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