Operations Management
Course Title: Operations Management Textbook Operations Management: An Integrated Approach (4th edition) R. Ried Nada Sanders, 2010 ( chaps attached) This assignment part 2 a previous assignment I chose a fitness center business choice.
Measurement of quality characteristics of business
Measurement of business quality and selection of statistics which will be used to measure business quality depends on three major activities. The first is the selection of goals upon which the company is rated. The second activity is gathering of business information which is relevant to the goals earlier identified. The last item is the strategies put forth by managers within the organization in light of the goals and information provided which help to improve future performance along the goals identified. These three activities all circle around the selection of goals which is seen as the basis upon which the success of any organization is measured. These activities also need to run concurrently instead of the sequential nature in which they seem to be. This is because each step is influenced by the previous one which in turn drives the next one.
Many organizations use key performance indicators (KPIs) to measure their quality characteristics. These KPIs are majorly dependent on the organization's main product and the resources available. A similar system is proposed for use in this organization. The first set of KPIs that will be used is the customer-related numbers. This includes the number of new customers that the company acquires, the satisfaction level of existing customers and the reasons why existing customers may decide to choose another company. These three customer-related numbers will help to understand consumers and their behavior thus help in market targeting as well as other sales activities Waddock & Graves, 1997()
The second set of KPIs is the profitability numbers. These include the gross profit which is the total revenue of the company minus the cost of all goods sold (COGS). Overheads such as research and development, sales and marketing costs and employee remuneration have not yet been subtracted. Net profit after tax is also an important KPI since it is the total revenue of the organization minus all expenses and taxes. These statistics can be used to measure the performance of the company year after year or on a monthly basis in order to judge the effectiveness of the strategies being applied by the management.
The third set of important KPIs is generated from the marketing-channel analysis. The identification of KPIs in this set involves first identifying whether the strategies are short-term or long-term. For short-term goals, some of the KPIs include the number of new customers within a defined period of time and the effectiveness of marketing strategies in promoting sales of a new product. Some of the KPIs for long-term goals include identifying the geographical dispersion of customers in order to determine the company's target region and determining consumer satisfaction with the company's products. A demographic analysis of consumers and understanding the consumer satisfaction levels is important in developing consumer targeting strategies as well as understanding the effect of different product designs and marketing strategies. These are KPIs that can only be identified by collecting data over a long period of time.
Other statistics that can be used to measure quality characteristics of the business include the turnover of the organization which can be grouped by the different products and services provided to consumers, outstanding balances, and number of bad debts of the organization. For either of these statistics to be valuable to the company, there is a need to ensure timely availability of the data which helps in analyzing the KPI or statistic. Therefore data used in this purpose will be made available on monthly basis in order to ensure the people conducting the analysis of business quality characteristics have sufficient data to enable them discern any trends or patterns in consumer behavior Keeble, Topiol, & Simon, 2003()
Key concepts in capacity planning and facility location
Capacity planning can be defined as the ability of an organization to achieve a particular output level within a defined period of time. It involves the ability of the management to ensure there are sufficient input resources to achieve the desired output level which is relative to the input. Capacity planning thus helps to determine the optimum level of resource utilization that is necessary to achieve a particular output. Thus it is an important decision-making tool for any organization. It can help, for example, in determining whether to modify product lines by adding more machinery or to start new products lines Karabuk & Wu, 2003()
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