Operations

Question 1

CPA

Answer 1

Critical path analysis
Project management technique to find the shortest time for a project to be completed
(Reduced costs, competitive advantage, sooner the project is released, sooner the profit comes in)

Question 2

Operations management

Answer 2

An area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods and services

Question 3

Aims and objectives

Answer 3

A business objective are the results you are aiming to achieve in order to accomplish your longer-term goals
A business aim is the overall long term target/goal of a business

Question 4

Organisational aim

Answer 4

Big picture, qualitative, long term goals an organisation aims to achieve
Communicates the company’s prospects to to the members of the organisation and the public

Question 5

Strategic aim

Answer 5

How a business plans to achieve its aims and goals, often a long term approach

Question 6

Corporate aims

Answer 6

The long term goals of the entire business, the end result your company hopes to achieve

Question 7

Tactical objective

Answer 7

Actions taken to achieve a specific goal, much more action-orientated and short term than strategic plans

Question 8

Operational objectives

Answer 8

Attainable, action orientated, short term goals organisations set and accomplish as a means of partially achieving larger, long term objectives

Question 9

SMART

Answer 9

Specific, measurable, achievable, relevant and time bound

Question 10

Mission statement

Answer 10

Overriding goal, broad
The mission of a business is the overriding goal of the business and the reason for its existence. It provides a strategic perspective.

Question 11

Business objective

Answer 11

Specific intended outcomes of a business strategy and activity. Targets which a business sets to help achieve its aims