Exam (elaborations)
OPERATIONS MANAGEMENT TERMS EXPLAINED #14
- Module
- OPERATIONS MANAGEMENT
- Institution
- OPERATIONS MANAGEMENT
OPERATIONS MANAGEMENT TERMS EXPLAINED #14
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OPERATIONS MANAGEMENT TERMS EXPLAINED #141. Operations Man-
controlling resources and activities to produce a
agement
product (good or service) as efficiently and
effectively as possible
2. Efficiency how well a business uses its resources
3. Effectiveness the extent to which they achieve objectives
4. Productivity the amount of output produced compared to the
amount of input required in production. The less
inputs used to make the same or more outputs,
the more productive and efficient a business is
5. Business com- a business' superiority over rivals (or
petitiveness competitors) in the same industry
6. Inputs resources that are used to produce the business'
goods or services, such as raw materials,
equipment and labour
7. Processes the actions taken to transform inputs into outputs
8. Outputs the finished product (good/service) that is sold to
the
consumer
9. Tangible Manufacturing characteristic where goods can
be physi- cally held and touched
10. Intangible Servicing characteristic where the service
provided can- not be physically held or touched
11.Low level of Manufacturing characteristic where consumers
cus- tomer are not present during production of goods
contact
12. Standardised Manufacturing characteristic where each good
produced will be homogenous
13. Customised Servicing characteristic where services can be
1/
, OPERATIONS MANAGEMENT TERMS EXPLAINED #14
tailored to meet the specific needs and requests
of the consumer
14.High level of
cus- tomer
contact
2/
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