Operations Management

• Inventory Management


  The process of regularly monitoring stock levels, analyzing sales data, and placing orders with suppliers to replenish inventory
• Capacity Management


  The amount or resources inputs available relative to output requirements over a particular period of time, or the organization's ability to hold, receive, store or accommodate resources
• Cost-Reduction


  The process where an organization permanently reduces cost of production, or the practice of reducing manufacturing cost or any attached cost relative to production and manufacturing
• Good Forecast


  • Timely - readily available within the timeframe where forecast data is needed
  • Simple to Understand - does not contain sophisticated techniques and information that may be misinterpreted by users
• Capacity Planning


  The process of determining the production capacity needed by an organization to meet changing demands for its products
• Project Capacity Planning


  A type of planning that estimates the amount of time a team can work in a given period to balance workloads against project delivery milestones
• Capacity Utilization


  An important metric that professionals and economists use to determine how efficiently businesses, organizations, and economic entities use resources to produce outputs
• Efficiency Utilization Rate


  Often expressed as a percentage and reflects the ratio of actual usage to the maximum potential usage of the resource
• Strategy Formulation


  The process of using available knowledge to document the intended direction of a business and the actionable steps to reach its goals
• Product Flexibility


  • Offers a wide variety of goods or services and customize them to the unique needs of clients
• Volume Flexibility


  • The ability to rapidly increase or decrease the amount produced in order to accommodate changes in the demand
• Process Analysis and Selection

  Involves a detailed examination of how work is carried out in an organization, with the goal of improving that work. It entails breaking down a process into its individual parts and studying each part to understand how it contributes to the overall outcome
• SERVICE DESIGN - it is the activity of planning and arranging people, infrastructure, communication, and material components of a service to improve its quality and the interaction between the service provider and its users.
• PRODUCT DESIGN - it is the process of researching, developing and refining products that meet specific market needs and solve user problems.
• QUALITY - it is the standard excellence achieved in the final product or service.
• TIME-MARKET - it is the duration from conceptualization to product launch.
• CORPORATE IDENTITY - it is how business presents itself to the outside world.
• RELIABLE - it is an element of a good forecast that is factual, correct, and consistent.
• STRUCTURE - it is the design of production process.
• MULTI-FACTOR MANAGEMENT - it is used when we want to compute the ration of output to a group of units.
• STRUCTURE – design of the production process (such as characteristics of facilities used, selection of appropriate technology, and the flow of goods and services through the facility). 
• INFRASTRUCTURE – planning and control systems of the operation (such as the organization of the operations function, the skills and pay of workers, and quality control approaches) 
• PRODUCT TECHNOLOGY - Any new technology developed by a firm. 
• • PROCESS TECHNOLOGY - Used to improve the process of creating goods and services. 
• INFORMATION TECHNOLOGY - Enables communications, processing, and storage of information. 

   
• PRODUCTIVITY – measure of how efficient the resources are being used within the company. 
• TOTAL PRODUCTIVITY – output to all inputs such as labor, machines, and capital. 
• PARTIAL PRODUCTIVITY OR SINGLE-FACTOR PRODUCTIVITY – outused when we want to measure the productivity of just one input. We only measure the productivity of just one input at a time to know how efficient each one is being usedput to all inputs such as labor, machines and capital. 
• INTERPRETING PRODUCTIVITY – comparing the productivity with similar productivity measure.  
• SERVICE BLUEPRINTING -

  • A method used in service design to describe and analyze a proposed service.  
  • A useful tool for conceptualizing a service delivery system. 
• CAPACITY - refers to an upper limit or the maximum load (rate of output) that an operating unit can handle, to achieve a match between supply capabilities and the predicted level of demand. 
• CAPACITY PLANNING – the process of determining the production capacity needed by an organization to meet changing demands for its products.  
• RESOURCE CAPACITY PLANNING – matching tasks to the number of people who can complete them to meet demand. 
• TEAM CAPACITY PLANNING – understanding how much work a team can take on given current project workload. 
• HR CAPACITY PLANNING – determining capacity by including HR concerns such as hiring needs, professional development plans and departmental budgets.  
• UTILIZATION – the action of using something or using it practically and efficiently.  
• PRODUCT/SERVICE FACTORS – when products or services are similar or standardized, they can be produced more efficiently and at a higher rate compared to products with variations.  
• PROCESS FACTORS – refer to the methods and procedures involved in transforming inputs into outputs. 
• HUMAN FACTORS – such as the skills, knowledge, experience, and motivation of the workforce, directly influence effective capacity.  
• OPERATIONAL FACTORS – effective inventory management is essential to ensure the availability of necessary materials and components for production or service delivery.