ROLE
The relationship between key business functions
Interdependence
CSR stands for...
Corporate Social Responsibility
The two types of inputs
Transformed and transforming
Supply Chain Management is
Planning and controlling the movement and storage of goods throughout the supply chain.
Services tend to be (c)_______, goods tend to be (s)_______
customised, standardised
Strategic by cutting operational costs
Cost leadership
Operating in multiple countries
Globalisation
The three types of transformed resources
The three dashes for supply chain management
logistics, e-commerce, global sourcing
Psychological resistance to change
Inertia
The strategic role of operations management
create value through cost leadership (minimising costs) or differentiation (unique goods/services).
Cost-based competition relies on the calculation of...
break-even point
The 4Vs influence which impacts services moreso than goods
Visibility
Having a portion of operations completed by an external party
Outsourcing
Significant cost savings that are the result of producing in bulk
Economies of scale
The process of adding value during the transformation process
Value-adding
Based on what the consumer thinks of the product
Quality expectations
How businesses sequence and schedule
Gantt chart or Critical Path Analysis
Technology can be classified into two categories
Leading-edge and established technology.
How we determine the effectiveness of operational strategy
Performance objectives - quality, speed, dependability, flexibility, customisation, cost
The five types of industry (Prelim recall)
Primary, Secondary, Tertiary, Quaternary, Quinary
The difference between legal compliance and ethical responsibility
Legal compliance is mandatory by law, ethical responsibility is expected by stakeholders. Both are important for businesses to comply with.
Control is the process of
comparing actual performance to set standards and implementing corrective actions when deviations occur.
The three inventory management systems
LIFO (Last-In, First-Out): The most recently acquired stock is used or sold first. Common in non-perishable industries (e.g., hardware).
FIFO (First-In, First-Out): The oldest stock is used or sold first. Essential for perishable goods like food and pharmaceuticals to prevent spoilage.
JIT (Just-In-Time): Stock is delivered as needed, minimising storage requirements but requiring precise supply chain coordination.
The founder of McDonalds
Ray Kroc