About Me
CPA
1 Regulation (REG)
1.1 Ethics, Professional Responsibilities, and Federal Tax Procedures
1.1 1 Professional ethics and responsibilities
1.1 2 Federal tax procedures and practices
1.1 3 Circular 230
1.2 Business Law
1.2 1 Legal rights, duties, and liabilities of entities
1.2 2 Contracts and sales
1.2 3 Property and bailments
1.2 4 Agency and employment
1.2 5 Business organizations
1.2 6 Bankruptcy
1.2 7 Secured transactions
1.3 Federal Taxation of Property Transactions
1.3 1 Basis determination and adjustments
1.3 2 Gains and losses from property transactions
1.3 3 Like-kind exchanges
1.3 4 Depreciation, amortization, and depletion
1.3 5 Installment sales
1.3 6 Capital gains and losses
1.3 7 Nontaxable exchanges
1.4 Federal Taxation of Individuals
1.4 1 Gross income inclusions and exclusions
1.4 2 Adjustments to income
1.4 3 Itemized deductions and standard deduction
1.4 4 Personal and dependency exemptions
1.4 5 Tax credits
1.4 6 Taxation of individuals with multiple jobs
1.4 7 Taxation of nonresident aliens
1.4 8 Alternative minimum tax
1.5 Federal Taxation of Entities
1.5 1 Taxation of C corporations
1.5 2 Taxation of S corporations
1.5 3 Taxation of partnerships
1.5 4 Taxation of trusts and estates
1.5 5 Taxation of international transactions
2 Financial Accounting and Reporting (FAR)
2.1 Conceptual Framework, Standard-Setting, and Financial Reporting
2.1 1 Financial reporting framework
2.1 2 Financial statement elements
2.1 3 Financial statement presentation
2.1 4 Accounting standards and standard-setting
2.2 Select Financial Statement Accounts
2.2 1 Revenue recognition
2.2 2 Inventory
2.2 3 Property, plant, and equipment
2.2 4 Intangible assets
2.2 5 Liabilities
2.2 6 Equity
2.2 7 Compensation and benefits
2.3 Specific Transactions, Events, and Disclosures
2.3 1 Leases
2.3 2 Income taxes
2.3 3 Pensions and other post-retirement benefits
2.3 4 Derivatives and hedging
2.3 5 Business combinations and consolidations
2.3 6 Foreign currency transactions and translations
2.3 7 Interim financial reporting
2.4 Governmental Accounting and Not-for-Profit Accounting
2.4 1 Governmental accounting principles
2.4 2 Governmental financial statements
2.4 3 Not-for-profit accounting principles
2.4 4 Not-for-profit financial statements
3 Auditing and Attestation (AUD)
3.1 Engagement Planning and Risk Assessment
3.1 1 Engagement acceptance and continuance
3.1 2 Understanding the entity and its environment
3.1 3 Risk assessment procedures
3.1 4 Internal control
3.2 Performing Audit Procedures and Evaluating Evidence
3.2 1 Audit evidence
3.2 2 Audit procedures
3.2 3 Analytical procedures
3.2 4 Substantive tests of transactions
3.2 5 Tests of details of balances
3.3 Reporting on Financial Statements
3.3 1 Audit report content
3.3 2 Types of audit reports
3.3 3 Other information in documents containing audited financial statements
3.4 Other Attestation and Assurance Engagements
3.4 1 Types of attestation engagements
3.4 2 Standards for attestation engagements
3.4 3 Reporting on attestation engagements
4 Business Environment and Concepts (BEC)
4.1 Corporate Governance
4.1 1 Internal controls and risk assessment
4.1 2 Code of conduct and ethics
4.1 3 Corporate governance frameworks
4.2 Economic Concepts
4.2 1 Microeconomics
4.2 2 Macroeconomics
4.2 3 Financial risk management
4.3 Financial Management
4.3 1 Capital budgeting
4.3 2 Cost measurement and allocation
4.3 3 Working capital management
4.3 4 Financial statement analysis
4.4 Information Technology
4.4 1 IT controls and security
4.4 2 Data analytics
4.4 3 Enterprise resource planning (ERP) systems
4.5 Operations Management
4.5 1 Strategic planning
4.5 2 Project management
4.5 3 Quality management
4.5 4 Supply chain management
4 5 Operations Management Explained

5 Operations Management Explained

Key Concepts

Operations Strategy

Operations strategy involves the long-term planning and direction of an organization's operations to achieve its business objectives. It includes decisions on how to allocate resources, design processes, and manage operations to meet customer needs and competitive demands.

Example: A manufacturing company might develop an operations strategy focused on lean production to reduce waste and improve efficiency, aligning with its goal of lowering costs and increasing market share.

Process Design

Process design is the systematic approach to creating and improving the processes within an organization. It involves identifying the steps, resources, and technologies needed to produce goods or services efficiently and effectively.

Example: A software company might redesign its development process to include agile methodologies, allowing for faster delivery of new features and better responsiveness to customer feedback.

Capacity Planning

Capacity planning involves determining the production capacity required to meet demand while optimizing resource utilization. It includes forecasting demand, assessing current capacity, and making decisions on how to scale operations up or down.

Example: A retail chain might conduct capacity planning to ensure that its warehouses have enough storage space and staff to handle peak holiday season demand without overcommitting resources during slower periods.

Quality Management

Quality management focuses on ensuring that products and services meet or exceed customer expectations. It involves setting quality standards, implementing quality control processes, and continuously improving the quality of operations.

Example: A pharmaceutical company might implement a quality management system that includes regular audits, employee training, and strict adherence to Good Manufacturing Practices (GMP) to ensure the safety and efficacy of its drugs.

Supply Chain Management

Supply chain management involves the coordination and integration of activities across the supply chain to deliver products or services to customers efficiently. It includes sourcing materials, production, logistics, and distribution.

Example: An electronics manufacturer might use advanced supply chain management techniques to optimize its inventory levels, reduce lead times, and improve supplier relationships, ensuring timely delivery of components and finished products.

Examples and Analogies

Consider operations strategy as the "blueprint" for an organization's operations. Just as a blueprint outlines the design of a building, operations strategy outlines the design of an organization's processes and resources.

Process design is like "crafting a recipe." Just as a recipe details the steps and ingredients needed to make a dish, process design details the steps and resources needed to produce a product or service.

Capacity planning is akin to "managing a concert venue." Just as a venue manager ensures there are enough seats and facilities to accommodate attendees, capacity planning ensures there are enough resources to meet demand.

Quality management is similar to "maintaining a high GPA." Just as students strive to maintain high grades by studying and improving their performance, organizations strive to maintain high quality by implementing quality control and improvement processes.

Supply chain management is like "orchestrating a relay race." Just as relay teams coordinate their efforts to pass the baton smoothly, supply chain management coordinates activities across the supply chain to deliver products efficiently.

© 2024 Ahmed Baheeg Khorshid. All rights reserved.