B207A Shaping Business Opportunities I - Introduction to Operations Management

Flashcards covering key vocabulary and concepts from the Operations Management lecture notes.

Operations Management

The efficient delivery of goods and services to customers through effective management of the organization’s resources to meet their customers’ needs.

Efficiency

Achieved through good process design, effective planning and control systems, and a workforce involved in continuously improving processes and systems.

Reducing Costs

Efficient operations can lead to positive impact by reducing costs.

Enhancing Revenues

Providing more marketable goods and services through quality, service, and innovation increases revenue.

Input-Process-Output (IPO) Model

A model that summarizes the roles of operations management, showing the types of resources operations managers collect and use efficiently and effectively.

Transformation Processes

The processes that operations managers focus on managing, linking activities in a complex system.

Material Processing

Transformation process predominantly transforming materials, such as manufacturing, mining, and logistics.

Information Processing

Transformation process mainly processing information, such as banking, accounting, and telecommunications.

Customer Processing

Transformation process involving processing customers, such as in hotels, hospitals, and theme parks.

Physical Transformation

Involves a physical alteration of resources, such as preparing food or machining metal.

Informational Transformation

Involves transforming data or information, such as in company reports or recording booking information.

Possession Transformation

Involves the change in ownership or access to goods or data.

Location Transformation

Involves moving resources from one place to another, such as in logistics.

Storage Transformation

Involves storing resources, such as inventory in warehouses or data on servers.

Physiological or Psychological Transformation

Involves affecting the physical or mental state of a customer, such as medical treatments or counselling.