Week Nine - Operations Management and Supply Chain

Week Nine Weekly Questions

1. 
   
   Define the term operations management.
   Operations Management (OM) is the management of systems or processes that convert or transform resources into goods and services. 
2. 
   
   Explain operations management’s role in business.
   OM has many roles within businesses - examples include,
   - Forecasting
   - Capacity planning
   - Scheduling
   - Managing inventory
   - Assuring quality
   - Motivating and training employees
   - Locating facilities
3. 
   
   Describe the correlation between operations management and information technology
   Managers use IT to make OM decisions including
   - What resources will be needed and in what amounts.
   - When should the work be scheduled
   - Where will the work be performed
   - How will the work be done
   - Who will perform the work
   They use these systems to implement Operations Management Systems (OMs) These systems are the only way to have a consistent view of data and provide speedy results. This will lead to a reduction in overhead costs, increase agility and improve insight into business processes
4. 
   
   Explain supply chain management and its role in a business
   Supply Chain Management (SCM) involves the management of information flows between and amoung stages in supply chain to maximise total supply chain effectiveness and profitability.
   It provides visibility and knowing immediately what is transacting at the customer end of the supply chain. Allows companies to react immediately. SCM transforms raw materials into products delivered to customers. It allows companies to transmit messages and information.
   
   
   

   

   
   
   
5. 
   
   List and describe the five components of a typical supply chain.
   Plan - Source - Make - Deliver - Return.
   
   
6. 
   
   Define the relationship between information technology and the supply chain.
   Advances in the five SRM components and has significantly improved companies forecasting and business operations.
   Increases visibility over supply chain inventory levels.
   ITs primary role is to create linkages of information between functions within an organisation.