Key Definitions

Question 1

Define Operations

Answer 1

Operations is a core function of the business that involves the production of goods and services

Question 2

Define Operations Management

Answer 2

Operations management is the management of resources within a business that converts the inputs into outputs via a series of value adding processes.

Question 3

Define Productivity

Answer 3

Productivity is a quantitative measure of efficiency where inputs are transformed into outputs

Question 4

Define Efficiency

Answer 4

Efficiency is how well the business manages it resources to achieve its objective

Question 5

Define Effectiveness

Answer 5

Effectiveness is the degree to which the business has achieved it’s objective

Question 6

Define Competitive Advantage

Answer 6

The businesses ability to outperform its rivals.

Question 7

Define supply chain management

Answer 7

The management of the flow of supplies from the point of origin to the end customer