operations management

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operations management

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32 Terms

1

operations management

getting the right goods/services in the right quantities at the right quality level in a cost-efficient manner

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2

capacity utilization

measure existing level of output as a proportion of potential output

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3

pros of capacity utilization

  • financially important as it spreads out costs over large level of output

  • lower fixed costs allowing for higher profit margins

  • effective

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4

cons of capacity utilization

  • potential breakdown of machinery

  • lower standards of customer service

  • stressed workers

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5

pros of JIT

  • reduced storage costs

  • reduces wastages if inventory is perishable

  • reduce break-even level

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6

cons of JIT

  • cannot account for drastic increase in demands

  • reliance on dependable suppliers

  • cannot take advantage of economies of scale

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7

lean production

streamlining operations/processes to reduce waster and achieve greater efficiency

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8

Kaizen

small but continuous improvements to achieve efficiency

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9

Kanban

inventory is based of actual customer orders not forecasted sales

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10

Andon

a visual control indicating status of production

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11

crisis management

response of an organization's to a crisis situation

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12

factors affecting crisis management

  • transparency

  • communication

  • speed

  • control

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13

contingency planning

being proactive to changes by planning in the case of unwanted events

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14

pros of contingency planning

  • cost: minimizes negative reactions to reduce costs

  • time: saves time

  • risk: accounted for

  • safety: alleviates staff's concerns

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15

cons of contingency planning

  • costs: may not even happen

  • time: uses up valuable time

  • risks: do not guarantee survival

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16

quantitative factors influencing location decisions: (4)

  • cost of labour

  • proximity to market/raw materials

  • government incentives/limitations

  • cost of land

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17

qualitative factors influencing location decisions: (4)

  • feasibility of e-commerce

  • local knowledge

  • political stability

  • infrastructure (transportation/communication networks)

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18

R&D

extensive research into new productions and development of prototypes

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19

pros of R&D

  • first movers advantage

  • competitive edge

  • growth opportunities

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20

cons of R&D

  • costly

  • high failure rate

  • budget concerns

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21

product innovation

new creations or development of existing products

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22

process innovation

a change in the way a product is manufactured or distributed

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23

positioning innovation

reposition the perception of brand

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24

paradigm innovation

changes nature of certain market

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25

mass production

manufacturing of large numbers of identical products

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26

job production

customizing individual product to meet specific requirements

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27

batch production

producing limited number of identical product

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28

flow production

continuous production of identical products

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29

cellular manufacturing

poduction whereby sets of tasks are completed by teams

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30

adaptive creativity

incremental innovation that adjusts or develops something that already exists

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31

innovative creativity

creating something new

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32

JIT

stock control system where stocks are delivered as needed

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