OTM 300 Study Guide - Midterm Guide: Project Management, Operations Management, Modern Portfolio Theory

• School: UW-Madison
• Department: Operations and Technology Management
• Course: OTM 300
• Professor: Allison Briggs

Document Summary

Activity of managing the resources which are devoted to the production and delivery of products and services to end customers. Uses process thinking to meet and exceed customer demand. Uses all resources efficiently in order to maximize value. Anything that repeats can be seen as a process. Project management: low volume, high variety operations with defined beginning and end. Distinction between operations that manufacture good and those that provide services. One of the three core activities of the firm. Decisions determine service level at the customer end. Labor and equipment is often brought to the location of assembly. Physical size and degree of customization are key factors. Volume does not justify dedicated lines or machinery. Work centres are grouped by type of process: welding, drilling, painting, etc. Short life-cycle means machines must be flexible for reuse with next batch. Cycle time is set to pace entire factory. Limited flexibility regarding volume and new models.