Business Operations

A flipped lesson

Nature of Management

Importance of management skills

Adhering to business goals

Now .. How?

• Strategies

4 key business functions

Goods - tangible

Services - intangible

• OPERATIONS MANAGEMENT

•Produce a good or service

Uses inputs from variety of resources:PhysicalHumanFinance

Meet needs of customers.

Page 198 Questions 3,4,5+6

Page 201 Questions 2+3

Production Process

Inputs

Transformation

Outputs

• Inputs

• Raw materials• Capital equipment.• Labour• Information - knowledge• Time• Money

Page 207 Questions 1+2

Quality management

• Minimise waste and defects.

• Strictly conform to standards.

• Reduce variance in final output.

• Optimise production process.

• Reduces defects.

• Minimise waste.

Ensure standards are met.

Eg. ISO standards.

Total Quality Management (TQM)

• Continuous improvement.

• All aspects of business operations.

• Commitment by every employee.

• Maintain a customer focus.

• Retain competitive advantages.

Page 213 Questions 1,2,3+4