1. Define the term operations management
Operations management is the business function that plans, organises, coordinates and controls the resources needed to produce a company’s goods and services. Operations management is a management function. It involves managing people, equipment, technology, information and many other resources. Operations management is the central core function of every company. This is true whether the company is large or smal, provides a physical good or service, is for profit or not for profit. Without operations there would be no goods or services to sell.
2. Explain operations management’s role in business
The role of operations management is to transform a company’s inputs into the finished goods or services. Inputs include human resources (such as workers and managers), facilities and processes (such as buildings and equipment), as well as materials, technology and information. Outputs are goods and services a company produces. Operations management is responsible for orchestrating all the resources needed to produce the final product.
3. Describe the correlation between operations management and information technology
Managers use Information Technology to heavily influence Operations Management decisions, including :
What: What resources will be needed and in what amounts?
When: When should the work be scheduled?
Where: Where will the work be performed?
How: How will the work be done?
Who: Who will perform the work?
4. Explain supply chain management and its role in a business
Supply chain management involves the management of information flows between and among stages in a supply chain to maximse total supply chain effectiveness and profitability.
It is a network of organisations and facilities that transforms raw materials into products delivered to customers. Customers order from retailers who inturn order from distributors, who in turn order from suppliers.
The supply chain also includes transportation companies, warehouses and inventories and some means from transmitting messages and information among the organisations involved.
5. List and describe the five components of a typical supply chain
The Five Basic Supply Chain Management Components:
Plan- A company must have a plan for managing all the resources that go toward meeting customer demand for products or services.
Source- Companies must carefully choose reliable suppliers that will deliver goods and services required for making products.
Make- How companies manufacture their products or services
Deliver- The process that plans for and controls the efficient and effective transportation and storage of supplies from suppliers to customers
Return- Companies must create a network for receiving defective and excess products and support customers who have problems with delivered products.
6. Define the relationship between information technology and the supply chain.
Information technology's primary role in the Supply Chain is creating the integrations or tight process and information linkages between functions within an organisation. Technology advances in the five SRM components have significantly improved companies’ forecasting and business operations. Integrated Systems provide companies with greater visibility over the supply chain inventory levels.
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