Matching Pairs BIBM571Week 9OperationsRevisitOnline version A review of management operation terms. by Geoffrey Mather 1 Total Quality Management (TQM) 2 Productivity can be improved by: 3 Operations 4 Strategic (or Competitive) Advantage 5 Raw materials 6 The four key steps of 'operations' for retail/service environments are: 7 Efficiency 8 Finished goods 9 Work in progress 10 Productivity 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. 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. Stock waiting to be used in the manufacturing process. Indicates how an organisation intends to remain competitive in the long-run i.e. overall cost leadership, differentiation, or focus strategy. 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. Embracing the current cyber physical system era; cutting cycle times; improving capacity utilisation and eliminating waste.
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