Work in progress
Total Quality Management (TQM)
Efficiency
Finished goods
Productivity can be improved by:
The four key steps of 'operations' for retail/service environments are:
Productivity
Operations
Raw materials
Strategic (or Competitive) Advantage
Indicates how an organisation intends to remain competitive in the long-run i.e. overall cost leadership, differentiation, or focus strategy.
Seeks to minimise waste caused by underutilised assets, long process-cycle times, unproductive labour time and poor quality.
Partially finished goods waiting for completion and eventual sale.
Focuses on excelling in a mix of the five competitive priorities: low cost, high quality, flexibility, on-time delivery and high value-added service.
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.
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.
Sourcing appropriate merchandise; controlling merchandise; managing service operations and managing consumer credit.
