Operations Management Overview

A set of flashcards summarizing key concepts from Operations Management based on the lecture notes.

Operations Management

The systematic design, direction, and control of processes that transform inputs into services and products for internal and external customers.

Process

Any activity or group of activities that takes one or more inputs, transforms them, and provides one or more outputs for its customers.

Supply Chain Management

The synchronization of a firm's processes with those of its suppliers and customers to match the flow of materials, services, and information with customer demand.

Competitive Priorities

The critical dimensions (cost, quality, time, and flexibility) that a process or supply chain must possess to satisfy its internal or external customers, both now and in the future.

Order Winners

The criterion customers use to differentiate the services or products of one firm from those of another.

Order Qualifiers

The minimum level required from a set of criteria for a firm to do business in a particular market segment.

Productivity

The value of outputs (services and products) produced divided by the values of input resources (wages, costs of equipment, etc.).

Labor Productivity

The ratio of the output produced by a worker within a specific period to the total number of hours worked.

Multifactor Productivity

A measure of productivity that evaluates the performance of multiple inputs, often expressed as the ratio of total output to the total input.

Competitive Capabilities

The cost, quality, time, and flexibility dimensions that a process or supply chain actually possesses and is able to deliver.