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www.downloadslide.net www.downloadslide.net Operations Management Final PDF to printer www.downloadslide.net McGraw-Hill Education Operations and Decision Sciences Operations Management Beckman and Rosenfield Operations ­Strategy: Competing in the 21st Century First Edition Benton Purchasing and Supply Chain Management Third Edition Bowersox, Closs, and Cooper Supply Chain Logistics Management Fifth Edition Brown and Hyer Managing Projects: A Team-Based Approach Second Edition Burt, Petcavage, and Pinkerton Supply Management Ninth Edition Cachon and Terwiesch Operations Management First Edition Cachon and Terwiesch Matching Supply with Demand: An ­Introduction to Operations Management Third Edition Finch Interactive Models for Operations and ­Supply Chain Management First Edition Fitzsimmons and Fitzsimmons Service Management: Operations, Strategy, Information Technology Eighth Edition Gehrlein Operations Management Cases First Edition Harrison and Samson Technology Management First Edition Hayen SAP R/3 Enterprise Software: An Introduction First Edition Hill Manufacturing Strategy: Text & Cases Third Edition Hopp Supply Chain Science First Edition Hopp and Spearman Factory Physics Third Edition Jacobs, Berry, Whybark, and Vollmann Manufacturing Planning & Control for ­Supply Chain Management Sixth Edition Jacobs and Chase Operations and Supply Chain Management Thirteenth Edition Jacobs and Chase Operations and Supply Chain Management: The Core Fourth Edition Jacobs and Whybark Why ERP? First Edition Johnson, Leenders, and Flynn Purchasing and Supply Management Fifteenth Edition Larson and Gray Project Management: The Managerial ­Process Sixth Edition Schroeder, Goldstein, and Rungtusanatham Operations Management: Contemporary Concepts and Cases Sixth Edition Simchi-Levi, Kaminsky, and Simchi-Levi Designing and Managing the Supply Chain: Concepts, Strategies, Case Studies Third Edition Sterman Business Dynamics: Systems Thinking and Modeling for Complex World First Edition Stevenson Operations Management Twelfth Edition Swink, Melnyk, Cooper, and Hartley Managing Operations Across the Supply Chain Third Edition Thomke Managing Product and Service ­Development: Text and Cases First Edition Ulrich and Eppinger Product Design and Development Sixth Edition Zipkin Foundations of Inventory Management First Edition Quantitative Methods and Management Science Hillier and Hillier Introduction to Management Science: A Modeling and Case Studies Approach with Spreadsheets Fifth Edition cac42205_fm_i-xviii.indd ii Stevenson and Ozgur Introduction to Management Science with Spreadsheets First Edition 04/20/16 07:21 AM www.downloadslide.net Operations Management Gérard Cachon The Wharton School, University of Pennsylvania Christian Terwiesch The Wharton School, University of Pennsylvania www.downloadslide.net OPERATIONS MANAGEMENT Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2017 by McGrawHill Education. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 ISBN 978-1-259-14220-8 MHID 1-259-14220-5 Senior Vice President, Products & Markets: Kurt L. Strand Vice President, General Manager, Products & Markets: Marty Lange Vice President, Content Design & Delivery: Kimberly Meriwether David Managing Director: James Heine Brand Manager: Dolly Womack Director, Product Development: Rose Koos Lead Product Developer: Michele Janicek Product Developer: Christina Holt Marketing Manager: Britney Hermsen Director of Digital Content Development: Douglas Ruby Digital Product Analyst: Kevin Shanahan Director, Content Design & Delivery: Linda Avenarius Program Manager: Mark Christianson Content Project Managers: Kathryn D. Wright, Bruce Gin, and Karen Jozefowicz Buyer: Jennifer Pickel Design: Debra Kubiak Content Licensing Specialists: Shawntel Schmitt and Shannon Manderscheid Cover Images: Cropped shot of young male skateboarder photographing feet on smartphone: © Cultura/Chad Springer/Getty Images; (bottom row) Vertu manufacturing/work stations and device assembly: Courtesy of Vertu; McDonnell Douglas DC-10-30F cargo aircraft taking on load: © Charles Thatcher/Getty Images; Store Manager assisting customer in phone store: © Echo/Getty Images Compositor: SPi Global Printer: R. R. Donnelley All credits appearing on page or at the end of the book are considered to be an extension of the copyright page. Library of Congress Cataloging-in-Publication Data Names: Cachon, Gérard, author. | Terwiesch, Christian, author. Title: Operations management/Gerard Cachon, Christian Terwiesch. Description: New York, NY : McGraw-Hill Education, [2017] Identifiers: LCCN 2015042363 | ISBN 9781259142208 (alk. paper) Subjects: LCSH: Production management. | Industrial management. Classification: LCC TS155 .C134 2017 | DDC 658.5—dc23 LC record available at http://lccn.loc.gov/2015042363 The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites. mheducation.com/highered www.downloadslide.net DEDICATION To my core: Beth, Xavier, Quentin, Annick, and Isaac. —Gérard To the Terwiesch family—in Germany, Switzerland, and the United States. —Christian www.downloadslide.net About the Authors Gérard Cachon Gérard Cachon is the Fred R. Sullivan Professor of Operations, Information, and Decisions and a professor of marketing at The Wharton School at the University of Pennsylvania. Professor Cachon studies operations strategy with a focus on how new technologies