Lesson 1: Introduction to Operations and Supply Chain Management
A diagram that shows how a company’s strategy is delivered through a set of supporting activities.
skills that differentiate a manufacturing or service firm from its competitors
Doing the right things to create the most value for the company
Doing something at the lowest possible cost.
Producing products to order in lot sizes of one.
operations & supply chain management (OSCM)
Design, operation, and improvement of the systems that create and deliver the firm’s primary products and services
operations & supply chain strategy
Setting broad policies and plans for using the resources of a firm to best support the firm’s long-term competitive strategy
A dimension used to screen a product or service as a candidate for purchase
A dimension that differentiates the products or services of one firm from those of another
A measure of how well resources are used
Building service activities to support a firm’s product offerings
Occurs when a firm seeks to match what a competitor is doing by adding new features, services, or technologies to existing activities. This often creates problems if certain trade-offs need to be made
The ability to maintain balance in a system.
triple bottom line
Relates to the economic, employee, and environmental impact of the firm’s strategy; a business strategy that includes social, economic and environmental criteria
Ratio of quality to price paid. Competitive “happiness” is being able to increase quality and reduce price while maintaining or improving profit margins. (This is a way that operations can directly increase customer retention and gain market share.)