For example, in China it is quite important to understand the concept of guanxi (face), particularly as it pertains to paying respect to guests or superiors. Explain the role of management in setting strategic governance policies that conform to ethical and legal standards. Through creating a more international community and increasing variety among workforces, companies stand to benefit enormously from meaningful diversity in opinions and perspectives. In any business enterprise, products are produced or services are provided. e (Exciting new trends in operations management, moderate) 56. In panel A, both companies’ products have the same cost, but Company I’s product has higher value. Finally, there is the potential to compete externally based upon quality. Globalization demands a diverse workforce, and assimilating varying cultures, genders, ages, and dispositions is of high value. Minimizing the damage done to the environment, and offsetting it as best as possible through philanthropic giving, is not only a wise marketing move but also a critical ethical consideration. Disruptive technology: This graph underscores the concept that technology advancement is both a constant opportunity and a constant threat. As you can probably imagine, analysts time would be better spent working on the more sophisticated alerts that ne… First and foremost in corporate governance is the strict adherence to business ethics on a professional level. Following this, recipients place the card face up on the table in front of them during the meeting, referring to it when necessary. By selecting the best possible teams to carry out the projects; … The ease of modern globalization is often attributed to rapid technological developments in transportation and communication. In panel B, both companies’ products have the same value, but Company I’s product has lower cost. Analyzing the entirety of the macro-environment is an extensive and complex task, but understanding the framework of basic influences allows for an organized and strategic approach to isolating each opportunity or threat. It means that the individual in charge of the department will be required to perform various strategic functions. Cost vs. quality: Companies generally achieve either a cost or a quality advantage (very rarely, both). Toyota makes both the Corolla and the Lexus, thereby targeting both ordinary automobile drivers and those in the luxury-car consumer bracket. Managers face challenges in motivating employees to share valuable knowledge. As a result, managers should carefully consider how to best localize products to retain cultural identity in the regions they operate. Therefore, staying competitive requires the creation of an effectively diverse workplace. In general terms, globalization is the international integration of intercultural ideas, perspectives, products/services, culture, and technology. Some of the functions include: 1. Diversity poses various challenges in communication, from differences in language to differences in culture. At its most basic, ethical behavior can first be derived via the laws, rules, and regulations of the country in which a business operates. Operations management involves planning, organizing, and supervising processes, and make necessary improvements for higher profitability. Consumers and governments both penalize companies that adversely affect the environment. Trends in modern operations management. Globalization Process: This chart illustrates the complementary localizing and internationalizing responsibilities of a globalizing organization. Commercials, aesthetic presentation, goodwill, and factors other than price may then influence a consumer’s purchasing decision. Encompassing a macro-environmental perspective, these factors can be effectively summarized with the acronym PESTEL. Now, materials can be sourced from anywhere and your marketplace is the entire world. The simplest perspective on competition is in industries where products are homogeneous (or very alike). Due to higher demand, they have decided to operate three 8-hour shifts instead. By tracking the items in your inventory; 3. mass customization. Globalization is an influential modern topic that highlights the growing interdependence between different countries worldwide, necessitating managers to appropriately incorporate this trend within their strategies. They also need to initiate and verify corrective action when any outcome of one of the three pillars becomes jeopardized. 1. With the snowballing number of security alerts being received, valuable analyst time is being consumed sorting through a plethora of security alerts. Consultant Stork Vienna Austria . For managers, understanding the external competitive landscape is a critical factor in assessing company strategies and benchmarking appropriately to ensure the competitiveness of the firm. Operational excellence over a period of time will improve quality by the usage of metrics, analysis and process improvements. The fundamental purpose of an organization's mission statement is to: A) create a good human relations climate in the organization.... Current challenges in operations management include all of the following EXCEPT: Costs of dissatisfaction, repair costs, and warranty costs are elements of cost in the: A cost performance index (CPI) of 0.89 means: ABC analysis is based upon the principle that: ABC analysis divides on-hand inventory into three classes, generally based upon which of the following? Managers across the board must be aware of the importance of these technological developments, as well as the operational challenges in researching and implementing them. Globalization has radically altered the way operations managers conduct their day-to-day activities. Recognize the opportunities and threats inherent in the technological landscape from a business perspective, and how to manage these. While operations management has aided production facilities immensely, there are still some challenges that operations managers face on a daily basis. The goal for management is to ensure everyone is working to assimilate to everyone else in a balanced and effective manner that harvests differences rather than smoothing them over. Effective managers in diverse situations have a highly developed degree of cultural competence that empowers them to use careful observation skills to determine what gestures, phrases, customs and values would be most appropriate in a given circumstance. Most of the customers believe it is a given. This is important for two reasons: Developing new technologies in-house is particularly relevant to industries on the cutting edge (e.g., semiconductors, green energy initiatives, TVs, etc. Two challenges facing operations management are globalization and worker engagement in solving problems. When working long shifts, employees are entitled to breaks. Different perspectives are where the highest value can be captured in diverse environments. Globalization is a hot topic in the business world today, garnering enormous attention as imports and exports continue to rise with companies expanding across the global marketplace. On the surface, this consensus sounds like a good thing. The challenge for the operations manager is to be able to communicate effectively with all internal and external stakeholders. Recognizing the potential technologies available to optimize internal efficiency, or to avoid letting a product or service become technologically obsolete, is a large challenge for management. This chart illustrates the process of moving from an international product to a localized product step by step, making note of the element of production that can be universally applied compared to those that need a localized touch. (adsbygoogle = window.adsbygoogle || []).push({}); The PESTEL framework highlights six critical factors for management to consider when approaching the general business environment. Manufacturers used to source their materials locally and sell to a local or national market. WHAT IS OPERATIONS MANAGEMENT? D) empowered employees. Corporate ethics and shareholder desires for profitability are not always aligned, and it is the responsibility of executive management to ensure ethics supersede profitability. empowered employees. On the surface, internal competition involves either direct product substitutes or funding competition (among different business units). Sometimes called production management, the field is cross-functional, tying in with other departments such as sales, marketing, and finance. The social movement of living “green” is another example of this kind of macro-environmental opportunity or potential threat. Keeping pace technologically requires extensive research and strategic analysis of the potential value of acquiring innovations. For example, in the United States, consumers are becoming more health-conscious. The environment can also be a source of benefit to a company, such as running water for a hydro-power plant. The 2008 collapse is a powerful reminder that managers must keep in mind that their primary goal for shareholders is to maximize profits, while their primary goal to the community at large is to provide products without adverse effects on that community. The producers of these cereals use differentiation to capture a share of the cereal market: some brands focus on their organic nature, others their sugary appeal, and still others on being “cool.” Branding plays an important role here as well, though assessing niche consumer needs and filling them is the principal focus. Finally the idea of equality became a societal norm that recognizes both the importance and the value of diversity. Costs of dissatisfaction, repair costs, and warranty costs are elements of cost in the: A) quality loss function.
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