transform competitive dynamics through novel business models. He is the chair of the Operations, Information, and Decisions department; an INFORMS Fellow; a Fellow of the Manufacturing and Service Operations Management (MSOM) Society; a former president of MSOM; and a former editor-in-chief of Management Science and Manufacturing & Service Operations Management. His articles have appeared in Harvard Business Review, Management Science, Manufacturing & Service Operations Management, Operations Research, Marketing Science, and the Quarterly Journal of Economics, among others. At Wharton, he teaches the undergraduate course in operations management, and an MBA and executive MBA elective on operations strategy. Before joining the Wharton School in July 2000, Professor Cachon was on the faculty at the Fuqua School of Business, Duke University. He received a Ph.D. from The Wharton School in 1995. He is a bike commuter (often alongside Christian) and enjoys photography, hiking, and scuba diving. Christian Terwiesch Christian Terwiesch is the Andrew M. Heller Professor at The Wharton School of the University of Pennsylvania. He is a professor in Wharton’s Operations, Information, and Decisions department; is co-director of Penn’s Mack Institute for Innovation Management; and also holds a faculty appointment in Penn’s Perelman School of Medicine. His research appears in many of the leading academic journals ranging from operations management journals such as Management Science, Production and Operations Management, Operations Research, and The Journal of Operations Management to medical journals such as The Journal of General Internal Medicine, Medical Care, Annals of Emergency Medicine, and The New England Journal of Medicine. Most of Christian’s current work relates to using operations management principles to improve health care. This includes the design of patient-centered care processes in the VA hospital system, studying the effects of emergency room crowding at Penn Medicine, and quantifying the benefits of patient portals and remote patient monitoring. Beyond operations management, Christian is passionate about helping individuals and organizations to become more innovative. Christian’s book Innovation Tournaments (Harvard Business School Press) proposes a novel, process-based approach to innovation that has led to innovation tournaments in organizations around the world. Christian teaches MBA and executive classes at Wharton. In 2012, he launched the first massive open online course (MOOC) in business on Coursera. He also has been the host of a national radio show on Sirius XM’s Business Radio channel. Christian holds a doctoral degree from INSEAD (Fontainebleau, France) and a diploma from the University of Mannheim (Germany). He is a cyclist and bike commuter and so, because his commute significantly overlaps the commute of Gérard, many of the topics in this book grew out of discussions that started on the bike. After 15 years of Ironman racing, Christian is in the midst of a transition to the sport of rowing. Unfortunately, this transition is much harder than predicted. vi www.downloadslide.net Preface This introductory-level operations management title provides the foundations of operations management. The book is inspired by our combined 30 years teaching undergraduate and MBA courses and our recent experience teaching thousands of students online via Coursera. Seeing the need for a title different from our (highly successful) MBA textbook, we developed this new book for undergraduate students and the general public interested in operations. To engage this audience, we have focused our material on modern operations and big-picture operations. Modern operations means teaching students the content they need in today’s world, not the world of 30 or 40 years ago. As a result, “services” and “global” are incorporated throughout, rather than confined to dedicated chapters. Manufacturing, of course, cannot be ignored, but again, the emphasis is on contemporary issues that are relevant and accessible to students. For example, a Materials Requirement Planning (MRP) system is important for the functioning of a factory, but students no longer need to be able to replicate those calculations. Instead, students should learn how to identify the bottleneck in a process and use the ideas from the Toyota Production System to improve performance. And students should understand what contract manufacturing is and why it has grown so rapidly. In sum, we want students to see how operations influence and explain their own experiences, such as the security queue at an airport, the quality of their custom sandwich, or the delay they experience to receive a medical test at a hospital. Big-picture operations mean teaching students much more than how to do math problems. Instead, the emphasis is on the explicit linkages between operations analytics and the strategies organizations use for success. For example, we want students to understand how to manage inventory, but, more importantly, they should understand why Amazon.com is able to provide an enormously broad assortment of products. Students should be able to evaluate the waiting time in a doctor’s office, but also understand how assigning patients to specific physicians is likely to influence the service customers receive. In other words, big-picture operations provide students with a new, broader perspective into the organizations