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Production -ANSWER✅✅✅is the creation of goods and services
Operations management -ANSWER✅✅✅is the set of activities that creates value in
the form of goods and services by transforming inputs into outputs
Supply Chain -ANSWER✅✅✅A global network of organizations and activities that
supplies a firm with goods and services
,Basic Management Functions -ANSWER✅✅✅▶Planning
▶Organizing
▶Staffing
▶Leading
▶Controlling
Design of goods and services -ANSWER✅✅✅-Defines what is required of operations
-Product design determines cost, quality, sustainability and human resources
Managing quality -ANSWER✅✅✅-Determine the customer's quality expectations
-Establish policies and procedures to identify and achieve that quality
Process and capacity design -ANSWER✅✅✅-How is a good or service produced?
-Commits management to specific technology, quality, human resources, and
investments
Location strategy -ANSWER✅✅✅-Nearness to customers, suppliers, and talent
-Considering costs, infrastructure, logistics, and government
Layout strategy -ANSWER✅✅✅-Integrate capacity needs, personnel levels,
technology, and inventory
-Determine the efficient flow of materials, people, and information
Human resources and job design -ANSWER✅✅✅-Recruit, motivate, and retain
personnel with the required talent and skills
-Integral and expensive part of the total system design
Supply chain management -ANSWER✅✅✅-Integrate supply chain into the firm's
strategy
-Determine what is to be purchased, from whom, and under what conditions
Inventory management -ANSWER✅✅✅-Inventory ordering and holding decisions
-Optimize considering customer satisfaction, supplier capability, and production
schedules
Scheduling -ANSWER✅✅✅-Determine and implement intermediate- and short-term
schedules
-Utilize personnel and facilities while meeting customer demands
Maintenance -ANSWER✅✅✅-Consider facility capacity, production demands, and
personnel
-Maintain a reliable and stable process
, Services -ANSWER✅✅✅Economic activities that typically produce an intangible
product
Productivity -ANSWER✅✅✅-is the ratio of outputs (goods and services) divided by the
inputs.
-Measure of process improvement
-Represents output relative to input
Mission -ANSWER✅✅✅where is the organization going?
Strategies require managers to -ANSWER✅✅✅-Develop action plan to achieve
mission
-Ensure functional areas have supporting strategies
-Exploit opportunities and strengths, neutralize threats, and avoid weaknesses
Strategies for Competitive Advantage -ANSWER✅✅✅Cost leadership, differentiation,
Response
Differentiation -ANSWER✅✅✅Uniqueness can go beyond both the physical
characteristics and service attributes to encompass everything that impacts customer's
perception of value
Experience Differentiation -ANSWER✅✅✅Engaging a customer with a product
through imaginative use of the five senses, so the customer "experiences" the product
Competing on Cost -ANSWER✅✅✅Provide the maximum value as perceived by
customer. Does not imply low quality.
Competing on Response -ANSWER✅✅✅-Flexibility is matching market changes in
design innovation and volumes
-Quickness in design, production, and delivery
Strategy Development Process -ANSWER✅✅✅analyze the environment, determine
the corporate mission, form a strategy
Analyze the Environment -ANSWER✅✅✅Identify the strengths, weaknesses,
opportunities, and threats. Understand the environment, customers, industry, and
competitors.
Determine the Corporate Mission -ANSWER✅✅✅State the reason for the firm's
existence and identify the value it wishes to create