Exam 1 Essay

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Whatis operations management?
Operations is the set of activities associated with the creation, production, distribution and delivery of the organization's goods and services. Operations management (OM) is the science and art, of ensuring that goods and services are created and delivered successfully to customers.
Why is operations management important to business?
Operations management is the management of productive resources that are used to create salable products or services. It is that sale of products and services that provide an opportunity for profitability. Operation management is a critical component of the successful management of a business. Operations Management views a business enterprise as a total system, in which all activities are coordinated not only vertically throughout the organization, but also horizontally across multiple functions.
What is this course about?
TOM 3O1 is about the Bolts and Nuts of Management. The learning objectives of this course include:
To understand the nature of typical OM activities in business, what operations managers do, and how everyone uses OM principles in their work, no matter what their functional job is.
To understand the nature of goods and services, their similarities and differences, the concept of a customer benefit package, and why they are important for managing operations.
To understand the concept of a process and value chain, and how they are used in operations to support the creation of goods and services.
To understand the role of quantitative methods in operations management, and how models can be used to assist in making OM decisions.
To be able to identify the key themes that have evolved over the last half-century, and understand their impact on goods, services, and operations.
Profit Model: was introduced in your textbook as an organizing framework of operations concepts. The model provides three primary elements.
Foundations for success (The first, foundations for success, consists of value, strategy and value, and processes. This connection is critical because finance exists in the environment of operations management decisions. Profitability is a measure of the productivity of money invested in a business, typically, a ratio of net income to some input as net sales or total assets. The goal of any investor is to find an investment that will create value for the owner.
Components of Value (The second, components of value, consists of cost, quality and timeliness. Cost is an expenses associated with ownership. Quality is meeting customer expectations. Timeliness is the speed at which a business completes tasks, and the degree to which it completes tasks on schedule and as promoted.)
Managing Resources (The third, managing resources used to create value, consists of demand forecasting, followed by inventory, logistics, capacity, facilities, and workforce.)
Integrative Frameworks: These resource management topics are enhanced by three integrative frameworks, supply chain management, lean systems, and constraint management.
Integrative management (Integrative management framework is a management approach or philosophy that guides day-to-day decisions in a way that is consistent with a firm's profitability goals.)
Lean systems (Lean systems is a productive system that functions with little waste or excess, usually with low inventory levels.)
Constraints management (Constraints management is a framework for managing the constraints of a system in a way that maximizes the system's accomplishment of its goals.)
This slide show the input/output model of a production system.
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