may192011opsd[1] - Operations Management Operations...

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Operations Management
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Purpose and Basic Components of  Operations Organization purchases inputs from suppliers, changes them in some way and then sells the outputs to customers. Some enterprises transform materials, others transform customers, and others transform information Operations is everywhere Inputs and outputs are a matter of perspective Operations add value Breaking an operation down into its many steps can help in understanding and analysis Operations needs information Examples: Iron Mine, Restaurant, University, Investment Management- look at Inputs, Transformation Process and Outputs
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Operating System  Components Transformation process usually involves equipment, people with a range of skill sets, inventories of goods to ensure smooth operations, and energy to make it all come together Equipment: machinery needed to make production happen. Capability, capacity, flexibility and reliability most important features. Capability-what piece of equipment can do; Capacity-how much a piece of equipment can hold and amount of materials etc that can be processed and produced in a given period of time; Flexibility- operating system’s ability to cope with changing circumstances; Reliability-likelihood that a piece of equipment will perform as designed.
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Operating System con’t People: Capability, capacity, flexibility and reliability also applies to people who bring strength, intelligence and interpersonal skills to operations. People component brings in theories of organizational behaviour. Energy is a component of almost any operations-is a major operational factor Inventory is an input, a component, and a product of most operating systems-it is anything that is purchased or acquired for transformation of materials into saleable goods.
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Inventory Inventory is an input, a component and a product of most operating systems. It is anything purchased or acquired for transformation or resale that assists in transforming materials into saleable goods. Three kinds of inventory: raw materials, work in process and finished goods. Inventories both cost and save money-inventory management involves managing these costs.
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