Operations Management Part 1

Duration: 27.0

To succeed in competitive markets, all organizations need to plan and manage their products and services strategically. Much of the responsibility for doing this lies with operations managers. In this course, you'll learn the basics of product and service management. You'll be introduced to the stages of the product life cycle and the types of actions required at each stage. You'll also learn about a process and best practices for new product or service development. Finally, you'll learn about strategies for managing existing and mature products and services.

• match stages of the product life cycle to actions that should be taken at each stage
• sequence the stages of the new product development process
• match current best practices in new product development with their descriptions
• recognize strategies for maintaining sales of existing products and services
• recognize strategies for revitalizing sales of existing products or services
• recognize strategies for rationalizing mature products or services
• recognize how to plan and manage an organization's products and services strategically

Duration: 31.0

Operations management is critical for the success of any organization. It involves designing, planning, directing, and controlling all the activities that transform resources into goods or services. In this course, you'll learn about the key functions of operations management. You'll be introduced to the general characteristics of operations in the manufacturing and service sectors, as well as common operations strategies. You'll also learn about a process for formulating organizational strategy, and about the main types of transformations that organizations perform.

• match key strategic functions of operations management with the types of decisions they typically involve
• match key tactical functions of operations management with the types of decisions they typically involve
• identify key differences between service and manufacturing organizations
• match each phase of the process used to formulate organizational strategy with actions typically performed at that phase
• identify characteristics of manufacturing operations strategies
• identify characteristics of service operations strategies
• categorize different types of transformations
• identify key operations management functions and strategies, recognize the phases of a process for formulating organizational strategy, and identify transformation types

Duration: 30.0

Ensuring inventory always aligns with real production needs and customer demands is no simple feat. However, getting this right can dramatically reduce costs and enable a company to meet customer demand quickly, efficiently, and ahead of its competitors. Operations managers can play a vital role in managing inventory. This course introduces key inventory management concepts and strategies, for use in both manufacturing and service organizations. It describes methods for valuing inventories, as well as common costs associated with ordering and holding inventories, including stock-out and other opportunity costs. It also walks learners through the process of calculating economic order quantities and reorder points for inventory, and provides an overview of some popular inventory management tools, including ABC analysis, material requirements planning (MRP), enterprise resource planning (ERP), and just-in-time (JIT) management.

• match types of inventory with their descriptions
• identify key characteristics and challenges of inventory management in service organizations
• match inventory valuation methods with their descriptions
• classify examples of inventory costs as being procurement, holding, or stock-out costs
• recognize the formula for calculating the economic order quantity
• recognize the formula for calculating the reorder point
• identify key characteristics of ABC analysis, MRP, ERP, and JIT
• recognize inventory management concepts and characteristics, calculate an economic order quantity and reorder point, and identify characteristics of common inventory management tools