CBMEOM - MODULE 1 Introduction to Operations Management.docx

OPERATIONS

refer to the part of a business organization that is responsible for producing goods and services.

VALUE-ADDED

the term used to describe the difference between the cost of inputs and the value or price of the outputs.

OPERATIONS MANAGEMENT

the management of systems or processes that create goods or services.

VALUE

The ____________________ of outputs is measured by the prices that customers are willing to pay for those goods or services.

GOODS

are physical items inclusive of raw materials, parts, sub-assemblies such as the engine system use in a car, and final products such as computers and machineries.

SERVICES

are activities that provide a combination of time, location, form and psychological value.

PLANNER AND DECISION MAKER

The chief role of an operations manager is that of ____________________________

PEOPLE SKILLS

include political awareness; mentoring ability; and collaboration, negotiation, and communication skill

KNOWLEDGE SKILLS

necessary for credibility and good decision making include product and/or service knowledge, process knowledge, industry and global knowledge, and financial and accounting skills.