Relacionar Columnas BIBM571Week 9OperationsRevisitVersión en línea A review of management operation terms. por Geoffrey Mather 1 Productivity can be improved by: 2 Productivity 3 Operations 4 Finished goods 5 Raw materials 6 The four key steps of 'operations' for retail/service environments are: 7 Efficiency 8 Total Quality Management (TQM) 9 Work in progress 10 Strategic (or Competitive) Advantage 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. 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. Partially finished goods waiting for completion and eventual sale. Stock held in store so that a customer order can quickly be met from stock on hand. Embracing the current cyber physical system era; cutting cycle times; improving capacity utilisation and eliminating waste. 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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