11: Understanding operational objectives

Question 1

Operational objectives:

Answer 1

Targets set in relation to the production process or provision of a service within a given financial year.

Question 2

Quality, cost and volume targets:

Answer 2

Operation objectives which set a minimum acceptable standard of provision measured by cost, quality or volume.

Question 3

Innovation:

Answer 3

The launch of a new product or process, an invention, onto the market for commercial gain.

Question 4

Efficiency targets:

Answer 4

Operational objectives which set a minimum acceptable standard of provision in relation to efficiency.

Question 5

Environmental targets:

Answer 5

Operational objectives which set a minimum acceptable standard of provision in relation to the environment.

Question 6

Benchmarking:

Answer 6

A management tool which aims to increase performance by identifying, investigating and adopting aspects of best practice from other firms.