Class 2 - Summer 2021 - Operations Lecture Notes PDF

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Mark Webner's class on operations which is taught over Zoom and he uses his Mirosoft Surface pro to make notes that are pretty good....

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Lecture 2 – Introduction II – Competitiveness Strategic Planning 

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Mission statements o Mission statement (now): should provide a clear view of  What the company is and what we do  Who it sells to o Vision (tomorrow)  Where we want to take the company  Where we want to be in 5 years o Values (who we are)  Common beliefs that individuals share within a company that will enable it to achieve its long-term vision How a firm works with a view for the future

Basic definitions o Competitiveness – the degree to which a firm can meet market needs on market, terms, while maintaining or increasing its real income  THINK ABOUT MARK’S DAD BUYING A TV EXAMPLE  Cost  Quality  Flexibility  Delivery o Strategy – company’s plan to continue fulfilling its current mission (what it wants to provide) while it simultaneously works towards where it wants to be in the future (vision) o Strategic planning – The managerial process to take an organization from where it is today and where it wants to be tomorrow (corporate vision)

Productivity – measurement of how well we utilize resources to maintain a certain level of output. Strategic planning o Approach can be dependent upon the size of the firm  Larger firms take a more formal approach  Assess current performance levels  Commission a market strategy  Compose a strategy  Considerations common to both large and small firms  Development or revision of the current mission statement  Dependent upon core values of the organization  Expression of long term goals  SO why does any of this stuff even matter  Because a firm becomes content with the status quo o you can be assured others will be committed to productive efficiencies.  Because firms that increase value will o Gain attention from customers o Have cash reserves to be sustainable in downtown o Have cash for future improvements General operational framework o Goals o Tactics  Midterm plans o Action plans Supply chain integration o Information sharing o Collaborative planning o Workflow coordination  Work efficiently as u can o

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