Explains the concepts of operational efficiency and operations effectiveness and examines the Toyota production system as an example of these concepts.
Written in 2006; 1,125 words; 5 sources; $ 44.95
Paper Summary:
This document discusses operations and how operations and operational efficiency should be defined. It is first characterized from a personal perspective and then expanded upon. The concept of quality is then discussed with an emphasis on quality in a financial institution. Finally, the Toyota production system is examined relative to its production efficiencies and operational advantages.
From the Paper:
"The field of operations is most often associated with the compendium of processes and ongoing projects that form the nexus of an enterprise's line of business (LOB). That is, it is the sum of all the processes and projects that are required for the enterprise to produce its product or service on a daily basis. These processes and projects are usually associated with the following activities: sourcing or procurement, production or manufacturing, quality control or management, inventory, logistics, facilities control, and distribution. The term operational efficiency implies that these activities are undertaken and accomplished with the least commitment of resources in terms of time and cost, necessary to produce the product or service without compromising quality. While related, operation effectiveness implies that not only is the enterprise's product or service produced efficiently with minimal investment of resources but that a useful product or service is the result of the..."
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