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    Operations Management
    Operations Management
    Operations Management
    Ebook52 pages37 minutes

    Operations Management

    By Ravi Behara

    ()

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    About this ebook

    Quintessential reference to business operations filled with key terms, equations, graphs, processes, models, and more. A perfect tool for any student of business, working professional, or business owner. The business knowledge compressed into six pages can be found nowhere else for this price.
    LanguageEnglish
    PublisherBarCharts, Inc.
    Release dateNov 30, 2009
    ISBN9781423237884
    Operations Management

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      Book preview

      Operations Management - Ravi Behara

      Introduction

      goods: Tangible, physical items produced by firms (e.g., automobiles).

      goods-services continuum: The combination of goods and services produced by a firm (e.g., for a restaurant dinner, it includes both the tangible meal and the intangible experience).

      operations management (OM): The management of activities and processes that create and deliver goods and services, effectively and efficiently, to customers (production management is specifically used for the manufacturing of goods).

      planning and control: The role of operations; that is, to plan the work (planning) and then work the plan (control).

      process: A sequence of activities that transform inputs into outputs (both goods and services).

      services: Intangible acts or experiences produced by firms (e.g., teeth cleaning).

      supply chain: The sequence of activities and firms that together produce goods and services and deliver them to the end-users or customers (e.g., mining companies extracting ore, steel mills making sheet steel, automobile manufacturers making cars, auto distributors, car dealerships, customers).

      transformation: Converting inputs (e.g., electronic components) into outputs (e.g., smartphones).

      value-added: The difference between the cost of the inputs and the price of the outputs; the value that is added to goods and services through a transformation.

      Goods-Services Comparison

      Goods are tangible, but services are intangible.

      Goods are consumed, whereas services are experienced.

      Customers are usually not directly involved in producing or manufacturing goods (low customer contact), whereas they usually participate in creating services (high customer contact).

      Services are produced and consumed at the same time, whereas goods are manufactured and consumed at a later point in time.

      Goods can be inventoried (stored), whereas most services cannot be inventoried.

      It is usually easier to forecast or predict the demand for goods than it is for services.

      Services are generally produced close to the customer (where they are consumed), whereas goods are produced farther away from the customer.

      Services are usually more labor intensive, whereas goods production has relatively less labor content.

      Productivity is easier to measure in manufacturing than it is in services.

      Managing service quality is more challenging than managing quality in manufacturing.

      EX: Manufacturing Industry

      Automobiles (Ford), aircraft (Boeing), consumer electronics (Samsung), computers (Dell), beverages (Pepsi)

      EX: Services Industry

      Banking (Bank of America), retail (Wal-Mart), food services (McDonalds), education (a university or college), shipping (FedEx), transportation (Southwest Airlines), health care (local hospital), hospitality (Marriott)

      Operations

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