low price had released the potential of the watch to become a fashion accessory. Swatch’s operations reaped the benefits of high volume‚ but had to cope with an everincreasing variety of product designs. Through automation and rigid standardisation of the internal mechanism of the watch‚ the company managed this increase in variety without crippling its costs. It is the success of the company’s operations managers in keeping their costs low (direct labour cost is less than seven per cent of the
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Project Management Body Of Knowledge (PMBOK®) Guide – 5th Edition February 21‚ 2013 1 PMBOK 4th Edition PMBOK 5th Edition Released in 2008 Released in 2013 5 Process Groups 5 Process Groups 9 Knowledge Areas 10 Knowledge Areas 42 Processes 47 Processes PMBOK 5th Edition 2 PMBOK 4th Edition PMBOK 5th Edition • Integration Management • Scope Management • Time Management • Cost Management • Quality Management • Human Resources Management • Communications Management • Risk Management
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QUANTITATIVE MODULE Decision-Making Tools Discussion Questions 1. The 6 steps of the decision process are: 1. Clearly define the problem and the factors that influence it. 2. Develop specific and measurable objectives. 3. Develop a model. 4. Evaluate each alternative solution. 5. Select the best alternative. 6. Implement the solution. 2. The purpose of this question is to make students use a personal experience to distinguish between good and bad decisions. A “good”
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Chapter 13 Chapter 12 Communication and Governance Discussion Questions 1. Amazon’s inventory increased from $3.2 billion on December 31‚ 2010‚ to $5.0 billion one year later. In addition‚ sales for the fourth quarter of those years increased from $12.9 billion in 2010 to $17.4 billion in 2011. What is the implied annualized inventory turnover for Amazon for these years? What different interpretations about future performance could a financial analyst infer from this change? What information
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Summary 1 Name of the book: Operations management for competitive advantage 11th edition. Section# 1: Operations Strategy and Managing Change Chapter# 2: Operations Strategy and Competitiveness The first section of this chapter explains the meaning of operations strategy. It includes a brief introduction to operations strategy with a historical example about the scenario of the post-World War II era. The second section is divided into three sub-sections: competitive dimensions‚ the notion
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1. Why should one study operations management? Operations Management is the set of activities that creates value in the form of goods and services by transforming inputs into outputs. • Operations Management is one of the three major functions of any organization‚ and it is generally related to all the other business functions. All organizations market (sell)‚ finance (account)‚ and produce (operate)‚ and it is important to know how the Operations Management activity functions. Therefore‚ we study
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CHAPTER 1 Operations management Short case: Dealing with variety – two examples The Bombay Tiffin Box Suppliers Association (TBSA) operates a service to transport home-cooked food from workers’ homes to office locations in downtown Bombay. Workers from residential districts must ride commuter trains some 30–40 km to work. Typically‚ they are conservative diners‚ and are also constrained by strong cultural taboos on food handling by caste‚ which discourage eating out. TBSA arranges for food
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CHAPTER 4 Engagement Planning LEARNING OBJECTIVES | Review Checkpoints | Exercises‚ Problems and Simulations | 1. List and describe the activities auditors undertake before beginning an engagement. | 1‚ 2‚ 3‚ 4 | 53‚ 54‚ 55‚ 62‚ 66 | 2. Identify the procedures and sources of information auditors can use to obtain knowledge of a client’s business and industry. | 5‚ 6‚ 7‚ 8‚ 9 | 52‚ 56‚ 59‚ 65 | 3. Perform analytical procedures to
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Chapter 8 Strategic Management ANNOTATED OUTLINE 1. INTRODUCTION Effective managers recognize the role that strategic management plays in their organization’s performance. Throughout this chapter‚ students discover that good strategies can lead to high organizational performance. 2. THE IMPORTANCE OF STRATEGIC MANAGEMENT Managers must carefully consider their organization’s internal and external environments as they develop strategic plans. They should have a systematic means of analyzing
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Chapter 4: Process Design The definition of ’design’: ” The process by which some functional requirement of people is satisfied through the shaping or configuration of the resources and/or activities that comprise a product‚ or service‚ or the transformation process that produces them” What is process design? A design decision affects the physical shape and nature of the process (ex. purchase or rearrange the position of a piece of equipment‚ or when they change the way of working within a
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