Introduction to Operations Management

Front

What is Operations Management?

Back

The management of systems or processes that create goods and/or provide services.

Front

How does Operations Management affect companies?

Back

It affects companies’ ability to compete and a nation’s ability to compete internationally.

Front

What are some examples of Operations Management in retail?

Back

Inventory Management (e.g., When to order? How many to order?) and Location (e.g., Where to open?).

Front

What are some examples of Operations Management in manufacturing?

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Product Design (e.g., Which to produce?) and Quality Management (e.g., How to control?).

Front

What are some examples of Operations Management in banking?

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Facility Layout (e.g., How to provide the best banking service?) and Service Quality (e.g., How to achieve customer satisfaction?).

Front

What are the three basic functional areas of business organizations?

Back

Finance, Marketing, and Operations.

Front

What is the role of Finance in business organizations?

Back

Securing and Allocating Financial Resources; Investment Budget and Analysis.

Front

What is the role of Marketing in business organizations?

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Assessing Customer Needs (Wants); Selling and Promoting the Goods/Services.

Front

What is the core function of Operations in business organizations?

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Producing the Goods/Providing the Services.

Front

What does the Value-Added Process involve?

Back

The conversion of inputs into outputs.