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Operations Management
Financial Accounting (AE 111)
University of San Agustin
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OPERATIONS MANAGEMENT
COURSE DESCRIPTION:This course gives an overview of the techniques, methods, and processes involved in production management. It familiarizes students with core operational activities and covers measurement,purchasing, and production concepts and applications in manufacturing and service businesses. It will integrate the numerous activities and processes necessary to produce products and services in a highlycompetitive global environment. At the end of the course, students should have a deeper understanding of the role production/operations management plays in the decision-making process. COURSE OUTCOMES:Upon the completion of this course, learners are expected to: Identify and describe the elements of the operations management (OM) function in both manufacturingand service organizations and show how it interacts with other functions of the firm. Describe, analyze, and apply appropriate models and methods for the management of the operationsfunction, techniques for analysis, decision-making, and control. Examine the current issues and problems (such as global production, value chains, operations strategy,technology, the environment, quality, etc.) which affect the productive segment of the firm, and suggest ways in which such issues and problems may be addressed when it is appropriate to apply various analytic or decision-making models of OM models for production systems and system elements SYSTEM:
COURSE POLICIES:
Communicating with the TeacherIt is your responsibility to communicate with your teacher about questions or issues that prevent you from completing assignments or completing this course. Inactive StudentsStudents who have been inactive as of the end of the 3rd week of the course and who have not communicated with the teacher will be given an INC grade. PlagiarismPlagiarism is using someone else’s words instead of your own. In this course, you are expected to use your own words and ideas, and to acknowledge any sources you use to gather ideas. Plagiarism is notallowed in this course.
MODULE 1 LEARNING OBJECTIVES:
By the end of this module, you will be able to: Explain the concepts of operation management what operations managers do. Compare and contrast the goods from services of the hospitality industry the historical development of OM. Critique the current challenges face by OM in the hospitality industry.
COURSE CONTENT FOR MODULE 1: GOODS, SERVICES, AND OPERATIONS MANAGEMENT ACTIVITY DESCRIPTION TIME TO COMPLETE Lecture Discussion Operations Management (OM) 1 Hour Application
Module 1, Activity 1: Customer Experience and its Relationship to Operations Management 30 Minutes Lecture Discussion OM in the Workplace 1 Hour Assessment Module 1, Assessment 1: Service Management Skills of Operations Manager 30 Minutes Lecture Discussion Understanding Goods and Services 30 Minutes Assessment Module 1, Assessment 2:
1 OPERATIONS MANAGEMENT (OM)1.
Science and art of ensuring that goods and services are created and delivered successfully to customers the principles of OM entails a solid understanding of people, process, and technology, and how they are integrated within business systems to create value. Only function by which managers can directly affect the value provided to all the stakeholders —customers, employees, investors, and society. Essential in providing high quality goods and services that customer demands, motivating anddeveloping the skills of the people who actually do the work, maintaining efficient operations, to ensure an adequate return on investment and protecting the environment need not have the title of “Operations Manager” to “do operations management. Every job entails some aspects of operations management. The ideas and methods of operations management will helpyou get things done successfully regardless of your functional area of business or industry.
operations, supply chain, environment, service, or marketing processes, you create value for yourAs you manage business functions such as accounting, human resource management, legal, financial, internal customers (within the organization) and for your external customers (outside the organization).Everyone who manages the process, or some business activity should specifically set of basic OM.
1 OM IN THE WORKPLACE1.
What do Operations Managers do? Translating market knowledge of customers to design and manage goods, services, and processes organizations do more with less. Ensuring that resources (labor, equipment, materials, and information) and operations are coordinated technology to improve productivity. Building quality into goods, services, and processes resources capacity and schedules. Creating high performance workplace.
Continually learning and adapting the organization to global and environmental changes are some examples of how OM is applied in our jobs:
Gemnoe was an accounting major in college major and started her career at Chiquita Brands in a divisionthat produces and sells fruit ingredients such as, banana, puree, frozen sliced banana, and other types of fruit products. Although her primary job title is accountant and she is involved in monthly accountingclosing and other accounting tasks, Gemnoe uses OM skills to support her work. These include:
Quality and customer Service Issues If there is a quality issue with a product either at the plant level or the customer level, the accountinggroup has to account for it in the Inventory Reserve Account, which is reconciled during the closing process. Performance Measurement and Evaluation Part of Gemnoe’s responsibility is to look at the monthly profit versus cost analysis by product tocalculate a net contribution. She examines the product costs at the plant level to find more efficient and co-effective methods of production.
