5.1 Introduction to operations management

Question 1

Operations

Answer 1

Fundamental activities of oganizations, what they do and what they deliver

Question 2

Operations management

Answer 2

process of planning, organizing, and overseeing the production of goods or services to ensure efficient use of resources and meet customer demands effectively

Question 3

Main objectives of OM

Answer 3

1. product quality
2. minimizing costs
3. optimizing efficiency
4. meeting customer needs

Question 4

Production

Answer 4

the process of creating goods and services by converting inputs, such as raw materials and labor, into finished products

Question 5

Triple bottom line

Answer 5

the need to take social, economic, and ecological factors into account when making business decisions

Question 6

Sustainability in OM

Answer 6

involves practices that minimize negative environmental impacts, use resources efficiently, and contribute positively to society

Question 7

Economic sustainability

Answer 7

the need to use available resources and raw materials to their best advantage, ensuring profitability and financial performance

Question 8

Social sustainability

Answer 8

need to take human factors into account both internally (workers) and externally (community) when making business decisions

Question 9

Ecological sustainability

Answer 9

the need to take environmental factors into account when making business decisions