About This Chapter
Operations Management & Inventory Management - Chapter Summary
If you are having difficulties remembering the main principles of operations management and inventory management, go to this chapter for a thorough recap. Each of the available lessons addresses some of the most important business concepts, such as quality tools, product development, LIFO and FIFO valuation, product design, and more. After you take the time to study each of the lessons in this chapter, you could be ready to do the following:
- Describe techniques for focusing on customer satisfaction and production efficiency
- Identify the main principles of operations management planning
- Define the uses for a Pareto analysis and process flow charts
- Explain the product life cycle
- Offer examples of the critical path method
- Show the definition of inventory and provide examples
- Point out the advantages of just in time inventory
- Compare the inventory valuation methods most commonly used in business
After reviewing these lessons, use the corresponding self-assessment exams to check your understanding before moving on. Our instructors are professionals in the field of business studies, so if you need to ask any questions, you always have the option to email one of our experts.
1. Operations Management: Focusing on Production Efficiency & Customer Satisfaction
Operations is the lifeblood of any organization - how a business works and processes materials and services helps produce its output. In this lesson we will focus on operations and explain the elements present in it.
2. Operations Management Planning
Businesses are complex systems engaged in complex activities that require constant planning and supervision. In this lesson, you'll learn about planning in operations management as well as various types of planning.
3. Quality Tools: Process Flowcharts, Pareto Analysis & More
Companies need tools to evaluate quality throughout their business processes. In this lesson, you will learn about the seven quality tools and how they help support operations management goals.
4. Product Life Cycles: Development, Design and Beyond
Have you ever considered that products, like humans, have a life cycle? You will learn about product life cycles and how they are designed and developed. See how a product goes from its introduction to being retired.
5. Critical Path Method: Definition, Analysis & Examples
In this lesson, you'll learn what the critical path methodology is, how it is used as a planning tool, and how the project manager uses it to execute projects on schedule and on budget.
6. What Is Inventory? - Definition & Example
Most businesses carry some inventory. In this lesson, you'll learn about what inventory is, some related concepts and be provided examples along the way. A short quiz follows the lesson.
7. Just in Time Inventory: Definition, Advantages & Examples
Just In Time (JIT) is a production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand.
8. Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average
This lesson introduces you to the cost flow assumption methods of specific identification: FIFO, LIFO, and weighted average. You will also learn how to compute inventory in a perpetual system using the methods of FIFO, LIFO, and weighted average.
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Other chapters within the HSC Business Studies: Exam Prep & Syllabus course
- Nature of Business
- Types of Business
- Business Industries in Australia
- Influences on Businesses in Australia
- Stakeholders in Business
- Business Cycle
- Global Markets in Business
- Management Skills
- Management Approaches
- Management Processes
- Business Planning & Strategy
- Business Forecasting
- Business Strategies & Values
- Scheduling in Operations Management Overview
- Supply Chain Management in Business
- Marketing Roles & Objectives
- Types of Markets
- Influences of Marketing in Australia
- Marketing Information & Research
- Marketing Strategy in Business
- Pricing Strategy in Business
- Promotion in Marketing
- Place & Distribution in Business
- International Marketing Basics
- Business Financing in Australia
- Financial Planning & Implementation
- Financial Monitoring & Control
- Financial Ratios
- Financial Management Overview
- Global Financial Management
- HRM: Human Resources Management
- Employee Acquisition & Development
- Human Resource Metrics & Measurement
- Employee Separation
- Legal Considerations in Australian HR
- HSC Business Studies Flashcards