5.1 Introduction to Operations Management

Flashcards covering key concepts and definitions from the lecture on Operations Management.

Operations Management

The process of planning, organizing, and controlling the different elements and stages of the production process.

Operations

All the fundamental business activities that allow the best end product to be produced.

Sustainability

The ability to be responsible in the short and long run regarding resource usage, quality of life for stakeholders, and ecosystems.

Triple Bottom Line

Achieving sustainability in economic, social, and ecological areas.

Economic sustainability

Responsibility regarding costs and budgets while ensuring long-term financial viability.

Social sustainability

Responsibility towards the quality of life of all the business's stakeholders.

Ecological sustainability

Responsibility towards the natural environment.

Role of Operations Management

To effectively manage all business functions by planning and controlling operations.

Effective operations management

Considers economic, social, and ecological factors to create sustainability.