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Ch 14: Operations Management & Inventory Management

About This Chapter

Look at this chapter as you brush up on operations and inventory management. Go through each of the lessons available in this chapter to enhance your knowledge concerning these business studies topics, which can help you do better in class or score higher on upcoming exams.

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.

8 Lessons in Chapter 14: Operations Management & Inventory Management
Test your knowledge with a 30-question chapter practice test
Operations Management: Focusing on Production Efficiency & Customer Satisfaction

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.

Operations Management Planning

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.

Quality Tools: Process Flowcharts, Pareto Analysis & More

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.

Product Life Cycles: Development, Design and Beyond

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.

Critical Path Method: Definition, Analysis & Examples

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.

What Is Inventory? - Definition & Example

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.

Just in Time Inventory: Definition, Advantages & Examples

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.

Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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