Operations Management and Human Resources Essentials
Operations Management: Core Principles
Manufacturing vs. Production vs. Operations
- Manufacturing: Activities making tangible products.
- Production: Same as manufacturing.
- Operations: Activities making tangible and intangible products.
The Transformation Process
The transformation process converts inputs into outputs:
- Inputs: Labor, money, materials, energy.
- Outputs: Goods, services, ideas.
- Transformation occurs through one or more processes.
Operations Management in Service Businesses
- Services need different
Market Competition Structures and Business Financing Options
Types of Market Competition
Competition is a fundamental element ensuring the functioning of a capitalist economy, with the market acting as the regulatory mechanism for the nature and quantity of production, as well as the subsequent distribution of income generated by economic participants. In a system of perfect competition, market forces determine prices and quantities produced, influencing consumption, savings, and investment. Let’s examine different competitive situations:
Perfect Competition
The
Read MoreTaylorism and Fordism: Scientific Management Principles
Taylorism Explained
Taylorism is a method representing a scientific approach to work organization, pioneered by Frederick W. Taylor. It advocated for specializing worker roles and coordinating operations through pre-planned procedures to combat perceived worker inefficiency, often termed ‘soldiering’. It can be viewed as an early science of administrative work, seeking optimal control over the labor force.
Objectives of Taylorism
Taylor’s primary goal was to increase productivity, leading to higher
Read MoreCrafting Your Digital Strategy: Value, Persona, Presence
Define Your Strategy with SMART Objectives
Define objectives that are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound). This provides guidance for the strategic questions you need to ask.
Strategic Framework: Define Your Offer and Reach
1. Value Proposition: What You Offer and to Whom
Ask yourself: “What am I offering and to whom?” Define what makes you useful or different. What makes you or your offer special, and who will benefit from it? What do you have that is different, useful,
Read MoreWorkplace Motivation: Key Theories and Applications
What is Motivation and Why Does It Matter?
Motivation encompasses the internal and external factors that stimulate people to take actions leading to goal achievement. Motivated workers are crucial for helping a business achieve its objectives effectively. Furthermore, highly motivated staff are more likely to remain with the company, reducing turnover.
Indicators of poor staff motivation can include:
- Absenteeism
- Lateness
- High labor turnover
Key Motivation Theories
Taylor’s Scientific Management
Taylor sought
Read MoreStrategic vs Tactical Marketing: Ansoff Matrix & Growth
Strategic vs. Tactical Marketing
Strategic Marketing: Core marketing decisions about segmentation, target market, and positioning. These are the foundations of tactical plans. It has cost consequences and is not easy to reverse.
- Long-term approach
- Analysis of market needs
- Analysis of market segmentation
- Competitive analysis
- Choosing development strategy
- Analysis of the needs to be covered
Operational (Tactical) Marketing: It operates within a short timeframe, no longer than a year. Subordinate to the Strategic
Read More