Introduction to Operations management

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Operations

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Oxford 5.1

10 Terms

1

Operations

Operations refer to the fundamental activities of organisations: what they do and what they deliver to meet consumer needs and wants.

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2

Operations management

Operations management is the art of managing production to get the best end product

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3

Operations are closely linked to the other functions

  • Delivers the what question of business objectives

  • They are done by people 

  • Needs funding 

  • Must be marketed. 

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4

Economic factors

  • Refer to the fact that the budget must be respected. 

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5

Economical sustainability

Economical sustainability is the need to use available resources and raw materials to their best advantage, ultimately ensuring profitability and financial performance. 

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6

Social factors

Refers to the fact that more and more organisations are becoming more aware of their responsibilities to their workers.

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7

Social sustainability

Social sustainability is the need to take human factors into account both internally and externally when making business decisions.

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8

Ecological (environmental) factors

Refers to the fact that more and more managers understand the negative impact their businesses have on the environment. 

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9

Ecological sustainability

Ecological sustainability is the need to take environmental factors into account when making business decisions.

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10

Triple bottom line

The triple bottom line is the need to take economic, social and ecological factors into account when making business decisions

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