key Terms to know Flashcards
(5 cards)
1
Q
Operations management
A
Operations management involves overseeing the process required in the production of goods and Services
2
Q
Productivity
A
Productivity Productivity is the number of goods or services that are produced compared to the number of resources used in the production process.
3
Q
Effectiveness
A
Effectiveness is the extent to which a business achieves its stated objectives.
4
Q
Efficiency
A
Efficiency is how productively a business uses its resources when producing a good or service.
5
Q
Operations system
A
Operations system consists of the three stages of production: inputs, process, outputs
