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Summary of Operations Management lectures
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Summary of Operations Management lectures as part of the MSc BioPharmaceutical Sciences and Business Studies Specialization
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Summary Operations ManagementMSc BPS Business Specialization 2022-2023
Lecture 1 - Introduction to operations management 2
Lecture 2 - Customer value proposition 7
Lecture 3 - Demand Forecasting 10
Lecture 4 - Cost Analysis 15
Lecture 5 - Pricing Strategies 18
Lecture 6 - Procurement strategies 26
Kahoot questions 32
Kahoot answer key 35
Practice questions break even point 37
1
,Lecture 1 - Introduction to operations management
Operations management (OM):
❖ Administration of business practices to create the highest level of efficiency possible
within an organization.
❖ Concerned with converting materials and labor into goods and services as efficiently
as possible.
❖ Operations managers aim to balance costs with revenue to maximize net operating
profit.
Supply chain management (SCM): The concept of SCM is very similar to OM. The supply chain
is the network of organizations, people, activities, information, and resources involved in
delivering a product or service to a customer.
Supply chain management is a set of approaches utilized to efficiently integrate suppliers,
manufacturers, warehouses, and stores so that merchandise is produced and distributed at
the right quantities, to the right locations, and at the right time, in order to minimize
system-wide costs while satisfying service level requirements.
The five R’s of SCM:
1. Right product
a. What does the customer want and what can we offer?
2. Right place
a. Where should it be produced?
3. Right time
a. When do we start production?
4. Right price
a. What is the optimal price?
5. Right quantity
a. How much should be produced?
A wide range of activities can be classified as OM, including:
2
,Supply chain network:
Supplier → Manufacturer (sometimes the same as supplier) → Distributor → Wholesaler →
Retailer → Consumer
Suppliers have the lowest profit margins.
3
, Example of very simple supply chain network:
Product slicing: identifying the best location for each stage of the production process.
- Adding value along the way
- Integrating the entire supply chain
Example:
4
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