Part 2. Operations Management

• _____ statements tell an organization where it is going

  mission
• The _____ tells the organization how to get there

  strategy
• 3 answers


  Marketing, Operation, Finance/accounting

  
• Action plan to achieve mission

  Functional areas have strategies

  Strategies exploit opportunities and strengths, neutralize threats, and avoid weaknesses

  Strategy
• Strategies for Competitive Advantage

  1. ______ – better, or at least different

  2. _____ – cheaper

  3. _______ – more responsive

  Differentiation, Cost Leadership, Response
• ______ can go beyond both the physical characteristics and service attributes to encompass everything that impacts customer’s perception of value

  uniqueness
• Provide the maximum value as perceived by customer. Does not imply ______.

  low quality
• _____ is matching market changes in design innovation and volumes

  flexibility
• ______ is meeting schedules

  reliability
• ______ is quickness in design, production, and delivery

  Timeliness
• meaning of SWOT


  Strengths, Weaknesses, Opportunities, Threats
• ______, which is a key tool in the strategic planning process can also be applied to personal career planning.

  SWOT Analysis
• The operations manager’s job is to implement an _____, provide competitive advantage, and increase productivity

  OM strategy
• SWOT analysis technique was found by _______ who led a research project at Stanford University in the 1960s and 1970s.

  Albert Humphrey
• Characteristics of the business or team that give it an advantage over others in the industry.

  Positive, tangible and intangible attributes, internal to an organization.

  Beneficial aspects of the organization or the capabilities of an organization, which includes human competencies, process capabilities, financial resources, products and services, customer goodwill and brand loyalty.

  Strengths
• Characteristics that place the organization at a disadvantage relative to others.

  Detract the organization from its ability to attain the core goal and influence its growth.

  Factors which do not meet the standards set in the organization.

  Weaknesses
• Chances to make greater profits in the environment.

  External attractive factors that represent the reason for an organization to exist and develop.

  Condition of the environment that benefits the organization in planning and executing strategies that enable it to become more profitable.

  Opportunities
• External elements in the environment that could cause trouble for the business.

  External factors, beyond an organization’s control, which could place the organization’s mission or operation at risk.

  Conditions in external environment that jeopardize the reliability and profitability of the organization’s business.

  Threats
• A,B,C or D


  C

  
• Quadrant 1: ______ and ______

  Strengths, Opportunities
• Quadrant 2: ______ and ______

  Strengths, Threats
• Quadrant 3: ______ and ______

  Weaknesses, Opportunities
• Quadrant 4: ______ and ______

  Weaknesses, Threats
• _________ is an important aspect of SWOT Analysis. ________ is useful in SWOT analysis as it helps to:

  • Think outside the box
  • Provide varied perspectives due to the group discussion
  • Provide the liberty to say your mind
  • Allow you to break away from traditional methods
  • Create an appetite for change

  brainstorming
• ______ is an investigation of the component parts of a whole and their relations in making up the whole

  analysis
• ______ is a sequence of steps that must be taken, or activities that must be performed well, for a strategy to succeed.

  action plan
• ________ is a logical element or segment of a company (such as accounting, production, marketing) representing a specific business function, and a definite place on the organizational chart, under the domain of a manager

  business unit
• ______ is a group problem-solving technique in which members spontaneously share ideas and solutions

  brainstorming
• _____ is a business or organization offering similar competing products as your organization.

  competitors
• _______ is someone who pays for goods or services

  Customer
• ______ is a collection of facts from which conclusions may be drawn.

  Information
• _________ is possibility due to a favorable combination of circumstances.

  opportunity
• ______ are the goal intended to be attained and which are believed to be attainable

  Objectives