...1-1 Introduction to Operations Management Operations Management William J. Stevenson 8th edition 1-2 Introduction to Operations Management CHAPTER 1 Introduction to Operations Management McGraw-Hill/Irwin Operations Management, Eighth Edition, by William J. Stevenson Copyright © 2005 by The McGraw-Hill Companies, Inc. All rights reserved. 1-3 Introduction to Operations Management Operations Management Figure 1.1 The management of systems or processes that create goods and/or provide services 1-4 Introduction to Operations Management Value-Added Figure 1.2 The difference between the cost of inputs and the value or price of outputs. 1-5 Introduction to Operations Management Goods-service Continuum Figure 1.3 1-6 Introduction to Operations Management Food Processor Table 1.2 Inputs Raw Vegetables Metal Sheets Water Energy Labor Building Equipment Processing Cleaning Making cans Cutting Cooking Packing Labeling Outputs Canned vegetables 1-7 Introduction to Operations Management Hospital Process Table 1.2 Inputs Doctors, nurses Hospital Medical Supplies Equipment Laboratories Processing Examination Surgery Monitoring Medication Therapy Outputs Healthy patients 1-8 Introduction to Operations Management Manufacturing or Service? Tangible Act 1-9 Introduction to Operations Management Production of Goods vs. Delivery of Services Production...
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...Management Functions in Application Amy Wilson Denise Harrison Ashford University MGT 330 4/26/2015 Introduction Management practices are those methods which provide an effective way of achieving the organizational goals. This is coupled with the maximum utilization of the available resources, as well as the minimization of the costs as much as possible. In every organization, there are those costs which are extremely important, and this may not be avoided. The cuts are implementented on the aspects which would not have a significant effect on the organization. The main reason why organizations get into business is to make profits. This is the reason why costs are kept as low as possible since in that case, the profit margin is increased (Baack, Reilly & Minnick, 2014). The Functions of Management There are several managerial functions. Nonetheless, most of them can be categorized into five. These include the planning, organization of resources and related aspects, staffing, coordination, as well as control. The whole essence is to create a framework where the employees find it easy to exploit the resources. The arrangement has to be in such a manner than the employees are motivated. This makes it easy for the organization to achieve its goals Effective leadership and management involves finding solutions to the emergent problems and challenges, motivating the employees, as well as ensuring the goals and objectives of the organization are achieved as much...
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...Marketing Plan & Strategies of PBS The information for this article was derived from many sources, including Michael Porter's book Competitive Advantage and the works of Philip Kotler. Concepts addressed include 'generic' strategies and strategies for pricing, distribution, promotion, advertising and market segmentation. Factors such as market penetration, market share, profit margins, budgets, financial analysis, capital investment, government actions, demographic changes, & emerging technologies. There are two major components to your marketing strategy: * how your enterprise will address the competitive marketplace * how you will implement and support your day to day operations. In today's very competitive marketplace a strategy that insures a consistent approach to offering your product or service in a way that will outsell the competition is critical. However, in concert with defining the marketing strategy you must also have a well defined methodology for the day to day process of implementing it. In the process of creating a marketing strategy you must consider many factors. Of those many factors, some are more important than others. Because each strategy must address some unique considerations, it is not reasonable to identify 'every' important factor at a generic level. However, many are common to all marketing strategies. Some of the more critical are described below. You begin the creation of your strategy by deciding what the overall objective...
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...Marketing Plan & Strategies of PBS The information for this article was derived from many sources, including Michael Porter's book Competitive Advantage and the works of Philip Kotler. Concepts addressed include 'generic' strategies and strategies for pricing, distribution, promotion, advertising and market segmentation. Factors such as market penetration, market share, profit margins, budgets, financial analysis, capital investment, government actions, demographic changes, & emerging technologies. There are two major components to your marketing strategy: * how your enterprise will address the competitive marketplace * how you will implement and support your day to day operations. In today's very competitive marketplace a strategy that insures a consistent approach to offering your product or service in a way that will outsell the competition is critical. However, in concert with defining the marketing strategy you must also have a well defined methodology for the day to day process of implementing it. In the process of creating a marketing strategy you must consider many factors. Of those many factors, some are more important than others. Because each strategy must address some unique considerations, it is not reasonable to identify 'every' important factor at a generic level. However, many are common to all marketing strategies. Some of the more critical are described below. You begin the creation of your strategy by deciding what the overall objective of...
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...return on their investm ng n ment; they w want to ensure that the mo e oney will be w spent and will well d lead t incrementa profits for the firm. On way of asssessing this iis by calculatting the break to al ne keven point. The breakev point calc . ven culates the nu umber of incr remental unit the firm ne eds to sell to cover ts the co of the prog ost gram. If the f firm sells less than the brea akeven point volume, then it is losing m n money -- it is not selling eenough to re coup its inve s estment. If th firm sells m he more than th breakeven point he volum then it is m me, making mone -- it is sellin more than enough to co ey ng over its invest tment. Ma anagers use breakeven a nalysis to as ssess the finaancial feasibi lity of markeeting investm ments. Once a breakeven point is calcu ulated, mana agers need to evaluate wh ether it is fea asible that the firm e will b able to sell that quantity of product. be y Ma arketing mannagers use b breakeven a nalysis to a assess many different ty pes of mark keting progr rams. For ex xample, a firm may want tto assess how many increm m w mental units of product it must sell to recoup the o cost o a $10 millio advertising campaign. Or, a firm m of on g may want to a assess how m many increme ental units of product it m must sell to rec coup the cost of a $5 millio sales prom otion. on Or, a firm may wa to assess h ant how many inc cremental un its of a new p product it mu sell to cov er the ust cost o lost sales of an existing p...
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