Operations Management and Business Objectives (VCE SSCE Business Management): Flashcards
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Practise the cards
10 cards from this deck
Operations management definition
Operations management definition
Overseeing processes in production of goods & services
Primary sector description
Primary sector description
Extracts/harvests products from natural environment
Tertiary sector description
Tertiary sector description
Produces intangible products (services)
% of Australian workforce in tertiary & quaternary sectors
% of Australian workforce in tertiary & quaternary sectors
Over 85%
Strategic decisions in operations
Strategic decisions in operations
Planning & design of operations system (facilities, product)
Competitive advantage definition
Competitive advantage definition
Point of difference/superiority over competitors
Productivity formula
Productivity formula
Output ÷ Input
Efficiency vs Effectiveness
Efficiency vs Effectiveness
Efficiency: doing things right; Effectiveness: right things
Time to build Model T before assembly line
Time to build Model T before assembly line
Over 12 hours
Time to build car after 1913 Ford assembly line
Time to build car after 1913 Ford assembly line
1 hour 33 minutes