Matching Pairs BIBM571Week 9OperationsRevisitOnline version A review of management operation terms. by Geoffrey Mather 1 Efficiency 2 Work in progress 3 Strategic (or Competitive) Advantage 4 Productivity can be improved by: 5 Finished goods 6 Total Quality Management (TQM) 7 Productivity 8 Raw materials 9 Operations 10 The four key steps of 'operations' for retail/service environments are: Embracing the current cyber physical system era; cutting cycle times; improving capacity utilisation and eliminating waste. Indicates how an organisation intends to remain competitive in the long-run i.e. overall cost leadership, differentiation, or focus strategy. Stock held in store so that a customer order can quickly be met from stock on hand. 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. Partially finished goods waiting for completion and eventual sale. Seeks to minimise waste caused by underutilised assets, long process-cycle times, unproductive labour time and poor quality. Sourcing appropriate merchandise; controlling merchandise; managing service operations and managing consumer credit. 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.
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