Performance indicator - Operations
Explain the nature of operations
Operations are the processes and systems a business uses to plan, organize, and control the daily activities needed to produce goods or deliver services and keep the business running efficiently.
Supply Chain Management (SCM):
The coordination of the flow of goods, information, and financial transactions from suppliers to customers.
Explain the nature of effective verbal communications
It involves speaking clearly, listening actively, using appropriate tone and language, and providing feedback to ensure ideas are understood and goals are achieved.
information management
information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business
After a sudden $180 billion loss from his peak net worth of $300 billion, what South African-born businessman was recognized by the Guinness Book of World Records in 2023 as experiencing the "largest loss of personal fortune in history?
Elon Musk
Explain the concept of supply chain
The supply chain includes all steps in producing and delivering a product, such as sourcing raw materials, manufacturing, storing, transporting, and distributing goods to customers
Operations
The daily activities and functions, such as purchasing and production, that provide successful outputs for a business.
Explain the importance of demonstrating initiative
Showing initiative is important because it helps a business run smoothly, shows leadership and responsibility, and can lead to increased efficiency, innovation, and personal growth.
capability maturity model integration (CMMI)
monitoring the opportunity for loss for a business
Not loving it! In early Spring 2023, which fast-food giant temporarily closed its U.S. offices ahead of a big round of layoffs?
McDonald's
Explain procedures for handling accidents
Accident-handling procedures typically include providing immediate medical attention, reporting the incident to supervisors, documenting the accident, securing the area to prevent further injury, and reviewing the situation to prevent future accidents.
Overhead/Operating Costs
Expenses not directly tied to production, such as rent and utilities.
Explain the nature of effective communications
It involves clearly expressing ideas, actively listening, using appropriate tone and body language, and providing feedback to ensure understanding and achieve goals.
knowledge management
strategy designed to identify document and share an organization intellectual assets to benefit performance
What is the last name of the business tycoon behind the "No. 5" perfume?
Chanel
Explain the concept of production
Production involves planning, organizing, and managing resources to create products or deliver services efficiently while meeting quality standards and customer demand
Blanket Order
is a long-term agreement for multiple deliveries.
Explain the role requirements of entrepreneurs and owners
Their role includes identifying opportunities, making decisions, managing resources, taking financial risks, ensuring legal and ethical compliance, and guiding the business toward achieving its goals.
solvency
refers to the ability of an organization to meet its' financial obligations
During a brainstorming session with Nike executives just before his star client committed to Nike as his apparel sponsor, Michael Jordan's agent David Falk came up with what iconic two-word brand name?
Air Jordan
Explain the impact of the purchasing process on productivity
Efficient purchasing helps maintain steady production, reduces downtime caused by missing supplies, controls costs, and allows employees to focus on their tasks, which improves overall productivity
Information Management
Storing and protecting data like customer info and company secrets
Explain how organizations adapt to today's markets
This includes using technology, analyzing market data, adjusting marketing strategies, improving efficiency, and innovating to meet shifting customer preferences and industry demands
six sigma
the strategy involves creating groups of people within the businesses or organization who have expert status in various methods and then each project is carried out according to a set of steps in an effort to reach specific as one in which 9999% of products created are expected to be statistically free from defects
In the insurance business, what is the name for a person whose job it is to analyze statistics to calculate risks and price premiums accordingly?
Actuary