operational objectives

• what is operational management?

  the management of processes, activities and decisions
• 4 common operational objectives

  cost, speed, quality, flexability
• What are ”Unit Costs"?

  Total costs incurred to produce one unit of product or service
• what are operations objectives

  specific, measurable targets set for day to day operations to achieve bigger objectives
• 2 examples of operational objectives

  • expanding to new markets

  • increase customer satisfaction
• what are corporate objectives

  long term aims which need to be aligned with operational objectives
• types of waste

  over production, waiting time, motion and defects
• what are the four factors of production

  land, labour, capital and enterprise
• what is a stakeholder

  anyone with an interest or affected by the business
• 2 ways stakeholders can affect a business

  • financial influence- shareholders and their investments

  • business costs- suppliers may change their price, worse for a niche business