An example is to increase efficiency by reducing plant downtimes, which increases the price per poundof the product. To find more cost-effective methods of producing the product, the biggest area is in constantly looking for better or cheaper fruit sourcing suppliers. Managing Inventory Part of the closing process is to reconcile the inventory movement because inventory is what drives thefruit commodity business. It is very important to make sure inventory balances a level are accurate as this is what the percentage of sales is based on. She is also involved in ensuring inventory accuracy at thecompany’s distribution centers.
Embossing the card with accurate customer information and quickly getting the card in the hands of thecustomer.
1 UNDERSTANDING GOODS AND SERVICES
TERM
DESCRIPTION
EXAMPLES
Good A physical product that you can see, touch, or possibly consume. Oranges, flowers, televisions, soaps, airplanes, fish, furniture, coal, lumber, personal computers, paper,or industrial machines
Durable Good A product that typically lasts at least three years Vehicles, home appliances, furnitures, consumer electronics, medical equipments Non-Durable Good A perishable and generally lasts for less than a year.
Toothpaste, software, shoes, condiments, and fruits Service Any primary or complementary the non-goods part of a transaction between a buyer (customer) andseller (employee).
Hotels, legal and financial firms, airlines, healthcare organizations, museums, and consulting firms
Goods and services share many similarities. They are driven by customers and provide value andsatisfaction to customers who purchase and use them. They can be standardized for the mass markets or customized individual needs. They are created and provided to customers by some type of processinvolving people and technology.
Services that do not involve significant interaction with customers (for example, credit card processing)can be managed much the same goods in a factory, using proven principles of OM that have been refined over the years. Nevertheless, some very significant differences exist between the goods andservices that make the management of service-providing organizations different from goods-producing organizations and create different demands of the operations function.
As a review: Goods are tangible, services are intangible.
Quality Revolution US consultants told Japanese executives that continual improvement of quality would open worldmarkets, free up capacity and improve the economy. They embarked on a massive effort to train the workforce, using statistical tools to identify causes of quality problems and fix them; so that the madesteady progress in reducing defects and paid attention to consumer’s needs. Thanks to this progress Japanese good were seen as more reliable and better met consumer’s needs, then Japanese firmscaptured major shares of world market. Therefore, quality became an obsession with top managers.
Customization and Design As the goals of low cost and high quality became “given ́ ́, companies began to emphasize innovativedesigns and product features to gain a competitive edge. Quality meant much more than simply defect reduction; quality meant offering consumers new and innovative products, not only meeting their needsbut surprising and delighting them. Inflexible mass production methods that produced high volumes of standardized goods and services using unskilled or semiskilled workers and expensive single-purposeequipment, thought very efficient and cost effective, were inadequate for the new goals of increased G&S variety and improvement. Time-Based Competition Companies have to respond quickly to changing customer needs to win competitive advantage. That taskincludes developing products faster than competitors, speeding ordering and delivering process, rapidly responding to changes in customers’ needs and improving the flow of paperwork. As informationtechnology matured, time became an important source of competitive advantage.
Service Revolution While the goods-producing industries were getting all the attention in the business community, thepopular press and in business school curricula, service industry were quietly growing and creating many jobs. Today about four out of five jobs in the US are in the service sector. 1 CURRENT CHALLENGES IN OM
OM is continually changing, and all managers need to stay abreast of the challenges that will define thefuture workplace. Among these are technology, globalization, changing customer expectations, a changing workforce, the loss of manufacturing jobs, and building sustainability as part of anorganization’s corporate social responsibility.
Technology has been one of the most important influences on the growth and development of OM. Globalization has changed the way companies do business and must manage their operations’ expectations have risen dramatically. Today’s workers are different; they demand increasing levels of empowerment and more meaningfulwork. Final challenge is sustainability; refers to an organization’s ability to strategically address current businessneeds and successfully develop a long-term strategy that embraces opportunities and manages risk for all products, systems, supply chains, and process, to preserve resources for future generations.
Operations Management
Course: Financial Accounting (AE 111)
University: University of San Agustin
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