Business

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• Operations management


  The actual work done transforming inputs into finished outputs that are then sold
• Businesses must manage their operations as efficiently as possible if they want to remain competitive in the market
• Main aspects of operations management

  • Materials management
  • Production planning
  • Quality
  • Maintenance/engineering
• Operations of a business

  Determine the cost of production and the quality of the finished goods
• Operations aligned with business goals and objectives

  Ideally, operations will produce the best quality goods for the lowest cost
• Operations manager


  Responsible for overseeing the operations system, and ensuring that it meets the business's objectives
• Ways to improve competitiveness and market share

  • Productivity
  • Quality
  • Reliability
  • Flexibility
  • Speed
• Efficiency


  The best use of resources in the production of goods and services
• Effectiveness


  The degree to which a process/system is successful in achievement of Business Objectives
• Primary objective of an operations manager


  Improve operational efficiency (productivity)
• Types of outputs


  • Goods (made by manufacturing)
  • Services
• Goods


  • Tangible objects, can generally be produced, stored and consumed separately
• Services


  • Intangible, often produced and consumed simultaneously, difficult to store, usually customised, high degree of customer contact
• There are many differences between operations management within manufacturing and service businesses
• Similarities between operations management in manufacturing and service businesses

  • Plan and develop organisational objectives
  • Utilise technology
  • Aim to produce high-quality products or services at the lowest cost
  • Use the same types of inputs
  • Utilise the same elements of an operations system
• Key elements of the operations system

  • Inputs
  • Processes
  • Outputs
• Inputs


  All the resources required for the production of the product (raw materials, labour, plant, equipment, capital, information and time)
• Processes


  The series of procedures/processes required for inputs to be transformed to become finished products or services (outputs)
• Outputs


  The final product or service created by the transformation of inputs that is received by the customer
• The three elements of the operations system are universal and can be applied to both manufacturing and services businesses
• Optimising operations


  Maximising productivity and the quality of production, while at the same time achieving ethical, social and business goals
• Strategies to optimise operations

  • Technological developments
  • Materials
  • Quality
  • Waste minimisation
  • Lean management
• Technological developments


  • Automation
  • Artificial intelligence
  • Computer Aided Design
  • Computer Aided Manufacturing techniques
  • Online services
• Automation


  Replacement of human effort by machinery and technology
• Automation


  • Automated production lines
  • Robotics
• Artificial Intelligence


  Expert systems that can act as an aid to humans and enables machines to function with human-like intelligence
• Artificial Intelligence


  • Chatbots
  • Intelligent software
• Computer Aided Design (CAD)


  Creation of digital three-dimensional diagrams
• Computer Aided Design (CAD)

  • Allows accurate predictions of what the final product will look like from all angles
  • Allows for tests to be done on the digital model, rather than having to build it
• Computer Aided Manufacturing (CAM)


  Software applications that control the machines in the manufacturing process
• Computer Aided Manufacturing (CAM)

  • Allows large sections of production to be controlled with greater efficiency, fewer errors and fewer staff
• Computer Integrated Manufacturing (CIM)

  Combination of CAD and CAM
• Online services


  Allows operations to process orders that are placed online
• Online services


  • Allows sales to be linked to inventory control
  • Some functions of operations can be completed within the online platform (e.g. customer queries)
• Materials management


  The flow of materials including procurement and storage of raw materials, work-in-progress inventory and finished goods from production to consumption
• Materials management strategies


  • Forecasting
  • Master Production Schedule (MPS)
  • Materials Requirements Planning (MRP)
  • Just In Time (JIT)