- Operations Management
- Concerned with producing right goods/services in the right quality and quantity in a cost-effective and time-efficient manner
- Dictated by a company’s finances, HR capabilities, and market needs
- Value must be added during production to ensure profit
- Production – process of transforming inputs into outputs
- Four factors of production/inputs – land, labor, capital, and enterprise
- 5 M’s – materials, manpower, machines, money, and management
- Aspects of operations management
- Production methods
- Size, scope, and timing of production
- Production planning
- Quality control systems
- New products and innovation
- Sustainability management
- Practice of maintaining ecological, social, and economic sustainability
- Operations should also deal with stakeholder interests
- Helps reduce costs by reducing waste
- Essentially calls for operations to be ethical
- Reduce wastage for the environment
- Carefully consider economic implications in production processes
- Have ethical labor practices
Kim De Leon5.1. Operations Management
Comments 1
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