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Production and Management

Production and Management. Prepared by Bhakti Joshi June 18, 2014. What are these terms?. Allocation. Efficiency. The action or process of allocating or distributing. A level of performance describing a process that uses the lowest amount of inputs to create the greatest amount of output/s.

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Production and Management

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  1. Production and Management Prepared by Bhakti Joshi June 18, 2014

  2. What are these terms? Allocation Efficiency The action or process of allocating or distributing A level of performance describing a process that uses the lowest amount of inputs to create the greatest amount of output/s Utilization To put to use Optimum Most conducive to a favourable outcome Sources: Merriam-Webster, Businessdictionary.com, Investopedia.com

  3. Production Vs Management …an action of making or manufacturing …a process of dealing with or controlling things or people Production + Management OPERATIONS MANAGEMENT

  4. Operations Management …refers to processes involved for production or for providing services, which involve suitable business practices to create economically efficient products/services

  5. Examples • Chemist shop • Tailor Shop • Kiraana • Restaurant • College • Grocery store in a mall • Movie Theatres

  6. Common features in all Examples • Provision of Products/Services • Arrangement • Procedures • Rules • Staff • Visibility of products/services • Profit/Income BUSINESS PRACTICES

  7. Product and Service Design

  8. Why Design? Tested and Tried Products/service Quality-based product/service Documented use/process of product/service New product/service Documented specifications of product/service Refined product/service CUSTOMER’S WANTS

  9. Business Opportunity Demand Pull Innovation Invention Push Innovation ? Market explored for design of a product/service Advancement in intelligence Discuss Examples of Demand Pull and Invention Push Innovation

  10. Design Choices PRODUCT DESIGN SERVICE Standardization Communication and Interaction To cause to conform standards (Mass) ? To make or alter to individual or personal specifications Customisation People Media Tools A generic product later differentiated into a specific end-product Delayed differentiation Degree of variation Degree of customer contact Approach that subdivides a system into smaller parts Modular Design Extent of standardization vis-à-vis diverse customers Deviations in customer requirements Approach to reduce variations in a product without eliminating causes of variation Robust Design

  11. Considerations for Product/Service Design • Identification of Stakeholders • Costs • Price • Appearance • End-use • Maintenance/Customer care • Prestige Value • Research and Development • Environmental considerations • Legal and Ethical considerations

  12. OWNERS • Owners own a business • Consist of individuals or group of individuals • Creative and innovative ideas & vision • Willingness to undertaken risks CREDITORS • Provide financial support to businesses • Creditors provide loans to business for its operations • Businesses pay an interest on the loans EMPLOYEES • Individual/s hired to provide services to a business • Employees are compensated by businesses for services rendered SUPPLIERS • Suppliers of resources like land, machineries & equipments, tools and raw materials CUSTOMERS • Buyers or consumers of products & services sold by businesses • Individuals (Retail customers) or Businesses • Referred to as B2C and B2B Example: Stakeholders of a Business Stakeholders are individuals or group of individuals who affect or have been affected by business operations and activities Note: Stakeholders identified in this slide are indicative and subjective across industries

  13. Sell Products & Services Hire or Invest Owners Employees run business Customers or Consumers Purchases Profit Payment for Supplies Repayment of Loans Loans Supplies Suppliers Creditors Policy / Regulation Market Share Taxes Competitive Pricing Government Competition Example: Flow of Stakeholder Interaction

  14. Additional Considerations in Service Design • Definition or meaning of the service • Identification of required participants • Identification of possible service scenarios • Verification and sequences of actions and participants’ roles and functions • Representation of the service using techniques illustrating all aspects of the service

  15. Product & Service Life Cycle SALES - Re-inventing Maturity Decline Growth - Business Optimization - Harvesting (cash cows – generate steady returns) - Market Development Introduction - Concept Creation - Concept Development TIME

  16. Email: bhaktij@gmail.comWebsite: www.headscratchingnotes.netSources: Robust Design http://www.public.iastate.edu/~vardeman/IE361/s00mini/maurer.htmSources for Lead time WIP http://www.isixsigma.com/methodology/lead-time-vs-cycle-time/; http://www.simon.rochester.edu/fac/lederer/SimonFacultyWeb/LedererPapers/LeadTimePerformanceMeasurement.pdf

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