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Operations Management Practice Sheet
Introduction
Operations Management is the study of how to efficiently and effectively manage the day-to-day operations of a business. It focuses on the planning, organizing, directing, and controlling of activities related to the production of goods and services.
Basics
- What is the definition of Operations Management?
Answer: Operations Management is the study of how to efficiently and effectively manage the day-to-day operations of a business. It focuses on the planning, organizing, directing, and controlling of activities related to the production of goods and services.
- What are the four main objectives of Operations Management?
Answer: The four main objectives of Operations Management are:
- Maximizing efficiency
- Minimizing costs
- Enhancing customer satisfaction
- Meeting organizational goals
- What are some of the key activities involved in Operations Management?
Answer: Some of the key activities involved in Operations Management include:
- Planning and forecasting
- Resource allocation
- Quality control
- Scheduling and production
- Inventory management
- Cost management
- Risk management
Practice Questions
- A company is planning to increase the production of a product. What are some of the factors that should be taken into consideration when making this decision?
Answer: When making the decision to increase the production of a product, some of the factors that should be taken into consideration include: the cost of production, the availability of resources, the demand for the product, the quality of the product, the capacity of the production facility, and the impact on other areas of the business.
- What is the difference between scheduling and production?
Answer: Scheduling involves determining when and how tasks should be completed, while production involves actually carrying out the tasks and producing the desired goods or services. Scheduling is a planning activity, while production is an execution activity.