and markets they interact with every day. We firmly believe that operations management is as relevant for a student’s future career as any other topic taught in a business school. New companies and business models are created around concepts from operations management. Established organizations live or die based on their ability to manage their resources to match their supply to their demand. One cannot truly understand how business works today without understanding operations management. To be a bit colloquial, this is “neat stuff,” and because students will immediately see the importance of operations management, we hope and expect they will be engaged and excited to learn. We have seen this happen with our own students and believe it can happen with any student. vii Final PDF to printer www.downloadslide.net Acknowledgments This project is the culmination of our many years of learning and teaching operations management. As such, we are grateful for the many, many individuals who have contributed directly and indirectly, in small and large ways, to our exploration and discovery of this wonderful field. We begin with the thousands of students who we have taught in person and online. It is through them that we see what inspires. Along with our students, we thank our coteachers who have test piloted our material and provided valuable feedback: Morris Cohen, Marshall Fisher, Ruben Lobel, Simone Marinesi, Nicolas Reinecke, Sergei Savin, Bradley Staats, Xuanming Su, and Senthil Veeraraghavan. We have benefited substantially from the following careful reviewers: Bernd Terwiesch took on the tedious job of proofreading early drafts of many chapters. Danielle Graham carefully read through all page proofs, still finding more mistakes than we would like to admit. We also thank Kohei Nakazato for double checking hundreds of test bank questions. “Real operations” can only happen with “real” people. We thank the following who matched supply with demand in practice and were willing to share their experiences with us: Jeff Salomon and his team (Interventional Radiology unit of the Pennsylvania Hospital System), Karl Ulrich (Novacruz), Allan Fromm (Anser), Cherry Chu and John Pope (O’Neill), Frederic Marie and John Grossman (Medtronic), Michael Mayer (Johnson&Johnson), and Brennan Mulligan (Timbuk2). From McGraw-Hill we thank our long-term friend Colin Kelley, who started us on this path and kept us motivated throughout, and the team of dedicated people who transformed our thoughts into something real: Christina Holt, Dolly Womack, Britney Hermsen, Doug Ruby, Kathryn Wright, Bruce Gin, and Debra Kubiak. Finally, we thank our family members. Their contributions cannot be measured, but are deeply felt. Gérard Cachon Christian Terwiesch We are grateful to the following professors for their insightful feedback, helpful suggestions, and constructive reviews of this text. Stuart Abraham, New Jersey City University Khurrum Bhutta, Ohio University—Athens Greg Bier, University of Missouri—Columbia Rebecca Bryant, Texas Woman’s University Satya Chakravorty, Kennesaw State University Frank Chelko, Pennsylvania State University Tej Dhakar, Southern Hampshire University Michael Doto, University of Massachusetts—Boston Wedad Elmaghraby, University of Maryland Kamvar Farahbod, California State University—San Bernardino Gene Fliedner, Oakland University James Freeland, University of Virginia Phillip Fry, Boise State University Brian Gregory, Franklin University Roger Grinde, University of New Hampshire Haresh Gurnani, Wake Forest University Gajanan Hegde, University of Pittsburgh Michael Hewitt, Loyola University—Chicago Stephen Hill, University of North Carolina— Wilmington Zhimin Huang, Hofstra University Faizul Huq, Ohio University—Athens Doug Isanhart, University of Central Arkansas Thawatchai Jitpaiboon, Ball State University Peter Kelle, Louisiana State University—Baton Rouge Seung-Lae Kim, Drexel University Ron Klimberg, St. Joseph’s University Mark Kosfeld., University of Wisconsin—Milwaukee John Kros, East Carolina University Dean Le Blanc, Milwaukee Area Technical College Matthew Lindsey, Stephen F. Austin State University David Little, High Point University Alan Mackelprang, Georgia Southern University Douglas L. Micklich, Illinois State University William Millhiser, Baruch College Ram Misra, Montclair State University viii cac42205_fm_i-xviii.indd viii 04/20/16 07:14 AM www.downloadslide.net Acknowledgments Adam Munson, University of Florida Steven Nadler, University of Central Arkansas John Nicholas, Loyola University—Chicago Debra Petrizzo, Franklin University William Petty, University of Alabama—Tuscaloosa Rajeev Sawhney, Western Illinois University Ruth Seiple, University of Cincinnati Don Sheldon, Binghamton University Eugene Simko, Monmouth University James E. Skibo, Texas Woman’s University Randal Smith, Oregon State University James Stewart, University of Maryland University College ix Yang Sun, California State University—Sacramento Sue Sundar, University of Utah—Salt Lake City Lee Tangedahl, University of Montana Jeffrey Teich, New Mexico State University—Las Cruces Ahmad Vessal, California State University—Northridge Jerry Wei, University of Notre Dame Marilyn Whitney, University of California—Davis Marty Wilson, California State University—Sacramento Peter Zhang, Georgia State University Faye Zhu, Rowan University Zhiwei Zhu, University of Louisiana—Lafayette