UNIT 34
Unit 34: Operations Management in Business
Introduction: In this assignment I will be providing apprentices and readers with an understanding of the role and importance of operations management in the efficient and effective production of goods and services.
The business I will be relating to in this task is WH Smith. WHSmith plc (known colloquially as Smith's) is a British retailer, best known for its chain of high street, railway station, airport, hospital and motorway service station shops selling books, stationery, magazines, newspapers and entertainment products. Its headquarters are in Swindon, Wiltshire, England. Smith's is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. It has been innovative over the course of its history, being the first chain store company in the world and was responsible for the creation of the ISBN book catalogue system.
(Source: Wikipedia)
LO1. Understand the nature and importance of operational management
1.1. Operational Management:
Operational management is one of the vital areas of a business which focuses on maximising sales in order to increase profit of an organisation. They aim to do this by focusing on converting materials and labour into goods and services as efficiently and effectively as possible. This can be described as the all the functions of the business which operate and perform the activities of planning, organising and leading the resources required to produce the good and services.
The team within the operation management’s purpose is to propose a method of conversion of inputs into outputs which is most beneficial to the business. The inputs can be factors such as materials, information, proprietary; labour etc. and outputs are factors such as the product itself, goods, services etc. Operations management teams attempt to balance costs with revenue to achieve the highest net operating profit possible.
The three key elements of operation management are:
Input: Resources needed
Introduction: In this assignment I will be providing apprentices and readers with an understanding of the role and importance of operations management in the efficient and effective production of goods and services.
The business I will be relating to in this task is WH Smith. WHSmith plc (known colloquially as Smith's) is a British retailer, best known for its chain of high street, railway station, airport, hospital and motorway service station shops selling books, stationery, magazines, newspapers and entertainment products. Its headquarters are in Swindon, Wiltshire, England. Smith's is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. It has been innovative over the course of its history, being the first chain store company in the world and was responsible for the creation of the ISBN book catalogue system.
(Source: Wikipedia)
LO1. Understand the nature and importance of operational management
1.1. Operational Management:
Operational management is one of the vital areas of a business which focuses on maximising sales in order to increase profit of an organisation. They aim to do this by focusing on converting materials and labour into goods and services as efficiently and effectively as possible. This can be described as the all the functions of the business which operate and perform the activities of planning, organising and leading the resources required to produce the good and services.
The team within the operation management’s purpose is to propose a method of conversion of inputs into outputs which is most beneficial to the business. The inputs can be factors such as materials, information, proprietary; labour etc. and outputs are factors such as the product itself, goods, services etc. Operations management teams attempt to balance costs with revenue to achieve the highest net operating profit possible.
The three key elements of operation management are:
Input: Resources needed