...CHAPTER 1 INTRODUCTION TO OPERATIONS MANAGEMENT KEY IDEAS 1. Three Basic Business Functions. Operations is that part of an organization responsible for the creation of value in the form of goods and/or services, ideally balancing the supply of these items with customer demand. Operations works in conjunction with the complementary business functions of finance, responsible for securing and allocating the financial resources necessary to maintain the organization, and marketing, responsible for evaluating and enhancing customer demand. 2. Input, Output and Value-added. Any operation can be described as a set of inputs (i.e. labor and materials) that are transformed into a set of outputs (i.e. goods and/or services), as illustrated in Figure 1.4 of page 6 of the textbook. The essence of operations management is value-added, or the degree to which the value of all outputs of an operation exceed the value of its inputs. 3. Goods vs. Services. Goods imply tangible products, those that can handled and/or stored in some fashion, such as manufactured items or food. Services are intangible products, such as health care or education. Material goods often require a distribution system to get them into the hands of consumers, while service industries tend to deal directly with consumers. Other important points on which the production of goods and services differ are summarized in Table 1.3 on page 9 of the textbook. 4. Process Management. A process is any action involved...
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...LWC1 - Fundamentals of Business Law and Ethics Course of Study Your competence will be assessed as you complete the LWC1 objective assessment for this course of study. This course of study may take up to 10 weeks to complete. Introduction Overview There are the two major subdomains of study within the Fundamentals of Business Law and Ethics Course of Study: business law and business ethics. The exam covers 11 business law and ethics concepts, including the following: contractual relationship government regulation of business dispute resolution labor and employment law hiring and employment practices warranties, negligence, and liabilities Sarbanes-Oxley Act ethical issues in business ethical leadership ethics programs use of company resources You likely have had some experience with the legal system, either through your own encounters or merely through listening to the nightly news, and you have probably read or heard about various ethical and legal issues causing financial upheaval in today's business world. This background will serve you well in this study. Now you can expand on that experience, and perhaps refine and enhance your own views on these issues. Once you complete this course of study, you will have demonstrated a level of competence that you can immediately use in your work setting and career. Outcomes and Evaluation There are 10 competencies covered by this course of study; they are listed in the "Competencies for Fundamentals of Business Law and Ethics...
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...CURRENT TOPIC: 6 2.1 The Key Issue of Facilities Management: 6 2.2 Strategic function of Facilities Management: 6 2.3 Role of Facilities Management in Property Management: 7 2.4 Facilities Management in the direction of Financial Resource Trial: 8 2.5 Role of Facility Manager in Property Management: 8 2.6 The Evolving Role of Facility Management: 9 3. CONCLUSION and RECOMMENDATION: 10 LIST OF FIGURES Figure 1: ROLE OF FACILITY MANAGER IN INTEGRATED INFORMATION SYSTEM. SOURCE: El-Haram and Agapiou, (2002). 10 Figure 2: USE OF CAFM SOFTWARE IN PROPERTY AND FACILITIES MANAGEMENT. SOURCE: http://www.manageengine.com/products/facilities-desk/. 11 ABSTRACT The current assignment aims to provide relevant information to the readers regarding the concept of facilities management, its role in property and real estate corporations, its strategic functioning and the key issues which are taken care by it. Amongst the key issues, several concepts like safety and security, cost cutting, maintenance is of prime importance in the property handling. Until now people have been more concerned with the property management issues but they haven’t really focussed on the bigger interest which considers maintenance, safety, security and other environmental facts. The facility management is such a discipline which looks into all these facts in a detailed way and includes property management under its purview. So now the concept has become broadened with...
