5.1 Intro to Operations Management

Operations Management

The business function responsible for transforming inputs into finished goods or services through planned, controlled processes.

Inputs

The physical, human, and financial resources needed to produce a good or service.

Outputs

The final goods or services produced by a business for its customers.

Feedback Loop

Information from operational outcomes used to inform, adjust, and improve future business processes and inputs.

Capital-Intensive Production

A production process that relies more heavily on machinery and technology relative to human labour.

Labour-Intensive Production

A production process that relies more heavily on human effort and manual skill relative to machinery.

Breaking Bulk

The operational process of dividing large quantities of goods into smaller, marketable packages for distribution.

Interdependence of Business Functions

The mutual reliance among operations, HR, marketing, and finance to achieve overall strategic objectives.