The World of Operations Management
A Visual Guide to Key Terminology
Core Concepts
Operations Management
Administering business practices to maximize efficiency and profitability.
Productivity
A measure of output per unit of input, crucial for assessing performance.
Process Management
Process Design
Transforming inputs into outputs through a structured sequence of activities.
Bottleneck
A point of congestion in a system that limits overall throughput.
Quality Management
Total Quality Management
An organization-wide effort to ensure long-term customer satisfaction.
Six Sigma
Data-driven approach to eliminate defects and improve quality.
Inventory & Supply Chain
Just-in-Time (JIT)
Receiving goods only as they are needed to reduce inventory costs.
Supply Chain Management
Overseeing the flow of goods and services from raw materials to customers.
Planning & Strategy
Forecasting
Using historical data to make informed estimates about future demand.
Capacity Planning
Determining production capacity needed to meet changing demand.
Manufacturing Strategies
Lean Manufacturing
Systematically eliminating waste to improve efficiency and value.
Agile Manufacturing
Enabling rapid response to market changes and customer needs.
Improvement
Kaizen
The philosophy of continuous, incremental improvement by all employees.
Performance Metrics
Key Performance Indicators
Quantifiable measures used to evaluate the success of an organization.
No comments:
Post a Comment