Operations Management Flashcards

Flashcards on Operations Management

Operations Management

The administration of business practices to create the highest degree of efficiency possible within an enterprise, utilizing resources from people, materials, equipment, and technology, while maintaining critical quality standards.

Capacity Planning

Evaluating the number of products or services a business can sell or distribute in a given time frame.

Product and Service Design

Generating new concepts and developing a service or product to meet customer requirements and expectations, while also considering cost-effectiveness.

Quality Control

Checking for potential problems or errors in services or products at every stage of the production process or during service operations.

Process Improvement and Optimization

Evaluating the steps in a process, either completely rewriting it or rearranging the steps to work best.

Supply Chain Management

Controlling the sourcing of supplies, the production process, inventory management, sales, and distribution at reasonable rates.

Facilities Management

The integration of people, places, and processes, as well as the handling and care of structures, buildings, equipment, and other physical necessities of a business to ensure high productivity.

Assets

Properties owned by an enterprise regarded as having a value that can be used to support the production of goods and services.

Hard Services (Facilities Management)

Physical alterations and adjustments in a building or its structure, such as fire safety systems, electrical systems, and air-conditioning.

Soft Services (Facilities Management)

Services that make the workplace bearable and comfortable, including landscaping, event support, cleaning, and pest control.

Tangible Factors (Facility Location)

Factors that include delivery or freight rates, production costs, and local government tax cuts.

Non-Tangible Factors (Facility Location)

Factors that include the location's security, quality of work, and culture.

Controllable Factors (Facility Location)

Factors such as proximity to the market, supply of materials, transportation facilities, infrastructure, and labor wages.

Non-Controllable Factors (Facility Location)

Factors such as government policies, climate and environmental conditions, and supporting industries.

Open Office Design

Workstations are arranged in various ways, with open discussion throughout the area.

Cellular Office Design

The entire office space is divided into individual spaces or cubicles, so employees can each have private areas.

Co-Working Office Design

Desks can be assigned to workers based on their jobs and encourages staff members to interact socially.

Combination Office Design

Incorporate open and mobile work options, and can design individual cubicles that incorporate smaller spaces.

Product or Line Layout

A single product type is created in an operating area.

Process or Functional Layout

Machinery and equipment are positioned according to the nature or type of operations.

Fixed Position Layout

The major component of a product remains in a fixed position or location; the raw materials, parts, accessories, machinery, and workers are brought to where the products are being built.

Combination Layout

A combination or a mix of other layouts. This type is possible if an item being made has different types and sizes.

Virtual Office

Considers an expansion in efficiency, a decrease in driving expenses and greater adaptability.

5S Methodology

A system of organizing workspaces to perform work efficiently, effectively, and safely by putting everything where it belongs.

Seiri (Sorting)

Organizing the important tools and materials needed for work and discarding the ones not needed.

Seiton (Set in Order)

Arranging tools and materials so that few movements will be needed to locate them when they need to be used.

Seiso (Shine/Cleanliness)

Emphasizing that cleaning the workplace should be a daily habit.

Seiketsu (Standardize)

Maintaining and following the first three 'Ss' of the 5S system, including assigning employees regular tasks and schedules.

Shitsuke (Sustain/Discipline)

Understanding that the 5S method is an ongoing process and a continuing responsibility.

Business Model Canvas

A plan that outlines a company's financial goals, explaining who the customer base is, how a business provides value, and the specifics of financing.

Customer Segment

The groups of people or organizations that an enterprise aims to reach and serve.

Customer Relationship

Relationships can be personal or automated, transactional or long- term, and the goal can be to get new customers, keep existing ones, or increase sales.

Channels

Ways a company reaches out to specific customer groups.

Revenue Streams

The profit or loss of the business is the difference between the cost and the revenue streams.

Key Activities

A business must take these most crucial actions to run smoothly.

Key Resources

Necessary for each business model. A company can reach markets, maintain relationships with customer segments, and generate revenue thanks to its resources.

Key Partners

Relationships a business has with other people or organizations that make the business model work, such as suppliers, manufacturers, or advisors.

Cost Structure

Help determine how to focus on innovation and develop a value proposition.

Value Proposition

Customers choose a business over others because of its value proposition, which meets their needs or solves the customers' problems.