Operations Management: Key Concepts and Definitions
Key Concepts in Operations Management
Support Process: Provides vital resources and inputs to the core processes.
Core Process: A set of activities that deliver value to external customers.
Operations: Systems or processes that transform resources into goods and services.
Management: Systematic design, direction, and control of systems or processes that produce goods or services.
Operations Management: The systematic design, direction, and control of processes that transform inputs into services and
Read MoreEconomic Problems: Solutions and Systems
Economic Problems: divided into 3 problems: to produce (1) and (2) and for whom (3). 1-we’re going to produce the resources it needs disponemos.Depende members society. 2 – Who’s going to take to carry out productive activity and amount of product FNAL-obtener. 3 will seek the benefit of those who will buy it. Ways to cope with economic problems: Tradition (1) authority (2) market (3) 1-pass your father your work, drawbacks come before the custom, whether operational or not, rationality and effectiveness,
Read MoreFinancial Products and Services for Businesses
C. Bank Account Credit – An account credit is a contract whereby a bank offers an individual or company, the borrower, an amount of money that need not exceed a pre-established limit. The borrower can withdraw or deposit funds as if it were a bank account. They are also paid by the party interested in ready money and money from the unwilling. D. Confirming – The confirming guarantees the provider and business providers receiving funds, sometimes even before the due date. Confirming is a service
Read MoreMastering the Marketing Mix: The 4Ps of Marketing
The Operational Marketing 4Ps (Marketing Mix)
The 4Ps of marketing, also known as the marketing mix, are essential for a successful business strategy. These elements are Product, Price, Place (Distribution), and Promotion.
Product
Product refers to the services, events, and activities offered by a company. Key characteristics include:
- Intangibility: Services are variable, produced, and consumed simultaneously, without resulting in ownership.
- Target Audience: Aimed at individuals (health, beauty) and
Investment Selection, Stock Management, and Economic Analysis
Investment Selection Methods
There are two important methods for investment selection:
- VC (Capital Value)
- NPV (Net Present Value)
VAN = -A + Q / (1 + K), where:
- A = Initial investment or payment
- Q = Cash flows
- K = Cost of capital or discount rate
If flows are undefined, the formula is: NPV = -To + Q / K.
The NPV decision criterion is:
- If NPV > 0, the project is carried out.
- If NPV < 0, the project is not carried out.
- If NPV = 0, one is indifferent to whether or not the project is carried out.
The drawback
Read MoreCompany Operations: Functions, Departments, and Supply Chain
Company Overview
The company, an economic unit, aims to make a profit through its business operations.
Rating and Sectors
The company’s operations can be categorized into sectors:
- Primary Sector: Mining, with the main activity being the extraction of materials.
- Secondary Sector: Industrial, with the main activity being the transformation or production of raw materials or semi-finished products.
- Tertiary Sector: Services, with its activity available to all companies producing goods and services.