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Operations Strategy Fundamentals
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Five P's of Strategy
They refer to Plan, Ploy, Pattern, Position, and Perspective. This framework helps businesses identify different approaches to developing strategy.
Core Competencies
Core competencies are a firm's strategic strengths that provide an advantage over competitors and are hard to imitate.
Order Winners and Order Qualifiers
Order winners are aspects of a company's product or service that cause a customer to select that product over competitors. Order qualifiers are the minimum acceptable levels for those aspects.
Operations Strategy Matrix
A tool used to understand and analyze the strategic positioning of operations decisions and trade-offs.
Supply Chain Management
It involves the management of the flow of goods and services, from raw materials sourcing to delivering the final product to consumers.
Six Sigma
A method that provides organizations tools to improve the capability of their business processes by reducing variability.
Lean Operations
A systematic approach to eliminating waste and creating flow within an organization to improve efficiency.
Total Quality Management (TQM)
A comprehensive management approach that works towards long-term success through customer satisfaction and is based on the participation of all members of an organization.
Competitive Priorities
These are the critical operational dimensions a company must meet to satisfy its internal and external customers.
Just-In-Time (JIT)
A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs.
Facility Layout
The arrangement of physical equipment within a facility to optimize operations and promote efficient workflow.
Value Chain Analysis
A strategic tool used to analyze internal firm activities to gain a competitive advantage.
Capacity Planning
The process of determining the production capacity needed to meet changing demands for its products.
Strategic Business Unit (SBU)
A subgroup of a company that operates as an independent enterprise, with a separate mission and objectives.
Benchmarking
A process of comparing one's business processes and performance metrics to industry bests and best practices from other companies.
Make or Buy Decision
The act of deciding between manufacturing a product in-house or purchasing it from an external supplier.
Balanced Scorecard
A performance management tool that provides stakeholders with a comprehensive view of organizational performance via financial and non-financial metrics.
Economies of Scale
The cost advantage achieved by businesses when scaling up production, as the cost per unit decreases with increasing scale.
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