Operations management

Question 1

Operations management definition

Answer 1

concerned with strategies used to create, operate and control the transformation of inputs from a variety of resources into outputs, goods/service, to satisfy customers

Question 2

Effectiveness def

Answer 2

the degree to which a business has accomplished stated objectives

Question 3

Efficiency def

Answer 3

how well a business uses its resources in achieving objectives

Question 4

Operations objectives and strategies can support business objectives

Answer 4

1. Make a profit - reduce costs - Just in time
2. increase market share - improve quality - quality control
3. provide a return for shareholders - increase productivity - introduce automated production lines
4. contribute to the wellbeing of the community - minimise waste - establishment of lean management