Relacionar Columnas BIBM571Week 9OperationsRevisitVersión en línea A review of management operation terms. por Geoffrey Mather 1 Operations 2 Efficiency 3 Productivity 4 Strategic (or Competitive) Advantage 5 Work in progress 6 Finished goods 7 Total Quality Management (TQM) 8 Raw materials 9 The four key steps of 'operations' for retail/service environments are: 10 Productivity can be improved by: Partially finished goods waiting for completion and eventual sale. 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. Indicates how an organisation intends to remain competitive in the long-run i.e. overall cost leadership, differentiation, or focus strategy. 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. 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 waiting to be used in the manufacturing process. Seeks to minimise waste caused by underutilised assets, long process-cycle times, unproductive labour time and poor quality.
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