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...Experiential Operations Management Course Planning, building and managing enterprise operations Course Methods: Experiential workshop (action learning course) Course Venue: Las Vegas, Nevada, USA Course Duration: 4 days Course Time: 9AM-4PM Course Dates: Management Training Courses Calendar Course Fees: $3,999 | Option 2: Operations Management Courses Online: $995 Why IIM?: CEO Club | Training Excellence | Client Testimonials Course Audience: * COO's Team: Operations Managers, Procurement Managers, Supply Chain Managers, Production Managers, Manufacturing Managers, Warehousing Managers, Inventory Managers, Quality Managers, R&D Managers, Innovation Managers, Project Managers, Entrepreneurs, and Operations Management Consultants. Course Objectives: * Provides an understanding of operations management framework * Offers experiential analysis to understand the challenges of COOs and Operations Managers * Provides an understanding of the functions and practices of production and operation managers * Training topics include supply chain management, research and development (R&D), manufacturing, project management and quality management * Provides insights on how to develop strategies, initiatives and programs to introduce and sustain competitive operations in organizations * Focuses on lean six sigma best practices, tools and models to develop and implement an effective operations management system...
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...effectively when operating a business. I have a better understanding when it comes to evaluating collaborations in managing operations and analyzing the different role of supply chain operations within an operations strategy. Now I’m able to correspond with my management staff better when they try to implement change. I found this course worthwhile and it helped me develop strategies/concepts that I will apply to my day to day routine. When I think about the different strategies, concept, or theories, two things come to mind. Being a great communicator and staying up to date with the latest technology. Good business managers are usually great communicators. Being able to communicate successfully when your vendors and employees is key. This can be done several different ways. By calling or sending out thank you notes to your clients will strengthen the relationship with your customers. Always take the time to greet everyone in your business. Being a really good listener is also a key. Listening to what your clients and employees are saying makes it easier to know what products and services that they are really looking for. It is very important to adapt to the latest technology. Another attribute of a good business managers is having technical skills. This is allow you to have and use the latest and greatest cutting edge tools that make them better managers. You then can use your skills on the computer and other pieces of technology to better relationships with your customer. Understanding...
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...Quality Management and Lean Systems MT435-01 Operations Management Professor: Cuneyt Altinoz September 7, 2014 Quality Management and Lean Systems Managerial accounting can provide and prepare economic and financial information for manager and internal users (Weygandt, Kimmel, & Kieso, 2012). This paper will reflect some of the key concepts and topics and how this course has affected my personal, professional, and academic development perceptions, in which have provided a better understanding and confidence in today’s account for a small or large business organization. The course has provided many key concepts and topics to review and some of the concepts to have impact my learning and open my eyes to small and big business accounting practices such as the differences in account of the planning, directing, and controlling. The breakdown of those functions has helped with the understanding of how accounting is directed by the management teams of a small or large organization. The other key concepts and topics discussed throughout the term and I was able to recognize was the use of the cost-volume-profit analysis formulas to show the health of an organization from a small to large budgetary planning to see your spending habit. The statements of cash flow for the showing of where you or your organization is using funds for development of products such as material and manufacturing. The financial statements to review with the stakeholders and other...
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...provide a clear performance target or focus attention on the critical areas of the business. Managers, today, want a balanced presentation of both financial and operational measures. Therefore, while they still require the financial measures, associated with the traditional approach, in order to assess the overall health of the organization, they also require measures that will allow them to concentrate more directly on their strategic performance and long term vision. The concept of the balanced scorecard was developed in order to provide managers with such a tool. The balanced scorecard can be described as a comprehensive framework that translates an organization mission and strategy into a comprehensive set of performance measures that provides the structure for creating a strategic measurement and management system. As a result the objectives and measures of the balanced scorecard are more than a collection of financial and non financial performance measures; they are derived from a top down process driven by the mission and strategy of the business. The face of healthcare is changing at an alarming rate and a balanced scorecard links the health system’s mission to strategic implementation. The Clinic’s goal is to be number one in world class care, number one in patient satisfaction and be an innovator in healthcare initiatives. By utilizing the scorecard concept...
