it cost to make? How much profit do we want to make?
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Bus Mgt 630: Intro to Operations 6 The importance of OM Operations account for 60-80% of the direct expenses that burden a firm’s profit (so it has a lot of power and influence ). Companies that are strong operationally have better profits . Firms with good OM deliver better products and services that are of higher value . Taken from “Operations and Supply Management: The Core” by Chase and Jacobs
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Bus Mgt 630: Intro to Operations 7 Low-cost, no-frills service marketing strategy. OM system tailored to meeting the low-cost, high volume goal. Low cost marketing strategy. OM capabilities aimed at efficient operations focused on lowering product retail prices. Mass customization marketing and assembly strategy. Production, purchasing and supply chain designed for agile, fast and custom turnarounds to customers. The importance of Operations Management
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Bus Mgt 630: Intro to Operations 8 The importance of OM cont’d Total amusement experience strategy Attention to detail and a comprehensive system of supply chain management, scheduling, product and process design, and maintenance.
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