Cheatography
https://cheatography.com
Topic 5.1 Business Management Cheat Sheet for First Assessment 2024.
Operations Management
Concerned with producing right goods/services in the right quality and quantity in a cost-effective and time-efficient manner |
Dictated by a company’s finances, HR capabilities, and market needs |
Value must be added during production to ensure profit |
Production – process of transforming inputs into outputs |
Four factors of production/inputs – land, labor, capital, and enterprise |
5 M’s – materials, manpower, machines, money, and management |
Aspects of operations management
Production methods |
Size, scope, and timing of production |
Production planning |
Quality control systems |
New products and innovation |
Sustainability management
Practice of maintaining ecological, social, and economic sustainability |
Operations should also deal with stakeholder interests |
Helps reduce costs by reducing waste |
Essentially calls for operations to be ethical
↳ Reduce wastage for the environment
↳ Carefully consider economic implications in production processes
↳ Have ethical labor practices |
|
Created By
Metadata
Comments
No comments yet. Add yours below!
Add a Comment
Related Cheat Sheets
More Cheat Sheets by fatimaaaa