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