Operations Management Metrics Essays - 916 Words

Operations Management Metrics Operations Management Process is the central arteries within the organization because it produces the planning process for goods and services, which are its reason for existent. Operations management is linked to all organizations as every organization is producing either a product or a service. However, it cannot be said to be the most important function since there are other functional areas and boundaries within an organization. In todays fast changing world, organizations have to have a tendency towards being efficient, effective and innovative to the changing environment to succeed. Operations Management has to use metrics in order for them to accomplish their task and be successful with†¦show more content†¦Six Sigma is a business metrics that seeks to identify and eliminate causes of errors or defects as well as failures in business processes by focusing on output that are critical to customers (De Feo, Barnard 2004). It is also a measure of quality tha t strives to eliminate defects using the application of statistical methods. In this case, a defect is defined as anything that could lead to customer dissatisfaction. Six Sigma’s statistical quality control is the method used to measure variability in a product for evaluation and corrective actions. When the product metrics exceeds the bounds of acceptability, based on statistical inference, the product can be rejected with reasonable assurance that does not meet requirement. It aims to identify and eliminate waste in order to increase speed and flow from start to finish. It also identifies the critical steps, and deleting those not required or nonessential. There are so many metrics process in today’s business industries but the metrics that Six Sigma’s statistical thinking can also be defined as a thought process. In which it recognize the variation is all around us and present in everything we do. The Six Sigma’s interconnected processes and identifying, characterizing, quantifying, controlling and reducing variation provide opportunities for improvement within any organizations or firms. That is to say,Show MoreRelatedImportant Metrics Of Business Performance Management Essay847 Words   |  4 Pagesimportant metrics of business performance management are financial, customer, internal, strategic, and compliance. These metrics can be seen as the key factors that operations managers focus on while working to ensure the successful performance of any company. I will discuss each of these metrics below. â€Å"Key metrics in the evaluation of management are financial performance numbers. These include sales, profits and costs† (Markgraf, B., n.d.). For an operations manager, a good metric to evaluateRead MoreManufacturing Execution Systems Join The Cyber Physical Part Of Production1245 Words   |  5 Pagespart of production with virtual manufacturing services and business level operations. Unfortunately, most of the existing architectures follow the paradigm of hierarchical MES placed between the control systems and business application level. They have fixed interfaces to production facilities and a predefined set of services. The main argument in favour of such a solution is the global optimisation of manufacturing operations but in the case of highly dynamic, short-series production, it is practicallyRead MoreOPERATIONS MANAGEMENT ASSIGNMENT8173 Words   |  33 Pages LEADSTAR COLLEGE OF MANAGEMENT AND LEADERSHIP TUTOR MARKED ASSIGNMENT (TMA) FOR OPERATIONS MANAGEMENT ASSIGNMENT WEIGHT: 50% STUDENT NAME Abreham Kelile Kaba ID LMBA0013/2014 BACTH 1ST Part I: Multiple Choice Questions (1 point each) Choose the best answer from the following Questions _C__Q1.One advantage of Just-in-Time (JIT) Management of stock is _____a. It reduces the need to plan and organize _____ b. it removes the need for delivery Quality Control _____ c. it reduces the cost of holdingRead MoreBus 430 Assignment 2: Inventory Management1369 Words   |  6 PagesBUS 430 Assignment 2: Inventory Management http://homeworkfy.com/downloads/bus-430-assignment-2-inventory-management/ BUS 430 Assignment 2: Inventory Management Assignment 2: Inventory Management Due Week 8 and worth 300 points Research two (2) manufacturing or two (2) service companies that manage inventory and complete this assignment. Write a six to eight (6-8) page paper in which you: 1. Determine the types of inventories these companies currently manage and describe their essentialRead MoreMetrics1099 Words   |  5 PagesIntroduction Competitive businesses must strive for continuous improvement in a highly competitive global market. Methods to infuse quality practices for the application of operations management principles form the basis for collecting and analyzing the data essential for strategic business decisions. One challenge for companies today is the wealth of information and computers to process it. There are numerous software applications to assist in forecasting, capacity planning, productionRead MoreSupply Chain Operations Reference Model: Purpose and Operations1092 Words   |  5 PagesSupply Chain Operations Reference Model (SCOR): Information about (SCC) Developed by Supply Chain Council (SCC) SCC: Independent, not-for-profit corporation organized in 1996 by: Global management-consulting firm, Pittiglio Rabin Todd McGrath (PRTM) and Market research firm, Advanced Manufacturing Research (AMR) in Cambridge, Massachusetts. Started with 69 voluntary companies; now close to 1000 members. SCC Objective: To develop a standard supply-chain process reference model enabling effectiveRead MoreA Report On The On Time1163 Words   |  5 PagesMetric #1 - Approval on time The first metric would be the approval on time of each minister quarterly report. This metric will monitor the step one through eight of the transformational process value added flow. An approval on time metric will identify the number of department that submitted their report on time or not on time after approval by the minister. This metrics would be a good indicator if the first solution implemented to the bottleneck was successful. For example, after the change toRead MoreSupply Chain Management : Operations Management1204 Words   |  5 PagesSupply-chain management is an important consideration of Operations Management. In the past, many businesses only focused on the operations occurring within. Even today, business push to increase standards of performance and quality, create better marketing strategies, improve efficiency in the workplace, and hire and train employees as part of human resource strategy, among other ‘inside’ actions. However, it is a growing rea lity that there are other ‘outside’ factors and stakeholders in the finalRead MoreManaging Supply Chain And Operations : An Integrative Approach1363 Words   |  6 PagesFoster, T., Sampson, S., Wallin, C., Webb, S. (2015). Managing supply Chain and Operations: An Integrative Approach. New York, NY: Pearson. All four authors are a professor of global supply chain management at Brigham Young University. The whole book is focused on the key functions of supply chain, operations, and customer relationship management with the special focus on the areas of improvement, innovation, and integration. We took a close look at the section called â€Å"Providing Feedback: The SupplierRead MoreThe Management System Of An Organization1163 Words   |  5 Pagesperformance metrics (Institute for Operation Excellence, 2012). Operation excellence focuses on the entire area of an organization. The area of focus can be broken down into 3, behavior, management system, and process. For any change to be sustainable, the people’s behavior has to be such that can support it. People’s behavior and mindset has to change, everybody has to contribute regardless of what level of organization. The management system piece is also a key because of the impact of management support