Nobody downloaded yet

Operations Management - Essay Example

Comments (0) Cite this document
Summary
This essay explores the operations management. This research aims to present implementation of a performance management system which based on the five core performance indicators is an analysis of a company’s current performance against the expected performance. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.1% of users find it useful
Operations Management
Read TextPreview

Extract of sample "Operations Management"

Download file to see previous pages The researcher states that in order to achieve and sustain a competitive edge in the market environment, every firm must attempt to achieve consistency in its manufacturing or service delivery in all aspects. Therefore, the firm must identify areas that are necessary for inclusion in the operations management plan; plan on the approach to take in order to achieve the stated objectives; implement the strategy in accordance to the guidelines formulated in the planning stage; monitor the process; and improve by making corrections and adjustments to the process. If a firm can succeed in maintaining the operations management cycle for a sustained long period, then the firm is likely to achieve long term success due to preparedness to keep up and cope with market changes. Market changes include both macroeconomic and microeconomic market changes, both of which have an effect on a firm’s operations. Macroeconomic factors include changes in the aggregate economy of a vast geographical region including political changes; economic changes; social changes; technological changes; ethical changes and legal changes. Economic factors include the effects of the economy on business; social factors include changes in beliefs and perceptions as they relate to the business; technological factors centre the changes that affect the production process. Ethical factors include changes in perceptions of the difference between moral rights or wrongs; and legal factors are aspects of policy and legislation that have direct or indirect effects on the market. Microeconomic factors are the changes that occur in the market or industry and involve stakeholders like customers, suppliers, competitors and the public (Wong and Wong, 2007). A company must endeavour to satisfy the needs of customers, who are the core source of revenue for business; and attract and retain the attention of the public, which is composed of potential customers and investors. In addition, a company should build its credit worth to increase the likelihood of obtaining credit from suppliers even in the absence of funds to make cash purchases (Grafton, Lillis and Widener, 2010). The general idea is that a company should strive to align its inner environment with the changes in the outer environment. According to Slack, Chambers and Johnston (2007), a company should identify its level of success in the five main performance indicators including price, quality, speed, dependability and flexibility. This essay highlights the advantages and disadvantages of basing a performance management system on these five operations objectives. Implementation The first step towards implementation of a performance management system based on the five core performance indicators is an analysis of a company’s current performance against the expected performance. The aim of implementing such a system is to narrow down or close the gap between these two phenomena; the strategy being the use of these indicators to achieve and retain a competitive edge in the face of a rapidly changing market. However, many scholars argue that the system should not be geared on achieving full functionality but a firm should focus on one aspect and do it to its best capacity. Specialisation enables a firm to perfect one aspect of its performance and uses it to outdo the competition in the market; especially by having a competitive edge derived from its effectiveness to achieve the optimal result in a performance indicator. However, using price, quality, speed, dependability and flexibility has merits and demerits (Zeydan and Colpan, 2009). Cost Optimisation of the performance indicator of cost has direct monetary benefits to a firm, as it enables the firm to reduce the cost of production by cutting down on inputs, mainly by adopting the use of cheaper alternatives or by reducing the quantity of input but maintaining the production output. In this case, the firm has the capacity to achieve high profit margins due to a higher difference between revenue and expenditure. Moreover, it has ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Operations Management Essay Example | Topics and Well Written Essays - 2500 words - 1”, n.d.)
Retrieved from https://studentshare.org/management/1396395-operations-management
(Operations Management Essay Example | Topics and Well Written Essays - 2500 Words - 1)
https://studentshare.org/management/1396395-operations-management.
“Operations Management Essay Example | Topics and Well Written Essays - 2500 Words - 1”, n.d. https://studentshare.org/management/1396395-operations-management.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Operations Management

Operations Management

...? The essence of Operations Management is the need to make rational decisions in difficult circumstances with limited, imperfect information Introduction Operations management is part of a distinct function in a production or service company. It is a significant issue particularly in the success of a project. If you are the ‘boss’ in the area of production, you have to consider yourself a mere employee or a worker. The scenario is this: a boss sits in a swivel chair, uses his phone and any means of communication to demand action from subordinates. But an operations manager does not take anything for granted. He works all day long, does...
6 Pages(1500 words)Essay

Operations Management

...be translated into quality products at low prices. ERP system is aimed at achieving operational excellence and hence its effective implementation will add to value to overall organization. The realisation of this by the whole organization will facilitate the change and hence result in success. Lewin’s 3 stage model: This model suggests a 3 stage process of unfreezing, changing and re-freezing to successfully implement organizational change. The unfreezing stage involves the creation of conditions that are right for the change to occur. Employees must be moved from the comfortable zone to a zone where they are ready for change and not attached to the previous model. In the transition or the changing stage,...
5 Pages(1250 words)Coursework

