Exam (elaborations)
WGU D464 - MANAGING OPERATIONS TOPICS FINAL GUIDE 2024
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- Western Governers University
WGU D464 - MANAGING OPERATIONS TOPICS FINAL GUIDE 2024
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lOMoARcPSD|15963292WGU D464 - MANAGING OPERATIONS TOPICS FINAL GUIDE 2024
1. Operations Management : The learner describes how operations management processes improve business functions.
Chapter 1. Operations Management and Value Chains Chapter 2. Measuring Performance in Operations and Value Chains Chapter 3. Operations Strategy Chapter 4. Technology and Operations Management Chapter 19. Project Management
Topics To Know – Chapter 1
What is Operations Management - the science and art of ensuring that goods and services are created and delivered successfully to customers. Three issues are at the core of operations management - efficiency, cost, and quality. Efficiency is (a measure of how well resources are used in creating outputs), the cost of operations, and the quality of the goods and services that create customer satisfaction all contribute to profitability and ultimately the long-run success of a company. the perception of the benefits associated with a good, service, or bundle of goods and services in relation to what buyers are willing to pay for them. Concept of value - lOMoARcPSD|15963292 is a clearly defined set of tangible (goods-
content) and intangible (service-content)
features that the customer recognizes, pays for, uses, or experiences.
Moment of truth- any episodes, transactions, or experiences in which a customer comes into contact with any aspect of the delivery system, however remote, and thereby has an opportunity to form an impression . is a network of facilities and processes that describes the flow of materials, finished goods, services, information, and financial transactions from suppliers, through the facilities and processes that create goods and services, and those that deliver them to the customer . focused on producing or delivering an organization’s primary goods or services that create value for customers, such as filling and
shipping a customer’s order, assembling a dishwasher, or providing a home mortgage .
Eras of Operations Management: - the seven major eras of operations management. 1960s: Focus on cost and efficiency. 1970s: focus on quality. 1980s: Focus on customization and design. 1990s: Focus on time. 2000s: focus on service and value. 2010s: Focus on sustainability.
2020s: Focus on analytics and big data. The change between 1960s and 2020s can also be represented as follows. Cost minimization to sustainability. Mass production to mass customization. Manufacturingbased technology to information-based technology. Focus on goods to focus on value and service. Local markets to global markets.
Sustainability- decide the best way to manage the risks associated with products and operations to preserve resources for future generations.
Topics To Know – Chapter 2
Organizational Performance Measures Categories- Financial, customer and market, quality, time, flexibility, innovation and learning, productivity and operational efficiency, and sustainabilityCustomer benefit
package-
Value
chain-
Value-creation
(core)- lOMoARcPSD|15963292
provides a company with customer ratings of
specific goods and service features and indicates the relationship between those ratings and the customer’s likely future buying behavior. Five Dimensions of Service Quality: - •Tangibles—Physical facilities, uniforms, equipment, vehicles, and appearance of employees (i.e., the physical evidence). •Reliability—Ability to perform the promised service dependably and accurately. •Responsiveness—Willingness to help customers and provide prompt recovery to service upsets.
•Assurance—Knowledge and courtesy of the service providers and their ability to inspire trust and confidence in customers. •Empathy—Caring attitude and individualized attention provided
to customers.
Productivity and Operational Efficiency: - •Productivity: is the ratio of the output of a process to the input. As output increases for a constant level of input, or as the amount of input decreases for a constant level of output, productivity increases.
•Operational Efficiency: is the ability to provide goods and services to customers with minimum waste and maximum utilization of resources.
Trible Bottom Line : refers to the measurement of environmental, social, and economic sustainability.
Interlinking: refers to the measurement of environmental, social, and
economic sustainability. Value of the Customer: quantifies the total revenue or profit each target market customer generates over the buyer’s life cycle.Customer-Satisfaction Measurement System :
- lOMoARcPSD|15963292
Models of Organizational Performance: - • the Baldrige Performance Excellence framework - The Baldrige
Performance Excellence Framework is designed to help organizations, both in the public and private sectors, improve their performance and achieve sustainable success. It provides a comprehensive set of criteria that organizations can use for self-assessment and continuous improvement. The criteria cover various aspects of organizational performance, including leadership, strategy, customer focus, measurement and analysis, workforce
engagement, operations, and results. • the balanced scorecard: to translate
strategy into measures that uniquely communicate your vision to the organization. • the value chain model- The value chain model is a concept developed by Michael Porter in his book "Competitive Advantage: Creating and Sustaining Superior Performance." It describes the series of activities that businesses go through to create and deliver a product or service to the end customer. The value chain is a strategic analysis tool that helps identify the activities within an organization which add value to the final product and those that do not.
• —The Service Profit Chain is a the Service-Profit Chain
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