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Operations Management Summary

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For the whole semester, the Operations Management course discussed the ten OM strategy decisions (design of goods and services, quality management, process strategy, location, layout strategies, human resources, supply chain management, inventory, scheduling and maintenance) and the various techniques, issues, and real-life company examples surrounding each. First, we learned that operations management refers to the value creation of goods and services by transforming inputs into outputs, and operations, along with marketing and accounting are being performed by all organizations, whether in the manufacturing or in the service industry. The distinction between production and productivity was also discussed, production merely being the creation of goods and services while productivity as the ratio of outputs over inputs. Trends in global operations management were also highlighted: mass customization, environmentally sensitive production, rapid product development, supply chain partnering, among others. Firms that decide to become global do this for the following reasons: reducing costs like labor, improve supply chain, provide better goods and services, understand markets, improve operations, and attract global talent. We learned that a mission is a company’s purpose for existence and that a strategy is how it plans to get there. The three strategies to ensure a competitive advantage include differentiation (unique offerings), low cost leadership (low price), and response (by being fast and reliable). The objective of a product decision is to develop a product strategy that meets the demands of the market with a competitive advantage. An engineering drawing is a drawing that shows dimensions, tolerances, materials of a component, while a bill of material is a list of components, their description, and the quantity required to make one unit of a product. Meanwhile,...

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