Ch. 1

Chapter 1 Lecture: Introduction to Operations and Supply Chain Management (OSCM)

Learning Objectives

  • Identify OSCM elements

  • Explore career opportunities in OSCM

  • Recognize major OSCM concepts

  • Evaluate firm efficiency

Definition of a Firm

  • A firm is an entity that produces and distributes products (goods/services) for customers.

Operations Processes in a Firm

  • Transform raw material inventory (RMI) into finished goods inventory (FGI).

  • Inputs required: Land, Labor, Capital.

Distribution Channels

  • Distribution occurs through upstream and downstream supply chain processes.

Definition of OSCM

  • The design, operation, and improvement of processes delivering a firm's products to customers.

Primary Elements of OSCM

  • Key elements include processes, strategy, and analytics.

OSCM Job Opportunities

  • Examples of roles:

    • Plant Manager

    • Supply Chain Manager

    • Purchasing Manager

    • Logistics Manager

    • Project Manager

  • Emphasis on hands-on roles requiring process optimization.

Future Challenges in OSCM

  • Global supply chain disruptions

  • Uncertainty in tariffs and regulations

  • Employee retention

  • Adaptability to technology changes

Effective Operations

  • Effective Operations: Produce high product value.

  • Efficient Operations: Use minimal resources.

  • Trade-offs: Balancing efficiency vs. effectiveness considerations.

Review Topics

  • Elements of OSCM, comparison of products/services, career roles in OSCM, efficiency evaluation.