Operations Management Overview

These flashcards cover key concepts, definitions, and principles from Operations Management as taught by Dr. Harvey A. Singer, focusing on the nature of operations management, essential functions, supply chains, and current trends.

What is operations management (OM)?

OM is the set of activities that creates value in the form of goods and services by transforming inputs into outputs.

What are the essential functions of operating to produce goods and services?

Essential functions include Marketing (generates demand), Production/Operations (creates the product or service), Finance/Accounting (tracks financial performance), and HR (serves employees).

What is a supply chain?

A supply chain is a network between a company and its suppliers and distributors to produce and distribute a specific product or service.

How does value add occur in a supply chain?

Value is added at each step forward as products move from raw materials to finished goods.

What are the basic management functions of an operations manager?

Basic functions include Planning, Organizing, Staffing, Leading, and Controlling.

Name some decision areas in operations management.

Decision areas include Service and Product Design, Quality Management, Process and Capacity Design, Location, Layout Design, Job Design, Supply-Chain Management, Inventory Management, and Scheduling.

What characterizes goods in comparison to services?

Goods are tangible, produced separately from consumption, consistent in definition, can be inventoried, and have low customer interaction.

What characterizes services in comparison to goods?

Services are intangible, produced and consumed simultaneously, have high customer interaction, and often involve customization.

What are some new trends in operations management?

Trends include just-in-time shipments, mass customization, environmentally sensitive production, and rapid product development.

What are some challenges facing operations managers?

Challenges include globalization, supply-chain partnering, sustainability, and rapid product development.

Who are stakeholders in an organization?

Stakeholders include customers, distributors, suppliers, owners, lenders, employees, and community members.