Operations management and operations strategy are two very important undertakings for any company that is involved in the production of products and services. This is because operations management ensures that raw materials are successfully converted to finished goods‚ while operations strategy makes sure that whichever goods or services produced have a competitive advantage over similar products offered by rival companies. It is from the business strategy that the operations strategy is derived
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http://fp05-527.web.dircon.net/ikea_company_profile.html Profile: ikea IKEA is the world’s most successful mass-market retailer‚ selling Scandinavian-style home furnishings and other house goods in 230 stores in 33 countries and hosting 410 million shoppers per year. An acronym for founder Ingvar Kamprad and his boyhood home of Elmtaryd‚ Agunnaryd‚ IKEA began operating in Sweden in 1943 and continues its original ethos based upon cost obsession fused with design culture. No design‚ no matter
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CHAPTER 1 – Operations and Productivity Learning objectives Define operations management Explain the distinction between goods and services Explain the difference between production and productivity Compute single-factor productivity Compute multifactor productivity Identify the critical variables in enhancing productivity What is operations management? Production – the creation of goods and services Operations Management – activities that relate to the creation of goods and services through
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context‚ a company have to pay attention to several factors before it decide whether the work would be performed in-house or not. The factors are: - Available Capacity - Expertise - Quality Consideration - Nature of Demand - Cost - Risk In this case‚ the advantages that Deaconess Clinic‚ as a service company‚ would have if they performed it in-house would be at quality and risk factors. If the cooking activity performed within the hospital‚ it would be easier for the management to control the
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Overview: The globalization of the economy and the liberalization of the trade markets have formulated new conditions in the market place which are characterized by instability and intensive competition in the business environment. Competition is continuously increasing with respect to price‚ quality and selection‚ service and promptness of delivery. Removal of barriers‚ international cooperation‚ technological innovations cause competition to intensify. All these changes impose the need for organizational
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Importance of Operation Management and its Key Elements WH Smith is a British retailer‚ well-known and publically-quoted book retailer‚ and newsagent and entertainment product in the UK. Recently it was reported how Kate Swann‚ the former CEO for the last 10 years‚ has turned the company around from £135m losses to £106m profit in a decade (Holland). The reason behind this profit is the right decision of Kate Swann. Now let’s see what she did to make WH Smith profitable (Creevy). 1.1 Operation Management
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store had 9 part-timers at 15 hours per week (assume four weeks in each month). Using sales dollars as the measure of output‚ what is the percentage change in productivity from April to May? 2e A fast-food restaurant serves hamburgers‚ cheeseburgers‚ and chicken sandwiches. The restaurant counts a cheeseburger as equivalent to 1.25 hamburgers and chicken sandwiches as 0.8 hamburgers. Current employment is five full-time employees (who work a 40-hour week). If the restaurant sold 700 hamburgers
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------------------------------------------------- The Production/Operations Function In Business A. True/False 1. Production/operations Management refers to creation of goods whereas production refers to the creation of services. 2. All organisations‚ including service organizations such as banks and educational institutions‚ have a production function. 3. Production is a creation of goods and services. 4.
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Management Theories Behavioural and Human Relations What is it? These are theories which state that business objectives are determined jointly by groups of interested parties. Some theories can include; employees may work harder if they believe management is concerned about their welfare‚ but the work group influences worker behaviour and individual output. (leading). The behavioural theories come after the Classical/Scientific theories. According to http://toolkit.smallbiz.nsw.gov.au/ ‚ behavioural
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2013 CAS Online Course 1 Risk Management and Insurance Operations Risk Management and Insurance Operations is called Online Course 1 by the CAS and CA1 by The Institutes. (Prometric lists this course as CAS1 on its Web site under The Institutes.) Online Course 1/CA1 prepares CAS candidates for a two-hour‚ seventy-five-point multiple-choice examination. The online course and exam were developed collaboratively with The Institutes. The online course is available through the CAS Online Courses
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