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...Question 1 Operation management is the term used in managing resources for produce and delivery of goods and services, by using the most cost-saving and effective ways (Pycraff, 2000). Consequently, it would be clear that operation management is important in CDS. This is because a well operation management can lead to the minimization of production costs, successfully met with customer’s requirement and the increase of business revenues. Operation management is directly responsible to design the operation and system processes for the products and services. Next, operation management is requires to plan and control the activities of operation, yet they have to detect and respond to deviation from the operation. (Wps.pearsoned.co.uk, 2010) In general, these responsibilities can be emphasized through Sandra White, the Planning Manager in Concept Design Services (CDS) whose is in charge for all manufacturing and distribution activities in the organisation. For example, she has subcontracted some of the lower end products assembling jobs to other smaller moulding companies as to increase the production volumes and control its production costs. Furthermore, operation management in an organisation is indirectly responsible to work closely with other functional areas of business, for instance, Marketing, Accounting and Finance and Human resources (Pycraff, 2000). Also, they will have to encourage those functions to suggest ways that can improve its “service” to the rest of others...
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...tomorrow’s leaders today! General Course Policies supplement this syllabus and are available through IAU Online as a digital soft copy. Please make sure that you review the General Course Policies so that you can be successful in this course. 4201 Wilshire Blvd., Suite #610 ♦ Los Angeles, CA 90010, CA, U.S.A. ♦ T: (323) 938-4428 ♦ F: (323) 938-4-4429 ♦ E: www.iau.la MGT 620a Operations Management & Supply Chain Syllabus Class Details Name: Email: Phone: Room: Method: Steve B. Young, Ph.D. (A.B.D.) syoung18@verizon.net (818) 360-6115 LA-Classroom C Hybrid Term/Year: Days: Time: Start Date: End Date: Spring Session 1 / 2015 Wednesdays 6:00pm-10:00pm January 05, 2015 February 27, 2015 Instructor’s Biography Steve Young graduated from Western Michigan University with a Bachelor of Science in Engineering and Business. He spent time as an HR director and consultant with many Aerospace firms. Steve has worked in numerous management positions for Boeing, Lockheed Martin, Eco Polymers, Hughes, and PM-10 Consultants specializing in the area of Human resource, business management, and business operations. Steve received his MBA from West Coast University with an emphasis in management and is looking to receive his PhD from Walden University in Applied Management and Decision Making with specializations in Organizational Change and Leadership in 2008. Steve is a senior faculty member and has been teaching for the University of Phoenix in their Undergraduate and Graduate Business...
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...Part One Introduction 1. The Operations Function 3. Product Design The introductory part of this book provides an overview of the operations management field and some of the prerequisites for decision making in operations: operations strategy and product design. After reading this part, the student should have an appreciation for the importance of operations to the firm, the major decisions made in operations, the linkages of operations decisions to other functions, and the need for strategy to guide all operations decision making. New-product design is treated as a cross-functional decision responsibility that precedes production of goods or services. 2. Operations and Supply Chain Strategy Chapter One The Operations Function Chapter outline 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 Why study operations management? Definition of operations management Decisions at Pizza U.S.A. Operations decisions—a framework Cross-functional decision making Operations as a process Contemporary operations themes Key points Student Internet exercises Discussion questions Selected bibliography “What Is OM?” Vol. XI 2 Operations management, as a field, deals with the production of goods and services. Every day we come in contact with an abundant array of goods or services, all of which are produced under the supervision of operations managers. Without effective management of operations, a modern industrialized society cannot exist. Operations is the engine that creates profit for the enterprise...
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...INTERRELATIONSHIPS Functional Area Interrelationships Introduction The purpose of this paper is to identify the functional areas of Riordan Manufacturing industry. In this paper, the reasons for the organization’s existence will be identified through an analysis of the mission, vision, values, and goals of the organization. Additionally, an analysis of the type of organizational structure employed by the business will be addressed as well as key positions that support Riordan’s operations. The level of vertical and lateral collaboration among Riordan’s functional areas to achieve their organizational goals will be identified and explained along with examples of the use of lateral and vertical collaboration within the organization. Furthermore, key stakeholders and their roles needed to achieve the organizational goals recommended will be identified and addressed as it relates to Riordan’s success. Analysis of the Mission, Vision, Values, and Goals When analyzing Riordan’s organization it appears the most important reason for the organizations existence is to ensure company grown. They are involved in multiple areas of research and development of plastics products for numerous industries. It looks as if the Riordan is a relatively small company with immense growth potential. The company has set a goal of leading...
