Matching Pairs BIBM571Week 9OperationsRevisitOnline version A review of management operation terms. by Geoffrey Mather 1 Raw materials 2 Operations 3 Finished goods 4 Efficiency 5 Work in progress 6 The four key steps of 'operations' for retail/service environments are: 7 Strategic (or Competitive) Advantage 8 Productivity can be improved by: 9 Total Quality Management (TQM) 10 Productivity Partially finished goods waiting for completion and eventual sale. 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. Stock held in store so that a customer order can quickly be met from stock on hand. Sourcing appropriate merchandise; controlling merchandise; managing service operations and managing consumer credit. Focuses on excelling in a mix of the five competitive priorities: low cost, high quality, flexibility, on-time delivery and high value-added service. A philosophy based on maximising competitive advantage with a solid focus on customers. Embracing the current cyber physical system era; cutting cycle times; improving capacity utilisation and eliminating waste. Transforms resources into desired goods and services, and creates and delivers value to the customers. Seeks to minimise waste caused by underutilised assets, long process-cycle times, unproductive labour time and poor quality.
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