operations management : refers to the business function of combining inputs to produce outputs ( good and services ) that are valued by consumers.
marketing function
physical goods or intangible services are produced based on market research -> in order to meet the meets and wants of customers
output needs to be promoted to existing and potential customers
finished product needs to be distributed using appropriate channels
suitable pricing
finance function
costs of different production methods ( 5.2 )
funding is needed for all aspect of operations management ( 5.6 & 5.3 )
expenditure and budgets ( 3.9 )
Human Resources
production workers need to be hired and trained to work productively
supervision and quality control
crisis management team ( 5.7 )
operation management are responsible for collaborating and working with managers from other department to meet organisational objective
AO2: operations management in organisations producing goods and services
--> focus on the management process of creating output
input : land, labour, capital and enterprise
production process : adding value
output : good and services
operating management involves
planning
organising
coordinating
controlling
all the inputs needed to produce the goods and services of a businesss
- they also must make sure value is added ( 1.1 ) --> ensure firms can sell their products and earn profit
AO3: straggles and practices for ecological, social and economical sustainability
business operations have an important role in ensuring sustainability by creating a balance between the need of people today and future generation
sustainability : a concept which promotes intergenerational equity, ie business can meet the needs of current generation but do not jeopardise the needs of future generations
triple bottom line : John Elkington's pillar of sustainability
- evaluate their performance in a broader context of sustainable business activity
ecological sustainability : refers to the capacity of the natural environment to meet the needs of the current generation without risking the ability of future generations to meet their own needs. eg: green tech, recycling, ecological footprint, conservation
social sustainability : examines the ability of business to develop in such a way that they can meet the social well-being of the current and future generations. eg: gender discrimination, unemployement
economic sustainability : refers to development of a country that meets the the generation, using existing available resources ( land, labour, capital, enterprise ) without compromising the ability of future generations to meet their economic needs.
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