Discuss Products and Services

A product is a tangible item that is put on the market for acquisition,

attention, or consumption. We can buy, sell, store, and transport products.
Mobile phones, laptops, furniture, and food items are a few examples of
products. In the manufacturing industry, manufacturers buy products as raw
materials and sell them as finished goods. Every product is manufactured
at a cost, and it is sold for that cost. Furthermore, a product's cost can
change based on its quality, marketing, and the market. Service is an
intangible item, which arises from the output of one or more individuals. A
transaction that does not entail the transfer of tangible products is defined
as a service. These are services provided to you by other people,
businesses, and the government. Some examples of services are banking,
insurance, education, and transportation. Contrary to products, which have
a physical existence, services are intangible and non-physical. When you
book a holiday, for instance, the travel agent is offering you a service and
the reservation itself is abstract and cannot be touched, stored, or
transported.

Discuss efficiency, effectiveness and productivity

There are three measures of performance, these are effectiveness,

efficiency, and productivity. First, being Effective is all about completing
activities so that organizational goals or objectives are attained. The main
aim of an effective manager is to achieve their organizational goals
irrespective of resources. On the other hand, being Efficient is all about
getting the most output in the least amount of inputs. An efficient manager
preserves resources while getting the most output. Efficiency is computed
through the formula: Output divided by Input. There will never be a 100%
efficiency because there will always be wastage during the process in
achieving the goal. Efficiency is about "doing things right" while
Effectiveness is about "doing the right things". Lastly, productivity is all
about maximizing the use of all available resources of the company or
person, especially time, and opportunity. Productivity is the effectiveness of
productive effort and it relates the output of goods and services of the
company to the inputs of all the resources used in the production of goods
and services. In other words, it measures how well a company transforms
resources into products.

Discuss the basic business organizational structure

The basic business organizational structure consists with the General

Manager in the topmost part of the structure, with the Marketing,
Operations, and Finance/Accounting departments below it. In a business, a
general manager's main responsibility is to oversee the work of everyone
else. The wellbeing and effectiveness of the organization are within the
general managers' control. In order for the business to carry out its mission,
they establish the objectives that will guide all required actions. The
General Managers devote a significant amount of their time to making
important decisions. Under their supervision are these departments; the
Marketing, which is in charge of determining the wants and needs of
customers, as well as of selling and marketing the company's products or
services; the Operations, which is responsible to the production of the
company's products and provision of its services; and lastly,
Finance/Accounting which is in charge of the budgeting, evaluating
investment proposals, providing money for operations, and securing
financial resources at advantageous rates.

What is the role of operations management in organizations

It is the role of operations management to make sure that business

operations are efficient in terms of using the least amount of resources
necessary and effective in terms of satisfying customer needs. Operations
management is the heart of any organization as it controls the whole
operation system of the organization. It deals with issues including system
design, operation, maintenance, and improvement for the production of a
company's essential goods and services. Like in marketing and finance,
operations management is charged with specific management duties.
Operations management enables an organization to efficiently utilize its
resources, including human labor and inputs, by ensuring that they are
employed as needed. An organization's primary goal of creating a profit
and maximizing its shareholders can be accomplished with the aid of
operations management. In order to prevent waste and overuse of an
organization's tangible and intangible assets, the cost of production is
minimized. Through operations management, organizations effectively
manage their products and services.

What are the key areas of operations management?

There are twelve key areas of operations management. First, forecasting is

related to using the organization’s historical data, facts, and figures,
collected statistics, and details when making production decisions. Second,
Human Resource Management implements continuous improvement
programs for employees and institute employee satisfaction programs.
Third, we have Workplace Lay-outing. It considers the placement of desks,
workstations, and how materials will be delivered and used. Fourth, we
have Maintenance Management. This includes maintaining people and
machines, as well as processes. Fifth, is Quality Management, which
involves using market research to determine customer needs and batch
quality assurance testing on products and services in production. Sixth is
Inventory Control. This area explains keeping a proper record about the
materials and other items in stock to make sure the supply chain
management process is continuing smoothly. And the other six key areas
of operations management are Operations Process Flow, Materials
Planning and Management, Lean Manufacturing, Supply Chain
Management, Customer Service, and Basic Finance.

