PROPORTIONAL INCREASES OR DECREASES IN PERCEIVED BENEFITS AS WELL AS PRICE RESULT IN NO NET CHANGE IN VALUE MANAGEMENT MUST DETERMINE HOW TO MAXIMIZE VALUE BY DESIGNING PROCESSES AND SYSTEMS THAT ___ and ____ THE APPROPRIATE GOODS AND SERVICES CUSTOMERS WANT TO USE, PAY FOR, AND EXPERIENCE. I

SUCH AS PURCHASING MATERIALS AND SUPPLIES USED IN MANUFACTURING, MANAGING INVENTORY, INSTALLATION, HEALTH BENEFITS, TECHNOLOGY ACQUISITION, DAY CARE ONSITE SERVICES, AND RESEARCH AND DEVELOPMENT

7 MAJOR ERAS OF OPERATIONS MANAGEMENT

Time Period: 1990s - Early 2000s • Key Focus: Competing on speed rather than just cost or quality. • Key Concepts: Faster product development, quicker delivery times, and reducing lead times to get products to market faster than competitors. • Goal: Gain competitive advantage through faster response to customer demand and market changes

Time Period: Early 1900s - Mid 1900s. • Key Focus: Improving operational efficiency through standardization, mass production, and labor-saving techniques (e.g., assembly lines). • Goal: Reduce costs and increase production speed, often seen in the rise of scientific management anc Taylorism.

• FOCUSED ON PRODUCING OR DELIVERING AN ORGANIZATION'S PRIMARY GOODS OR SERVICES THAT CREATE VALUE FOR CUSTOMERS, • SUCH AS FILLING AND SHIPPING A CUSTOMER'S ORDER, OR ASSEMBLING A DISHWASHER, PROVIDING A HOME MORTGAGE

KEY PROCESSES

ARE THOSE THAT ARE NOT ESSENTIAL TO THE PRIMARY GOOD OR SERVICE, BUT ENHANCE IT.

Time Period: 2010s - Present. Key Focus: Leveraging big data and analytics to improve decision-making, efficiency, and predict future trends. Goal: Use real-time data, machine learning, and Al to optimize production, predict demand, and enhance customer service and supply chains.

IS THE "CORE" OFFERING THAT ATTRACTS CUSTOMERS AND RESPONDS TO THEIR BASIC NEEDS

three perspective of sustainability

how to increase value:

IS A SEQUENCE OF ACTIVITIES THAT IS INTENDED TO CREATE A CERTAIN RESULT SUCH AS A PHYSICAL GOOD, A SERVICE, OR INFORMATION ARE THE MEANS BY WHICH GOODS AND SERVICES ARE PRODUCED AND DELIVERED.

IS THE PERCEPTION OF THE BENEFITS ASSOCIATED WITH A GOOD, SERVICE, OR BUNDLE OF GOODS AND SERVICES IN RELATION. TO WHAT BUYERS ARE WILLING TO PAY FOR THEM

organization's commitment to address current business needs and have strategic management to successfully prepare for the future.

INCLUDING ACCOUNTING AND INFORMATION SYSTEMS, HUMAN RESOURCE MANAGEMENT, AND MARKETING

IS A CBP FEATURE THAT DEPARTS FROM THE STANDARD CBP AND IS NORMALLY LOCATION OR FIRM SPECIFIC

Time Period: 1940s - 1970s. • Key Focus: Emphasis on improving product and service quality. • Key Figures: W. Edwards Deming, Joseph Juran, and Philip Crosby led the adoption of statistical quality control, Total Quality Management (TQM), and continuous improvement. • Goal: Ensure consistency, reduce defects, and meet customer expectations.

IS A PROCESS OF TRANSFORMING DATA INTO ACTIONS THROUGH ANALYSIS AND INSIGHTS IN THE CONTEXT OF ORGANIZATIONAL D-CISION MAKING AND PRORI-M SOIVING

IS A CLEARLY DEFINED SET OF TANGIBLE (GOODS-CONTENT) AND INTANGIBLE (SERVICE-CONTENT) FEATURES THAT TH CUSTOMER RECOGNIZES, PAY FOR, USES, OR EXPERIENCES

Time Period: 2000s - Present. • Key Focus: Incorporating environmental and social responsibility into operations management. • Goal: Minimize negative environmental impacts, focus on sustainable sourcing, and adopt green practices in manufacturing and supply chains.

IS A WAY TO CONCEPTUALIZE AND VISUALIZE GOODS AND SERVICES BY THINKING BROADLY ABOUT HOW GOODS AND SERVICES ARE BUNDLED AND CONFIGURED TOGETEHR.

• Time Period: 1990s - Present. • Key Focus: Services became the dominant part of the economy, leading to innovations in service management. • Goal: Enhance customer experiences and integrate service delivery into operations, with focus on service quality, efficiency, and customer satisfaction.

organization's commitment to maintain healthy communities and society that improves the quality of life.

IS A NETWORK OF FACILITIES AND PROCESSES THAT DESCRIBES THE FLOW OF MATERIALS, FINISHED GOODS, SERVICES, INFORMATION, AND FINANCIAL TRANSACTIONS FROM SUPPLIERS, THROUGH THE FACILITIES AND PROCESSES THAT CREATE GOODS AND SERVICES, AND THOSE THAT DELIVER THEM TO THOSE THAT DELIVER THEM TC THE CUSTOMER.

Time Period: 1980s - 1990s. • Key Focus: Customization of products ano services to meet individual customer needs • Goal: Develop products with unique designs and flexible production systems to allow for mass customization

• IS THE PORTION OF THE VALUE CHAIN THAT FOCUSES PRIMARILY ON THE PHYSICAL MOVEMENT OF GOODS AND MATERIALS, AND SUPPORTING FLOWS OF INFORMATION AND FINANCIAL TRANSACTIONS THROUGH THE SUPPLY, PRODUCTION, AND DISTRIBUTION PROCESSES.

an organization's commitment to the long-term quality of our environment.