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