Test Review

Intro Packet

1. Cost Maximization- decrease costs operationally or financially

2. Value maximization- focus on bringing more value to customer

a. Customer Value Add

i. Decrease operational costs

ii. Improved organizational effectiveness

iii. Higher Quality

iv. Increased Customer Loyalty

v. Market Share Gains

vi. Above average EBIT Margin

3. OM Current Trends

b. Focus on mass customization

c. Realizing globalization initiatives

d. Effective supply chain management

e. Service industry consistency and reliability

f. Dealing with product convergent requirements

g. How to respond to the sustainability challenge

h. Improving M&A performance

i. Manufacturing renaissance

j. Process oriented organizational structure

k. Speed of adopting new technological advancements

l. Adjustments to hyper connected world

m. Compare with analytics

n. Avoid operational complacency

o. Maximize operating leverage

4. Operational Leverage

p. People are usually barriers for change, but people are enablers of business opportunities

vii. There is no substitute for brain power and teamwork

viii. Able to engage employees

q. Long Term Business success is closely linked to management’s ability to leverage their human capital

ix. Leveraging human capital is closely linked with the management’s ability to leverage their human capital

1. Leveraging human capital is probably the best conduit for a business to potentially achieve a sustainable competitive advantage

Packet 2: Operations Management Seeking a Competitive Advantage

1. Developing an operations strategy

a. Capabilities- how the firm will deliver value operations management

b. Value Propositions- the reasons why customers will want to do business

2. Value Proposition: is the value...