Role of Operations Management (HSC SSCE Business Studies): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Interdependence in business
Interdependence in business
Different functional areas rely on each other to operate
Synergy
Synergy
The whole is greater than the sum of individual parts
Four main business functions
Four main business functions
Operations, marketing, finance, human resources
Operations function
Operations function
Business processes involving transformation or production
Marketing function
Marketing function
Satisfying customer needs & wants with products at prices
Finance function
Finance function
Records & summarises transactions, produces reports
Human resources function
Human resources function
Manages all aspects of employment
What income statements show
What income statements show
Money earned after expenses
Two ways operations enhances profitability
Two ways operations enhances profitability
Cost minimisation & quality enhancement
IT's role in business
IT's role in business
Extends across all business functions