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MGT 302 Study Guide for Exam 1

MGT 302 Study Guide for Exam 1 - MGT 302 Study Guide for...

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MGT 302 Study Guide for Exam 1 Chapter 1—Introduction What is Operations ? -Operations is a transformation process that converts inputs into outputs -operations is defined as a transformation process What is Operations Management ? -the transformation process in an efficient and effective manner -operations managers make decisions regarding the operations function and its connection with other functions Decision Making -there are four major decision areas in operations: - Process : how does the organization transform inputs into outputs? -type of technology and equipment -the physical process of facility used (process flow, layout) -workforce practices (job design, workforce policy) - Quality : how good is the output of the transformation process? -set up quality standards -design the quality into the products/services -inspect the products/service -quality training - Capacity : what is the max rate of providing a product or service in a given period of time? -size of facilities and workforce -allocation scarce resources - Inventory : how to manage the material flow within the transformation process and within the supply chain? -what to order, how much to order, when to order -the quantity of finished goods and WIP -the physical locations of the finished goods and WIP Why is Operations Management Important? -all organizations thrive by producing and delivering a good or a service deemed to be of value to customers in a global economy, and thus we cannot survive or prosper without it How does each decision area in Operations Management interconnect with other functional business areas? -every function must be concerned not only with its own decision responsibilities with integrating decisions with other functions -the four types of operations decisions cannot be made separately; they must be carefully integrated with one another and, equally important, with decisions made in all functions of the business -decision making is highly interactive and cross-functional -if marketing decided to change the price of pizza, that is likely to affect sales and the capacity needs of operations and the amount of materials used Chapter 2: Operations strategy Three types of Strategy: - Corporate strategy —what business are we in?
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- Business strategy —how do we compete? - Functional Strategy —how will a function support the business strategy and how it will complement the other functional strategies? What is Operations Strategy? -operations strategy is a strategy for the operations function that is linked to the business strategy and other functional strategies, leading to a competitive advantage for a firm Operations Strategy Model: Mission —states the role of operations -in creating competitive advantage -general and abstract Distinctive Competence : -operations capabilities; better than your competitors -based on unique resources (human or capital) that are difficult to imitate -patented technology and innovation in operations cannot be easily copied Objectives —four types -Cost -Quality (high performance design, consistent quality)
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