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12 Key components of Operations Management (Product Development Process…
12 Key components of Operations Management
Product Development Process
design development & prototype
commercial evaluation
evaluation of ideas
final stages of product development
generation of ideas
Process and system performance
(can be measured by examining, capacity, utilisation and productivity)
Just In Time (JIT)
(system that matches the stock available exactly with demand and has the stock arriving just as it is needed)
Maintenance
(to reduce frequency and impact of failures)
Scheduling
(equipment, labour - allows optimal utilisation of labour and equipment)
Material Requirements Planning
(managing inventory levels)
Inventory Management
(stock control)
Location Strategies
Market based
Vertically differentiated location
Product based
Forecasting
Quantitative: historical data, facts, figures, statistics
Qualitative: personal insight, market surveys (values, opinions, perceptions)
Purchasing
(centralised, decentralised or combined)
Quality
(the ability of a product ti meet and preferably exceed customer's expectations)
Total Quality Management (TQM)
: whole organisation working towards zero defects
Layout of facilities
(to ensure smooth workflow)