Operations management

Question 1

Operations management

Answer 1

All the activities in which managers engage to produce goods or services

Question 2

Inputs

Answer 2

Resources used in the process of production eg. flour, water, oil

Question 3

Transformation process

Answer 3

The conversion of inputs (resources) into outputs (goods or services)

Question 4

Output

Answer 4

The end results of a business’s efforts- the service or product that is delivered or provided by the consumer

Question 5

Business competitiveness

Answer 5

The ability of a business to sell products in a market

Question 6

Efficiency

Answer 6

How well a business uses resources to achieve objectives

Question 7

Effectiveness

Answer 7

The degree to which a business uses resources to achieve objectives.

Question 8

Operations system

Answer 8

Is the elements or specifically the inputs, processes and outputs of both manufacturing and service business.

Question 9

Natural Resources (input)

Answer 9

Includes raw materials, components and parts consumed or converted by the transformation process.

Question 10

Physical/Capital resources (input)

Answer 10

Includes the plant, machinery, equipment and property necessary to conduct operations.

Question 11

Human resources (input)

Answer 11

Refers to the people involved in the operations function eg. operations manager

Question 12

Financial resources (inputs)

Answer 12

Refers to the funds/money required to commence and continue operations.

Question 13

Information (input)

Answer 13

Contributes to the transformation process. Businesses do not always account for the value of this resource because it cannot be easily quantified as an asset. eg. polices/procedures, past sales, recipes

Question 14

Time (input)

Answer 14

Time and its efficient use are critical to all businesses. Coordinating resources within appropriate time frames limits costs and wastage. Operational planning may involve achieving production tasks ranging in during from one year to merely hours.