Operations management

...? Operations Management Tokundu Airport Case Operations ManagementOperations Management is the study of organizational processes that transform inputs into finished goods and services. The primary goals of this course are (1) To gain insight as to the nature of operational issues and problems; (2) To create guidelines for sound tactical and strategic operational decisions; (3) To provide a framework necessary for managing the operations of an organization; (4) To build good critical-thinking skills” (Eldersveld, 2006). The basic issue that operations...
6 Pages(1500 words)Essay

Operations Management

...? A Report on Green Life Inc’s preparation for business during Christmas. An Operations Management Perspective Table of contents Introduction 4 1.1 About the business 4 1.2. Operations Management 4 2. Competitive elements in OM 5 2.1 Operations effectiveness 6 2.2 Customer management 7 2.3 Product innovation 8 3. Functions in operations management 9 3.1 Capacity planning 9 3.2 Supply chain management and inventory control 9 3.3 Quality 10 3.4 Human resources management 11 4. Gains and drawbacks in operations management 11 4.1...
10 Pages(2500 words)Essay

Operations Management

...? Operations Management ID The Main Objective Fiat Intends To Achieve By Building the New Production Plant in Melfi Throughout the 1980s, the plant experienced a number of issues that almost paralyzed the firm; ranging from low quality products, significant fall in productivity levels and unending industrial conflicts. Building the new firm in Melfi the firm seeks to correct the mention problems. Fiat management visualizes the project as a designed test backed up by agreements preventing the organization through the use of unions to educate employees. The project targets the main employees representing the backbone of the organization. The employees would be subjected to training in the...
8 Pages(2000 words)Essay

Operations management

...Operational Management 11/14 Table Of Contents Introduction to Operation management and its historical evolution; 3 2.Major Functional Areas of Organization; 4 i.Finance; 4 ii.Marketing; 4 iii.Operations; 4 3.Interrelation of major functional areas; 4 4.Management and its major aspects; 5 5.Function and nature and Key aspects of operations; 5 6.Current Trends in business’s operations management; 5 Hypothetical Analysis Report Of Operations Management: 6 Introduction: 6 Summary; 6 Analysis 7 K&N CORPORATION (Proposed) Mission; 9 Must win Battles to attain proposed...
10 Pages(2500 words)Essay

Operations Management

...The Central Evaluation Unit   Analyzing and Evaluating the Processing of New Applications at the CEUPU The process map for new applications revolves around determining the efficacy and impact of the activities of the firm with respect to their objectives. In that sense, a process map for new applications should be clearly structured in order to provide support to the assessment activities of offices and departments. The cycle time for the application process can be calculated in various ways. First and foremost, it can be calculated through considering the number of operations running in relation to the available personnel (Chopra, Anupindi, Deshmukh, Van Mieghem, & Zemel, 2005, p. 29). Through measuring the...
6 Pages(1500 words)Essay

Operations Management

...Operation Management Process Introduction Brookside Dairy Ltd is a private company that processes milk and milk related products. The company has grown over the years form a relatively small unit expanding exponentially, scaling heights and levels that could have been probably seemed impossible. It has received acclaim from various quarters and has been accredited for introducing new products intro the market greatly surpassing older and more experienced companies. One of its strengths is the recognition of the fact that its business is primarily driven by farmers –both small and large scale-and therefore dedicating resources into their well-being through various programs. It also recognizes the potential...
8 Pages(2000 words)Assignment

Operations management

...that other applications within the line ma lack. SPC chart selected to monitor and eliminate variability The Extra Credit is a variability that affects the software production industry greatly. One would choose a variable Measure Chart such as an X-Bar Chart or an R Chart as a new Operations Manager in the offending company to try to control the variability. For variable data, it comes from measurements on a continuous scale for example temperature, distance, weight and time. Presumably, an X-Bar Chart will be able to control variability in the company’s software products (Thompson 34). How it is Created The X-Bar chart is created by first initiating data collection and the SPC charting. It is a very...
3 Pages(750 words)Coursework

Operations Management

...Draft Operations Management s Submitted by s: What is it meant by “build to order” and how does it differ from more traditional approaches to the car business?  Build to order is a production method where the building of products does not take place until an order that confirms they should be build is received and it is the oldest style that is associated with order fulfillment. It is the most suitable method that is utilized for products that have a high level of customization while being produced in low volumes. A product that is built to order is uniquely made for a specific customer according to the specifications that the customer requests. The product will usually be above the standard specifications and are made to meet... ; the focus...
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Operations Management for FREE!

Contact Us