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Define OPERATION MANAGEMENT

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All the activities in which managers engage to produce goods or services.

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Define EFFICIENCY

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Refers to how well a business is using its resources to achieve objectives.

OR

Using minimal INPUT to produce maximum OUTPUT

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Define EFFECTIVENESS

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The degree to which a business achieves its stated objectives

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Importance of aligning Operation Management with Business Objectives

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Directly impacts revenue, costs, quality of output, and ultimately profits.

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How does OM help achieve the business objective of "To make a profit"?

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-Implementing technology into the production process reduces labor expenses and increases profit.

- Reduce costs through Just in Time strategies.

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How does OM help achieve the business objective of "To increase market share"?

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Checking that products are not faulty improves product quality and customer satisfaction.

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How does OM help achieve the business objective of "To meet shareholder expectations"?

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Creating a website for online sales increases profit and dividends for shareholders.

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How does OM help achieve the business objective of "To fulfill a market need"?

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Using technology to design new products meets customer needs that are underserved.

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How does OM help achieve the business objective of "To fulfill a social need"?

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-Recycling waste in production reduces waste and meets environmental preservation needs.

-Minimize waste through lean management.

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How does OM help achieve the business objective of "To improve efficiency"?

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Automating the production process increases productivity and reduces resource waste.