3a-3c

• operations management


  consists of all the activities in which managers engage to produce a good or service
• efficiency 


  refers to how well a business uses its resources to achieve its stated objectives
• effectiveness


  refers to the degree to which a business achieves its stated objectives
• inputs


  are the resources used by a business to produce goods and services
• processes


  are the actions performed by a business to convert inputs into outputs
• outputs


  are the final goods or services produced by a business' operations system and are delivered to customers
• service business


  provide intangible products, usually with the use of specialised expertise.
• manufacturing businesses 


  use resources and raw materials to produce a finished physical good.