3.2 operations management

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4 Terms

1
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What is operations management?

strategies that are used to create, operate and control the transformation of inputs from a variety of resources into outputs

2
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Define effectiveness?

refers to the degree to which a business has accomplished its stated objectives

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Define efficiency?

refers to how well a business uses its resources in acheiving these objectives

4
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What is business competetiveness?

refers to the ability of a business to sell products in a market. A business will be competetive when it is able to produce goods or services at the same level or better than competitors.