Production and Operations Management

What is operations management? - Answer - The business function responsible for planning, coordinating, and controlling the resources needed to produce a companys goods and service. -Produce a tangible product -Low customer contact(distributors) -Can be stored in inventory -Physical products - Answer - Manufacturer Organization -Produce intangible products (Ideas, assistance) -High customer contact -Cannot be produced ahead of time -Hospitals, colleges, and theaters - Answer - Service Organization -Set direction for the entire company -Broad in slope; long-term -Addresses questions - Answer - Strategic Decisions -Short term and specific in nature -Day-to-day issues -Follow after strategic decisions -Focus on specific departments - Answer - Tactical Decisions -Defines long-term plan for company -Must be supporting operations, marketing, and finance - Answer - Business Strategy -Develops a plan for the operations function to support business strategy -Responsible for managing the resources - Answer - Operations Strategy Five Core Competencies? - Answer - Workforce Facilities Market Understanding Financial Know-How Technology -Highly trained -Flexible in performing tasks -Responsive in meeting customer needs -Creative in design - Answer - Workforce -Flexible in producing a variety of products -Technology advanced -Efficient distribution system - Answer -