Discuss Products and Services

A product is a tangible item that is put on the market for acquisition,
attention, or consumption. We can buy, sell, store, and transport products.
Mobile phones, laptops, furniture, and food items are a few examples of
products. In the manufacturing industry, manufacturers buy products as raw
materials and sell them as finished goods. Every product is manufactured
at a cost, and it is sold for that cost. Furthermore, a product's cost can
change based on its quality, marketing, and the market. Service is an
intangible item, which arises from the output of one or more individuals. A
transaction that does not entail the transfer of tangible products is defined
as a service. These are services provided to you by other people,
businesses, and the government. Some examples of services are banking,
insurance, education, and transportation. Contrary to products, which have
a physical existence, services are intangible and non-physical. When you
book a holiday, for instance, the travel agent is offering you a service and
the reservation itself is abstract and cannot be touched, stored, or
transported.

Discuss efficiency, effectiveness and productivity

There are three measures of performance, these are effectiveness,

efficiency, and productivity. First, being Effective is all about completing
activities so that organizational goals or objectives are attained. The main
aim of an effective manager is to achieve their organizational goals
irrespective of resources. On the other hand, being Efficient is all about
getting the most output in the least amount of inputs. An efficient manager
preserves resources while getting the most output. Efficiency is computed
through the formula: Output divided by Input. There will never be a 100%
efficiency because there will always be wastage during the process in
achieving the goal. Efficiency is about "doing things right" while
Effectiveness is about "doing the right things". Lastly, productivity is all
about maximizing the use of all available resources of the company or
person, especially time, and opportunity. Productivity is the effectiveness of
productive effort and it relates the output of goods and services of the
company to the inputs of all the resources used in the production of goods
and services. In other words, it measures how well a company transforms
resources into products.

Discuss the basic business organizational structure

The basic business organizational structure consists with the General

Manager in the topmost part of the structure, with the Marketing,
Operations, and Finance/Accounting departments below it. In a business, a
general manager's main responsibility is to oversee the work of everyone
else. The wellbeing and effectiveness of the organization are within the
general managers' control. In order for the business to carry out its mission,
they establish the objectives that will guide all required actions. The
General Managers devote a significant amount of their time to making
important decisions. Under their supervision are these departments; the
Marketing, which is in charge of determining the wants and needs of
customers, as well as of selling and marketing the company's products or
services; the Operations, which is responsible to the production of the
company's products and provision of its services; and lastly,
Finance/Accounting which is in charge of the budgeting, evaluating
investment proposals, providing money for operations, and securing
financial resources at advantageous rates.

What is the role of operations management in organizations

It is the role of operations management to make sure that business

operations are efficient in terms of using the least amount of resources
necessary and effective in terms of satisfying customer needs. Operations
management is the heart of any organization as it controls the whole
operation system of the organization. It deals with issues including system
design, operation, maintenance, and improvement for the production of a
company's essential goods and services. Like in marketing and finance,
operations management is charged with specific management duties.
Operations management enables an organization to efficiently utilize its
resources, including human labor and inputs, by ensuring that they are
employed as needed. An organization's primary goal of creating a profit
and maximizing its shareholders can be accomplished with the aid of
operations management. In order to prevent waste and overuse of an
organization's tangible and intangible assets, the cost of production is
minimized. Through operations management, organizations effectively
manage their products and services.

What are the key areas of operations management?

There are twelve key areas of operations management. First, forecasting is

related to using the organization’s historical data, facts, and figures,
collected statistics, and details when making production decisions. Second,
Human Resource Management implements continuous improvement
programs for employees and institute employee satisfaction programs.
Third, we have Workplace Lay-outing. It considers the placement of desks,
workstations, and how materials will be delivered and used. Fourth, we
have Maintenance Management. This includes maintaining people and
machines, as well as processes. Fifth, is Quality Management, which
involves using market research to determine customer needs and batch
quality assurance testing on products and services in production. Sixth is
Inventory Control. This area explains keeping a proper record about the
materials and other items in stock to make sure the supply chain
management process is continuing smoothly. And the other six key areas
of operations management are Operations Process Flow, Materials
Planning and Management, Lean Manufacturing, Supply Chain
Management, Customer Service, and Basic Finance.