1: Introduction to Operations Flashcards Preview

Operations Management > 1: Introduction to Operations > Flashcards

Flashcards in 1: Introduction to Operations Deck (9)
Loading flashcards...
1

Operations

Take inputs in the form of resources and convert them into outputs in the form of products and services.

2

Operations management

The business function responsible for planning, coordinating and controlling the resources needed to produce a company's products and services.

3

Primary inputs

Resources that the process transforms directly. Owned by the firm.

4

Secondary inputs

Resources needed to facilitate the transformation of primary resources into outputs. Owned by the firm.

5

Tertiary inputs

Information needed to plan, execute and control the use of primary and secondary resources so that the primary transformation can be carried out.

6

Aim of operations

To deliver goods and/or services that meet clients'/customers' needs.

7

Objective of operations

To deliver the goods and/or services sufficiently in an efficient, effective and innovative manner to ensure long-term competitive advantage.

8

Four Vs

Volume (of demand from customers)
Variety (of tasks performed to create the product/service)
Variation (in demand from customers, over time)
Visibility (of staff from the POV of the customers)

9

Competitive objectives of the operations function

Quality
Speed
Dependability
Flexibility
Cost