Introduction to Operations Management (OM) - Fill in the Blank Flashcards

Flashcards cover key topics from the introduction to Operations Management, including definitions, planning/organizing/controlling functions, core concepts, and the different management framework levels.

Operations management (OM) is the oversight and administration of business practices to maximize __ and ensure that resources are used effectively to produce goods or services.

efficiency

OM involves Planning, organizing, and supervising processes to transform inputs into __.

outputs

The goal is to optimize productivity, minimize costs, and maintain quality while meeting customer __.

demand

The six foundations of OM include Efficiency, Cost Control, Quality, Continuous Improvement, Technology, and __.

Profitability

Underpinning all these foundations is __.

technology

OPERATIONAL PLANNING: Establishing production __, inventory levels, and team performance targets.

schedules

Product Design: Gathering market information and collaborating with designers to create products that meet customer __.

needs

Strategy Formulation: Developing long-term plans for operations aligned with overall business __.

goals

Forecasting: Predicting future demand to optimize resource __.

allocation

SUPPLY CHAIN MANAGEMENT: Managing the flow of materials and information from __ to customers.

suppliers

Inventory Management: Ensuring the right amount of inventory is available at the right __.

time

RESOURCE ALLOCATION: Distributing resources (labor, equipment, materials) __.

effectively

PERFORMANCE MONITORING: Tracking key performance __ (KPIs) to identify areas for improvement.

indicators

PROCESS OPTIMIZATION: Continuously improving processes to enhance efficiency and reduce __.

costs

BUDGET MANAGEMENT: Ensuring that operations are conducted within __ constraints.

budget

RISK MANAGEMENT: Identifying and __ potential risks to operations.

mitigating

CORE CONCEPT: TRANSFORMATION __: OM manages the process that converts inputs (resources) into outputs (goods or services).

process

CORE CONCEPT: CUSTOMER __: OM plays a crucial role in delivering high-quality products and services that meet or exceed customer expectations.

satisfaction

FRAMEWORK LEVELS: The Tactical level focuses on implementing strategic plans within specific functional areas and typically covers a time frame of __.

one to three years

STRATEGIC LEVEL: At the strategic level, managers focus on long-term goals and overall organizational direction; this includes setting the company's mission, vision, and __, and developing broad strategies to achieve them.

objectives

OPERATIONAL LEVEL: The 'hands-on' level where work gets done; managers are responsible for implementing strategies, maintaining quality, and ensuring __ operations.

smooth

Relationship to other departments: The work of operations touches the work of most other departments; everything else in other departments should, in a sense, __ that.

support