handout 1 Flashcards
(25 cards)
what are the 2 reasons companies use operations management?
to improve efficiency (operating to minimize cost and time)
to improve effectiveness ( achieving intended goals: quality and timelessness)
what are the 10 industry applications of operations management?
manufacturing industry
retail industry
healthcare industry
hospitality industry
transportation and logistics industry
financial services industry
technology industry
food and beverage industry
energy industry
E-commerce industry
how can operations management impact the manufacturing industry?
optimizing production processes, minimizing waste, managing inventory levels, and ensuring quality
how can operations management impact the retail industry?
inventory management, supply chain optimization, and logistics
how can operations management impact the healthcare industry?
streamlining patient flow, scheduling appointments, managing hospital resources, and reducing wait times
how can operations management impact the hospitality industry?
delivering high quality customer service while managing resources effectively in hotel operations, restaurant
how can operations management impact the transportation and logistics industry?
route optimization, fleet management, transportation scheduling, inventory management and warehouse operations
how can operations management impact the financial services industry?
optimize baking operations, risk management and transaction processing
how can operations management impact the technology industry?
optimize production cycles, reduce time to market and manage global supply chains efficiently
how can operations management impact the food and beverage industry?
manage production processes, maintain food safety standards, minimizing waste and distribution channels
how can operations management impact the energy industry?
predictive maintenance and asset optimization are used for efficient delivery
how can operations management impact the E-commerce industry?
manage online retail operations- order fulfillment, inventory and logistics
what are the 9 reasons why we study operations mangment?
versatility and applicability in different career paths
develop valuable problem solving skills
reduces cost and improves efficiency
career advancement
learn global supply chains and perspective
innovation and technology integration
impact on sustainability
entrepreneural opportunties
high demand and competitive salaries
what are the 3 basic functions a typical organization has?
operations (creates goods and services
finance (provide funds and the economic analysis of investment proposals)
marketing (assess customer wants and needs and communicate them to others)
why is operations management the most important basic functions of an organization?
because they interact with all of the different functions
what are the 8 areas in operations management?
product design and development
planning and management of manufacturing facilities
purchasing/ procurement
forecasting
capacity planning
inventory management
quality control
delivery to customers
what is modelling?
a way to start thinking about decisions and problems in a different way
what is a model?
an abstraction of reality that captures the important aspects of a decision making process (review photo on slide 11 of handout 1)
what are the 4 kinds of models?
mental model (visualize the outcome)
visual model (blueprints for a building or maps for traveling)
physical or scale model (prototypes of final designs )
mathematical model (mathematical relationships are used to describe a decision problem, often use a useful tool)
what are the 5 quantitative techniques that measure objectives and analyze data to draw conclusions?
optimization
queuing theory
inventory management
project scheduling
forecasting
what is the quantitative technique, optimization?
searching for the best solution to a mathematical model
what is the quantitative technique, queuing theory?
analyze systems of waiting lines
what is the quantitative technique, inventory management?
controlling inventories
what is the quantitative technique, project scheduling?
plan, coordinate and control large scale projects
