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