5.1 operations management
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Last updated 10:35 AM on 2/10/26
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7 Terms
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operations management
management process of creating goods and services that people want to purchase, using resources that are available to the Organization
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added value
when the price which customers pay for the good/service is higher than the production cost
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factors of production
land, labour, capital and entrepreneurship
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productivity
measure of a firms efficiency (rate of which inputs are transformed into outputs)
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Labour intensive firm
A firm relying more on human labour than machinery for its production process.
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capital intensive firm
A firm which relies heavily on machinery to produce outputs rather than human labour
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Note 
Flashcards (20)