the relationship between operations management and business objectives

Question 1

operations management

Answer 1

is the coordination of resources within a business to achieve the efficient and effective output of finished goods and services

Question 2

objectives

Answer 2

aim to increase production,
aim to reduce money tied up in stock,
aim to reduce wastage rates,
aim to ensure output meets customers needs

Question 3

operations management examples.

Answer 3

the amount od production the business can make
the amount of raw materials in stock
the amount of waste produced
the quality of output the customer receives

Question 4

productivity and business competitiveness

Answer 4

is the ratio of outputs produced compared to the inputs required, the greater the output from a given set of inputs, the greater the productivity. business competitiveness is the ability to outperform its rivals, known as competitive advantage

Question 5

quality

Answer 5

a good or service that fully meets customer expectations. this means if your product or service has better quality than a rival you will have competitive advantage.

Question 6

operations management strategies

Answer 6

technological development leads to making a profit
materials lead to meeting shareholder expectations
quality leads to increase market share
waste minimisation to fulfil a market/ social need

Question 7

efficiency

Answer 7

the best use of the resources (time, money, equipment, labour) of an organisation in order to achieve organisational objectives

Question 8

effectiveness

Answer 8

the extent to which the organisation chooses appropriate objectives and achieves these objectives. being effective means doing the right things.