Operational objectives 0.0 / 5 ? Business StudiesOperations managementASAQA Created by: konradekeCreated on: 29-03-16 11:10 What are operational objectives? The targets a business sets in order to produce goods/services in the most effective way 1 of 13 What is operations management? The management of those aspects of the business which are directly linked to the fulfilment of customer orders. 2 of 13 What is a tangible good? A product such as bread or milk...NOT a service 3 of 13 What is adding value? The process of increasing the worth of a product through manufacturing and refinement 4 of 13 What is labour intensive production? A high proportion of labour in the product is used compared to capital equipment 5 of 13 What is capital intensive production? High proportion of capital equipment relative to labour 6 of 13 What is the supply chain? The series of activites involved in taking the initial resources to providing the final product. 7 of 13 What are the 4V's? Volume, Variation in demand, Visibility and variety 8 of 13 What are some measures of efficiency? Cost, Quality, Speed of response and flexibility, Dependability, Environmental objectives and Added value 9 of 13 What are some ethical issues involved in operational decisions? How to reward and treat employees, Where to locate the business, Safety features and the environment 10 of 13 The competitiveness of a business depends on... ...the beneftits it can offer relative to the price it charges compared to its rivals 11 of 13 What are some internal influences on operational objectives? Finance, People, Effective marketing and capital, Target market, Regulatory environment and Geographical factors 12 of 13 What are some external influences on operational objectives? Benchmarking, Environment targets, Innovation, Price elasticity of demand and income elasticity of demand 13 of 13
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