Product-by-value analysis entails value phases that occur in the day-to-day operations of a firm. In addition, it depicts the various stages that a particular product undergoes. These stages include research and design (R&D), product design, actual production as well as product distribution.
The product-by-value analysis is particularly useful in the motor and computer technology industries. This is due to the great need for these industries to design and produce products that meet the actual needs of their consumers. In the same way, the high demand for computers and motor vehicles requires an effective avenue of distribution to ensure that consumers can access products regardless of their location.
A grocery store can make better use of e-commerce by using it as an avenue for advertising various products, as well as a means of hastening the process of transfer of funds from customers. Through e-commerce, the consumers-product relationship is enhanced since they can make their contribution to the usefulness of the products being advertised. E-commerce operations entail the use of the internet to market and undertake business transactions between organizations themselves or between organizations and consumers. On the other hand, traditional operational management involves the use of books, newspapers, magazines, and roadside shows to market products. The critical factors of e-commerce management include e-commerce and inventory management, e-commerce and human resource management, e-commerce and product management as well as e-commerce and inventory management.
Project Evaluation and Review Technique (PERT) is a network chart that is used to analyze the major activities and milestones that are undertaken to ensure the successful completion of projects. PERT performs its duties with critical path movement (CPM), a scientific model that portrays all the activities in a project as well as scheduling them.
The first major concept that I can apply in my career is the use of e-commerce to advertising products of our company instead of the traditional methods of marketing. Due to the increased use of the internet by a large number of consumers, adequate information regarding the products will be accessible via the internet. In this way, a large number of customers will be aware of the new brands in the market.
Secondly, through the application of PERT and CPM, as a project manager, I will ensure that all the projects are completed promptly. This will be achieved by ensuring that there is no delay on the critical path during the scheduling of the activities.
From the course, I have learned the importance of operational management on organizational management, first in terms of scheduling of production to control the inventory of an organization. Through the leadership of the operation manager, a company can maintain proper inspection and quality control as well proper maintenance of the equipment used. To maintain the productivity of an organization, I have learned that operations management embarks on the proper utilization of resources that a company needs to avoid wastage or deficit of such resources. In this way, the production process will not be jeopardized. Similarly, operations management influences the hiring of skilled human resources who are in a position to oversee the entire production process. One of the major roles of the operations manager is to ensure that the hired personnel are in a position to monitor the activities undertaken in the project.
Another important concept I have learned from the module is the project evaluation and review technique (PERT). The main objective of this technique is to represent and analyze tasks that are involved to ensure that a particular project is completed. One of the advantages of PERT is that it identifies the early start as well as the slack of each activity. PERT performs its obligations with the critical path method (CPM). CPM is a model that schedules the activities that are carried out in a project. It portrays all activities involved in a project, the level of dependency, and the duration that the activities will be completed.
From the course, I have learned that the Product life cycle depicts the various stages that a product undergoes in the market. The first stage is the introduction. During this phase, research and development are undertaken to provide a product that meets the needs of customers. Similarly, effective identification of the market is a key aspect undertaken during this first stage. The second phase is growth. At this stage, the product is intensively promoted to attain strong customer awareness. In addition, product modification and diversification are emulated. During maturity, which is the third stage, a product is already established. Most firms maintain promotional strategies to attain maximum revenue. The fourth stage is the decline, at which point, the revenue generated by the company decreases and any further promotion will increase the cost to the company and a reduction of the profits.
Three major factors affect location decisions. First, there are the country factors, which include economy, government rules as well as labor availability. Secondly, region aspects/factors include accessibility of raw material, infrastructure system, safety, and market attractiveness. The third aspects affecting location decision are the local factors, which entail the cost of the location and restrictions from the local authority
From the module, I have learned that e-commerce operations management is important for business success in that, it enables them to improve the transfer of funds through an electronic system. In addition, it allows firms to have an effective inventory management system, which is vital for the continuous productivity of a company. The revenue generated by businesses after-sales is timely received since e-commerce operations management allows for online processing of transactions. Additionally, businesses can emulate online advertisement, thus putting at bay the competitors who are using the traditional operations management approach. Some of the major critical success factors for e-commerce operations management include human resource management, e-commerce product management as well as e-commerce inventory management.
From the course outcomes, I have achieved appropriate outcomes ranging from the implications of e-commerce operations management on business performance to the role of PERT and CPM during the completion of a project. These are vital statistical tools, which are used to schedule the activities of a project. In the same way, I have realized the important factors that I, as an entrepreneur, should take into account when establishing a business venture. From the course, I have noted the various stages involved in the product lifecycle as well as the Product-by-value analysis, which are crucial phases during production.