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Omis Paper

In: Business and Management

Submitted By alexa42090
Words 372
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OMISCh.1
Operations MGMT = mgmt of systems that create good or provide services.
3 main functions = Operations, Finance, Marketing
Operations = creation of goods/services
Finance = Providing funds ($) for operations/marketing
Marketing = Promoting and/or selling goods and services
POM decisions characterized by tools
Scope of POM = System desing and system operation
System desigin = before production can begin (layout, design)
System operation = production itself (scheduling)
Classify production systems = Volume and variety
Volume = dictated by number of production and may vary
Variety = examples (tires, tv’s, eyeglasses, dental work)
Recent trends = managers must pay attention and keep up with technology
Agility = ability to respond quickly to demands and opportunities.
Systems approach = “whole is greater than the sum of the individual parts”
Pareto principle (80-20 Rule) = few (20%) items, factors account for the share (80%) of the problems. All things not equally important, identify key factors.

Ch 2
7 ways to be competitive: Price, quality, special features, flexability, delivery time, service, location.
Mission statement: a clear statement of companies purpose
Strategy: need to be competitive and satisfy customers.
Strategy Formulation: Distinctive competencies, environmental scanning
Distic competencies: special abilities that give comp edge. (ex. Price, location)
Environment scanning: consider events and trends that present threats and opportunities for the organization.
New stratieges: Quality based strategy, time based strategy = lean product sys
Productivitity: output to input, reflects effectiveness
Labor productivity: output relative to labor hours worked
Multifactor/Overall productivity: output relative to combo of resources.
Low productivity reasons: gov regulations, mom-pop operations, liability claims
Worker attitude: no safety precautions, bad attitude, no attention quality
POM philosophy: Work smart not only hard to increase productivity.

Ch. 3
Forecast = Statement about the future. Help plan and design. Errors are likely
Forecast elements = accurate, written,, timely, reliable.
Qualitative approach = forecast based on opinion
Quantitative = based on real data
Del Phi approach = (qual approach) goal is to achieve consensus forecasts

Ch. 5
Poor decision: bounded rationanity, suboptimization
Bound ration: creating and imposing bonds on decision making due to limited resources and rationalizing them.
Suboptimization: when diff departments attempt to reach a solution that is optimum for their department and not for the entire organization.
Business environment: Certainty, Risk, Uncertainty
Decision theory appropriate: set of future conditions n choices, payoff, probability…...

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