What term refers to the business processes that involve transformation or, more generally, ‘production'.
Operations
100
What involves aiming to have the lowest costs or to be the most price-competitive in the market. A key aspect to cost leadership is that although trading with the lowest cost, the overall business should still be profitable
Cost Leadership
200
Transformation
What is the conversion of inputs into outputs?
200
What refers to cost advantages that can be created as a result of an increase in scale of business operations. Typically the cost savings come from being able to purchase lower cost per unit of input and from efficiencies created through improved use of technology and machinery
Economies of Scale
300
What is the creation of extra or added value as inputs are transformed into outputs
Value Adding
300
Product Differentiation
What means distinguishing products from its competitors?
400
What aims to eliminate waste at every stage of production. It involves analysing each stage of the production process, detecting where inefficiencies are and correcting them.
Lean Production
500
What means ‘affecting all key business areas'; that is, the strategic role of the the operation management involves operations managers contributing to the strategic direction or strategic plan of the business.