Operations Management Performance Measurement and Analytics
Measuring Performance in Operations Management (MGMT270)
This topic covers key concepts in measuring performance within operations management (OM).
Learning Objectives
- Describe the types of measures used for decision making. (LO 3-1)
- Explain the use of analytics in OM and how internal and external measures are related. (LO 3-2)
- Explain how to design a good performance measurement system. (LO 3-3)
- Describe four models of organizational performance. (LO 3-4)
LO 3-1: Types of Measures for Decision Making
Measurement
Read MoreThe Dynamics of Global Economic Interdependence
Key Aspects of Economic Interdependence
Trade Interdependence
Countries engage in the exchange of goods and services through international trade. They rely on imports to meet their domestic demand and on exports to sell their surplus production to generate income. Trade interdependence is facilitated by bilateral and multilateral agreements, such as free trade agreements or customs unions.
Supply Chain Interdependence
Global supply chains have become highly interconnected, with different countries specializing
Read MoreEssential Strategic Frameworks for Business Analysis
Gap Analysis: Assessing Strategic Capabilities
Gap Analysis is a useful tool for assessing strategic capabilities. It describes the process involved in deciding what course of action should be taken to remove any potential profit, sales, or risk gap. It is used to identify the extent to which existing strategies may fail to meet future performance objectives (Kachru, 2006).
Four Possible Gaps Identified by Gap Analysis
- Profit Gap: The difference between profit for the past few years and the profit
Porter’s Generic Strategies for Competitive Advantage
Porter’s Three Generic Competitive Strategies
According to Michael Porter, a firm can achieve a sustainable competitive advantage by implementing one of three generic strategies: cost leadership, differentiation, or focus. These strategies enable a company to effectively face the five competitive forces within an industry and achieve profitability.
A competitive advantage is any characteristic a firm possesses that differentiates it from its competitors, placing it in a superior relative position
Read MoreThe New Deal: Government Intervention and the Banking Crisis of 1929
The Road to Ruin: Hoover, Optimism, and the 1929 Crash
In March 1929, Herbert Hoover delivered his inaugural speech with bold tones of optimism for the economy. His confident words pushed for the start of a bull market, which then empowered many people to invest in stocks, often investing heavily on margin. Due to unprecedented stock prices and the convenience of down payments, people began putting a lot of money into the market. Dangerously enough, it was mostly on speculation. When the market ran
Read MoreEU Road Transport Operator Requirements: Regulation 1071/2009 Compliance
Key Provisions of EU Regulation 1071/2009
Scope, Objectives, and Compliance (Q1–Q10)
What was *not* a reason for the EU passing Regulation (EC) No 1071/2009? → Employing the younger generations.
Prior to Regulation 1071/2009, were all Member States consistently following rules and regulations? → False.
Consequences resulting from the inconsistent application of rules and directives:
- Employing staff with a low professional qualification.
- Distortion of competition.
How does employing unprofessional