Operations Management - Midterms Lesson 1

Comprehensive practice flashcards covering operations management definitions, Henri Fayol's theories, management functions, approaches, and essential manager skills based on the lecture notes.

Operations Management

A field of business concerned with the administration of business practices, including planning, organizing, and overseeing an organization's processes to balance revenue and costs.

role of an Operations Manager

Ensuring the organization converts inputs into outputs.

Henri Fayol

Father of modern management theory. who created the theory of business administration called "FAYOLISM."

POSDICON

What acronym represents Henri Fayol's functions of management?

Planning

Predicting a future course of action and choosing an appropriate goal, tactic, or strategy to implement.

Organizing

Developing worker relationships and providing materials such as raw materials and capital.

Identification of Activities

Classification of grouping activities

Assignment of duties

Delegation of authority and creation of responsibility

Coordinating authority and responsibility relationships.

What are the five steps in the process of organizing (ICADC)?

Staffing

Manning the organization's structure through proper and effective selection to put the right man on the job.

Manpower Planning

Recruitment

Selection and Placement

Training and development

Renumeration

Performance Appraisal.

What are the components involved in Staffing?

Directing

Articulating a vision, inspiring and motivating people, and actuating the organizational process of work.

Supervision, Motivation, Leadership, and Communication.

elements of Direction

Controlling

Inspecting whether proper progress is being made.

1.Establishment of standard performance;

2. Measurement of actual performance;

3. Comparison of actual performance with the standard;

4. Correction action.

four steps in the Controlling

Classical, Human Relation, System, and Contingency.

four types of Management Approaches (CHSC)

Classical

Centralized authority, labor specialization, and incentives.

Human Relation

The integration of people into a work situation.

System approach

use to aid & help analyze and explore operation and intercations which exist in the system around us

Contingency

Situational Approach, which involves the idea that business leaders need to review and adjust leadership styles as a backup plan.

Operations Manager

Hiring and training, managing quality assurance programs, and strategizing process improvement.

A degree in business administration or accounting and experience in a related position.

What qualifications are typical for an operations manager?

Project management, delegation, flexibility, and business finance knowledge.

What skills are required for an Operations Manager?

Product Design

Creating products matched to the end customer by generating or expanding on ideas.

Forecasting

Estimating the future based on the analysis of past and present data.

Supply Chain Management

The management of the flow of goods and services.

Delivery Management

Overseeing the transportation of finished goods.

Organizational Abilities

The ability to concentrate on different projects and to plan, execute, check, and monitor without losing focus.

Coordination

The integration, synchronization, or orderly pattern of a group.

People Skill

Knowing how to listen, communicate, and relate to people.

Tech-Savvy?

Being informed about the usage of technology.