Operations Management Study Guide
Operations Management Notes & Study Guide
Chapter 1 (MSWD)
When people wait, there is a mismatch between supply and demand, with respect either to their timing or their quantities.
By better matching supply w demand, a firm gains a significant competitive advantage over its rivals.
Demand can vary (in either predictable or unpredictable ways) and supply is inflexible.
Pg. 2 – great Table that shows examples of supply-Demand Mismatch
Even a seemingly small improvement in operations can have a significant effect on a firm’s profitability precisely because, for most firms, their profit is a relatively small percentage of their revenue.
Labor is the single largest driver of costs.
Tools of operations management can be applied in different ways:
Operations management tools can be applied to ensure that resources are used as efficiently as possible; that is, the most is achieved with what we have.
Operations management tools can be used to make desirable trade-offs between competing objectives.
Operations management tools can be used to redesign or restructure our operations so that we can improve performance along multiple dimensions simultaneously.
1 – Introduction PowerPoint
Operations Management definition:
Applied to ensure that resources are used as effectively as possible.
Used to make desirable trade-offs between competing objectives.
Used to redesign operations so that we can improve performance along multiple dimensions simultaneously.
An area of management concerned with overseeing, designing, and controlling the process of production and redesigning business operations in the production of goods and services - Wikipedia
Historically used in manufacturing. First with the Model T, today with Tesla Model S.
Operations management tools are also used in sports. Create schedules for major pro and college organizations.
They also use operations management tools to dynamically price tickets to maximize revenue (called revenue management). Plane
Chapter 1 (MSWD)
When people wait, there is a mismatch between supply and demand, with respect either to their timing or their quantities.
By better matching supply w demand, a firm gains a significant competitive advantage over its rivals.
Demand can vary (in either predictable or unpredictable ways) and supply is inflexible.
Pg. 2 – great Table that shows examples of supply-Demand Mismatch
Even a seemingly small improvement in operations can have a significant effect on a firm’s profitability precisely because, for most firms, their profit is a relatively small percentage of their revenue.
Labor is the single largest driver of costs.
Tools of operations management can be applied in different ways:
Operations management tools can be applied to ensure that resources are used as efficiently as possible; that is, the most is achieved with what we have.
Operations management tools can be used to make desirable trade-offs between competing objectives.
Operations management tools can be used to redesign or restructure our operations so that we can improve performance along multiple dimensions simultaneously.
1 – Introduction PowerPoint
Operations Management definition:
Applied to ensure that resources are used as effectively as possible.
Used to make desirable trade-offs between competing objectives.
Used to redesign operations so that we can improve performance along multiple dimensions simultaneously.
An area of management concerned with overseeing, designing, and controlling the process of production and redesigning business operations in the production of goods and services - Wikipedia
Historically used in manufacturing. First with the Model T, today with Tesla Model S.
Operations management tools are also used in sports. Create schedules for major pro and college organizations.
They also use operations management tools to dynamically price tickets to maximize revenue (called revenue management). Plane