Explore tens of thousands of sets crafted by our community.
Operations Strategy Fundamentals
18
Flashcards
0/18
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.
Five P's of Strategy
They refer to Plan, Ploy, Pattern, Position, and Perspective. This framework helps businesses identify different approaches to developing strategy.
Six Sigma
A method that provides organizations tools to improve the capability of their business processes by reducing variability.
Value Chain Analysis
A strategic tool used to analyze internal firm activities to gain a competitive advantage.
Competitive Priorities
These are the critical operational dimensions a company must meet to satisfy its internal and external customers.
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.
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.
Core Competencies
Core competencies are a firm's strategic strengths that provide an advantage over competitors and are hard to imitate.
Lean Operations
A systematic approach to eliminating waste and creating flow within an organization to improve efficiency.
Capacity Planning
The process of determining the production capacity needed to meet changing demands for its products.
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.
Facility Layout
The arrangement of physical equipment within a facility to optimize operations and promote efficient workflow.
Operations Strategy Matrix
A tool used to understand and analyze the strategic positioning of operations decisions and trade-offs.
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.
Strategic Business Unit (SBU)
A subgroup of a company that operates as an independent enterprise, with a separate mission and objectives.
Economies of Scale
The cost advantage achieved by businesses when scaling up production, as the cost per unit decreases with increasing scale.
Benchmarking
A process of comparing one's business processes and performance metrics to industry bests and best practices from other companies.
© Hypatia.Tech. 2024 All rights reserved.