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...Quest for Competitive Advantage Chapter Summary Chapter One explores the concepts surrounding organizational strategy. It begins with an explanation of the term strategy and offers a basis for how to identify a company’s particular strategy. Next, it explores the importance of striving for competitive advantage in the marketplace and examines the role strategy plays in achieving this advantage. The chapter then explores the idea that strategy is partly proactive and partly reactive. This is followed by a close look at the relationship between a company’s strategy and its business model. The chapter proceeds forward with a look at what makes strategy a winner and then presents reasons for why crafting and executing strategy are important. The chapter concludes with thoughts on the equation: good strategy + good strategy execution = good management. Lecture Outline I. The Importance of Managing Strategically 1. Three questions must be answered by managers of all types of organizations: a. Where are we now? b. Where do we want to go? c. How are we going to get there? 2. “Where we are now?” prompts managers to evaluate industry conditions and competitive pressures, the company’s current performance and market standing, its resource strength and capabilities and its competitive weaknesses. 3. “Where do we want to go?” this lies within managements vision of the company’s future direction. It pushes managers to make choices about the direction the company should be headed—what new...
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...1.0 ABSTRACT Managerial Accounting is tools for business decision making. The use of management accounting information is a key for organizational success. This essay will explain on the importance of managerial accounting process in organization to successfully carrying out the day to day as well as long term activities and goals. First, it describes how the evolution and change in managerial accounting. Second, the essay looks at the role of managerial accountants. Third, it explains several function of managerial accounting that tend to contribute the adds value to organization. 2.0 INTRODUCTION According to the Chartered Institute of Management Accountants ( CIMA ), Management Accounting is defined as the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information for both financial and operating used by management to plan, evaluate and control within an organization and to assure use of and accountability for its resources. The Institute of Management Accountants ( IMA ) defined Management Accounting is a profession that involves partnering in management decision making, devising planning and performance management system and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization’s strategy. Managerial accounting applies to all types of business such as service, merchandise and manufacturing. It also applies to all forms...
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...capabilities? These are the main problems MNCs are facing today!!! Let us see how P&G European operations resolved this issue!? Company’s vision: To introduce their products worldwide and to create a winning strategy for the company. Historical practice in P&G European operations: - Subsidiaries were free to adapt technology, products and marketing approach to their local market What happened? - Inhibited product development - Company lost its ability to capture the Europeanwide scale economies - Poor protection of their product lines from the competitors Independent Operation/ more dependent on one person: Pamper’s experiment: P1, P2…Pn are different products of the same brand. Expected Result: To eliminate the diversity in brand strategy by coordination activities across the subsidiary boundaries. Actual Result: Failure Why?? - Ignored local knowledge - Under-utilized subsidiary strengths - Demotivated the country’s managers – they were not given any responsibility for the sales performance of the brand in their areas so basically no commitment. So the company came up with other strategy Interdependent operation / Distributed responsibilities - They were finding a way to exploit the expertise of national units - The responsibilities were distributed amongst the subsidiaries So what they actually did? The Manager from each subsidiary was given responsibility. - The management team is responsible for development...
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...Programme OPERATIONS MANAGEMENT ASSIGNMENT OCTOBER 2010 – SEPTEMBER 2011 Sections: Page 1 Course Overview 2 2 Assignment topics 4 3 Writing up your assignment (Individual or Group) 7 4 Guide to approaching case studies 12 Class title Operations Management Credits 10 Class aims Operations Management refers to those activities which are more or less directly concerned with the creation and delivery of goods and services. The course is intended to give you a theoretical framework for thinking about operations in both manufacturing and service contexts and to describe some practical applications of operations management. In the course we will address key aspects of design, planning and control of operations systems, and to provide an understanding of the operations function in a global context. Learning outcomes Subject specific knowledge and skills including: • Understand the history of Operations Management as a subject and consider the challenges facing Operations in future with particular reference to service operations, value adding and sustainable competition. • Understand the need for an Operations Strategy to operate with a Business Strategy • Describe Operational strategies in terms of Fit, Sustainability and Risk • Assess the choices and trade-offs inherent in developing an operations strategy (assessment of alternative strategies) • Describe the nature of operations as an...
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