Operation Management

 Operation Management Essay

|STAT 2800: performing IN european countries | |Operations Management | |Nordea v. Honka | | | |Taylor Linnell | |6/15/2008

|Professor Farina

Operations Supervision

The barriers to communication and transportation are crumbling plus the global market place is changing into a playing field which has never recently been so equivalent. Efficiency and effectiveness are two of one of the most powerful phrases that have come up in this fresh era of business wherever maintaining a competitive edge is the difference between succeeding and faltering to bankruptcy. On the forefront of the expanding new frontier can be described as relative young an innovative supervision strategy referred to as operations managing. According to Heizer and Render " operations management is the pair of activities that creates value in the form of services and goods by transforming inputs in outputs. ” This classification can be used to clarify two types of outputs, touchable and intangible. A tangible output or perhaps good can be something physical that can be inventoried, re-sold, transportable, selling is specific from development and is frequently easy to handle. Examples of tangible products could possibly be cars, televisions, baseball hats or even sign homes. Although an intangible output or perhaps service can be something that cannot be physically handled but gives something of value to the consumer. Solutions usually may not be inventoried, providing is often area of the service, they are really produced and consumed at the same time, and the internet site of the facility is essential to get customer speak to. Buying aircraft tickets, finding a physician, obtaining a haircut and having a great investment manager are generally situations where the service is exclusive and is not tangible.

To be able to create services and goods all businesses have to perform three capabilities: marketing, production/operations, and finance/accounting. Even though this paper is going to focus on businesses it is important to briefly discuss all three features in a wide sense. For the organization markets to a bigger target audience the goal is always to stimulate demand to relieve a few of the surplus supply. In some simplistic cases it merely means taking the purchase for a item. Marketing may appear in many forms from commercials to coupons. Production/operations creates the product, whether it be a great or support. Finally, Finance/accounting tracks just how well the corporation is doing, where money has been allocated, and collects cash from buyers.

This paper will focus on the important thing concepts that revolve around procedures management, with an intense focus on the eight decision making areas. Following the history on procedures management, the paper can discuss two Nordic firms, Nordea Financial institution and Honka Homes, both of which abide by the same decision making paradigms but they have two very different outputs. History of Operations Administration

There are several dominant contributors that gave means for a more formal understanding of precisely what is now referred to as operations administration. The OM discipline is definitely centered around efficiency. The innovation of interchangeable parts by Eli Whitney in 1800 provided for groundbreaking speed and affordability. Since the same parts could possibly be...

Bibliography: 1 . " Honka: History. " Honka Homes. 2 November. 2008. 12 Jan. 08.

2 . " Honka is actually Mission. " Honka. doze Mar. 2008.

3. " Corporate Declaration. " Nordea. 21 Marly. 2008. twenty-five Apr. 2009 < http://www.nordea.com/About+Nordea/Corporate+statement/51342.html>.

4. " Nordea Financial institution AB Firm Profile. " Yahoo Finance. 20 April. 2008. twenty Apr. 08.


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