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Operations Strategy Fundamentals

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Five P's of Strategy

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They refer to Plan, Ploy, Pattern, Position, and Perspective. This framework helps businesses identify different approaches to developing strategy.

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Core Competencies

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Core competencies are a firm's strategic strengths that provide an advantage over competitors and are hard to imitate.

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Order Winners and Order Qualifiers

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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.

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Operations Strategy Matrix

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A tool used to understand and analyze the strategic positioning of operations decisions and trade-offs.

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Supply Chain Management

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It involves the management of the flow of goods and services, from raw materials sourcing to delivering the final product to consumers.

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Six Sigma

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A method that provides organizations tools to improve the capability of their business processes by reducing variability.

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Lean Operations

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A systematic approach to eliminating waste and creating flow within an organization to improve efficiency.

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Total Quality Management (TQM)

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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.

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Competitive Priorities

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These are the critical operational dimensions a company must meet to satisfy its internal and external customers.

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Just-In-Time (JIT)

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A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs.

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Facility Layout

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The arrangement of physical equipment within a facility to optimize operations and promote efficient workflow.

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Value Chain Analysis

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A strategic tool used to analyze internal firm activities to gain a competitive advantage.

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Capacity Planning

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The process of determining the production capacity needed to meet changing demands for its products.

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Strategic Business Unit (SBU)

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A subgroup of a company that operates as an independent enterprise, with a separate mission and objectives.

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Benchmarking

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A process of comparing one's business processes and performance metrics to industry bests and best practices from other companies.

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Make or Buy Decision

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The act of deciding between manufacturing a product in-house or purchasing it from an external supplier.

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Balanced Scorecard

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A performance management tool that provides stakeholders with a comprehensive view of organizational performance via financial and non-financial metrics.

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Economies of Scale

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The cost advantage achieved by businesses when scaling up production, as the cost per unit decreases with increasing scale.

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