Readme - Operations .Thisfoldercontainsa commonterminologies

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Operations Operations is a subject which you would not have read in great detail as yet. This folder contains a few articles that help you understand some basic concepts in operations and introduce you to some common terminologies. We have tried to ensure that the language remains simple and easy to understand. The following articles have been included in the folder:‐ 1. 50 yrs of OM.pdf‐ This article gives a nice explanation about how Operations Management has evolved through the past 50 yrs. 2. Process mgt‐om.pdf‐ This article talks about the shift in attitude towards operations, and how it has evolved from operations management to process management. 3. What is the right supply chain.pdf‐ This article talks about the parameters to be considered while designing a supply chain for your organization. 4. Manufacturing‐missing link in corporate strategy.pdf‐ This article, talks about the importance of manufacturing while planning and implementing corporate strategy. It explains how a better manufacturing process helps in improving the organization as a whole. A few major concepts and definitions have been given below. Please go through the same as they are very important Total Quality Management TQM is a management philosophy, a paradigm, a continuous improvement approach to doing business through a new management model. The TQM philosophy evolved from the continuous improvement philosophy with a focus on quality as the main dimension of business. Under TQM, emphasizing the quality of the product or service predominates. TQM expands beyond statistical process control to embrace a wider scope of management activities of how we manage people and organizations by focusing on the entire process, not just simple measurements. TQM is a comprehensive management system which: Focuses on meeting owners’/customers’ needs by providing quality services at a cost that provides value to the owners/customers Is driven by the quest for continuous improvement in all operations Recognizes that everyone in the organization has owners/customers who are either internal or external Views an organization as an internal system with a common aim rather than as individual departments acting to maximize their own performances Focuses on the way tasks are accomplished rather than simply what tasks are accomplished Emphasizes teamwork and a high level of participation by all employees
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Just in time production (JIT) Just in time is a ‘pull’ system of production, so actual orders provide a signal for when a product should be manufactured. Demand‐pull enables a firm to produce only what is required, in the correct quantity and at the correct time. This means that stock levels of raw materials, components, work in progress and finished goods can be kept to a minimum. This requires a carefully planned scheduling and flow of resources through the production process. Modern manufacturing firms use sophisticated production scheduling software to plan production for each period of time, which includes ordering the correct stock.
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