Relier Pairs BIBM571Week 9OperationsRevisitVersion en ligne A review of management operation terms. par Geoffrey Mather 1 Total Quality Management (TQM) 2 Finished goods 3 Work in progress 4 Productivity 5 Raw materials 6 The four key steps of 'operations' for retail/service environments are: 7 Operations 8 Productivity can be improved by: 9 Efficiency 10 Strategic (or Competitive) Advantage Stock waiting to be used in the manufacturing process. Embracing the current cyber physical system era; cutting cycle times; improving capacity utilisation and eliminating waste. Focuses on excelling in a mix of the five competitive priorities: low cost, high quality, flexibility, on-time delivery and high value-added service. Partially finished goods waiting for completion and eventual sale. Seeks to minimise waste caused by underutilised assets, long process-cycle times, unproductive labour time and poor quality. A philosophy based on maximising competitive advantage with a solid focus on customers. Sourcing appropriate merchandise; controlling merchandise; managing service operations and managing consumer credit. Transforms resources into desired goods and services, and creates and delivers value to the customers. Stock held in store so that a customer order can quickly be met from stock on hand. Indicates how an organisation intends to remain competitive in the long-run i.e. overall cost leadership, differentiation, or focus strategy.
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