IB Business - Operations Management - 5.1

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

Why is sustainability of importance to operations management?

- Be environmentally responsible - Cost savings due to sustainable practices - Innovation

Operations Management Implications on Finance

- Capital intensity and lean production methods - Investment Appraisal techniques - External sources of finance - Contingency funds - Greater proportion of a firm's costs

How does operations management affect the primary sector?

- Efficient Resource Allocation - Technological Advancement - Optimizing Supply Chain

What are the 5 M's used in the production process

- Materials - Money - Manpower - Machines - Management

How does operations management affect the secondary sector?

- Process Optimization - Quality Control - Capacity Planning - Innovation and product Development

Operations Management Implications on Marketing

- Production method affects product quality and individuality - Exclusive products can be marketed at higher prices - Packaging, people, physical evidence

Operations Management Implications on Human Resources

- Reduce or increase in the size of the workforce - Production flow suffers from a lack of teamwork and group dynamics - More job training - Attractive remuneration packages - Effective contingency plans

How does operations management affect the tertiary sector?

- Service Delivery Optimization - Workforce Management - Technology Integration - Capacity and Demand Management

Operations Management

Designing, overseeing, and controlling the process of production and redesigning business operations in the production of goods and services

Why is operational efficiency important to businesses?

Efficient operations help - Mitigate unnecessary costs - Ensure that processes are - Ensure the resources are utilized optimally - Products/services can be offered at competitive prices - Products can be higher quality - Better customer satisfaction

What is meant by productivity?

Productivity refers to the measure of how efficiently inputs are converted into outputs

What is the production (or transformation process)?

Refers to the conversion of inputs into outputs through a series of activities

How does the production process 'add value' to output of goods and services?

The production process allows the transformed inputs to be sold for more than they were worth before production


Ensembles d'études connexes

Age Discrimination in Employment Act

View Set

Module 14.1: Latin American Peoples Win Independence

View Set

Funds Basics MedSurg Infectious Disease and Respiratory

View Set

Ch 19: Postoperative Nursing Management

View Set