The range of activities involved in the strategic management of financial resources include: Setting policies and procedures regarding cash and credit controls Determining the mix of equity and debt finance raising Budgeting, including monitoring actual and planned performance Supply Chain Management (SCM) is an important part of every organization, whether small or large. to ensure it adds value by developing and maintaining a workforce that is efficient, productive, loyal, flexible and adaptive to change. The finance department would be concerned about the costs and Marketing needs to know whether to market the product as value for money, premium quality worth the extra expense or something in between. In a competitive environment, businesses try to stand out from their competitors. Strategic Role of operations management (Role of operations management) To make strategic decisions about the design of the overall operations system. Strategic role: Hickey, Nader & Williams (2011) Cambridge HSC Business Studies , 2nd edition, Cambridge University Press, Melbourne, p.3 This diagram provides a good overview of the supply chain which is effectively what comes under Operations Management. Business studies HSC: Operations. The information presented in this video has been sourced from a variety of locations, and/or has been provided to … Operations managers must not only be adept at managing, but must also be able to become a good leader. The main goal of business is to maximise profits. Some of the functions performed by an operations manager include supply chain management, product design, forecasting, quality control, and delivery management. The following are illustrative examples of operations management. Is there a particular characteristic or quality that you associate with each of them? Management at Bridge Constructions Pty Ltd decided to focus their operations to create products that are currently no on the market. This video looks at the strategic role of Operations Management within the Business Studies HSC course. HSC Business Syllabus - Finance 20 terms. Critically evaluate the operations function in manufacturing and service production settings. obJEcTIVE To provide an in depth study of the various business process, analyze operations, production planning and strategic management. STUDY. #iitutor #BusinessStudies #OperationProcesshttps://www.iitutor.comStrategic means affecting all business functions. If you are looking for a high-performance sports car you probably won’t go to a Ford dealer. They have to be able to inspire and set a good example for employees. A differentiated product can command a higher premium price. You and your management team look at different ways to assign employees to work tasks. This will lead to a competitive advantage, which … HR is concerned with the number of employees required, the training and expertise needed and the costs involved. Consider the following car companies. Now, these are also part of the operations management. It encompasses both services and manufacturing. The goal should not just be to "cover" all operations but to be strategic in assigning roles. © 2010 Board of Studies NSW. IMPORTANT FOR ORGANIZATION FOR 3 REASONS: -END- The term refers to the transformation process that converts resources into finished goods and services. Product differentiation may allow a business to command a higher price and build brand loyalty. creation of goods and the provision of services by business. ; Continuous Process– Operation management is a continuous process.It is employed by organizations for managing its activities as … 4. PLAY. Operations management involves managing the operations and processes of an organization. Strategic planning and corporate social responsibility is a form of management in which companies take the ethical aspects of their business operations into consideration. Syllabus Glossary The role of operations management The creation of goods and the provision of services by businesses. Operations Role Strategic role of operations management: c_ _, _ differentiation Goods - … Hyundai 4. Ford Companies try very hard to create a perception that they are different from their competitors. Toyota 5. csassine. 1. Price Differentiation strategies include: Extract from Business Studies Stage 6 Syllabus. A business can improve productivity, efficiency and quality through cost leadership and differentiation in order to achieve long term competitive advantage. Porsche 2. EasyBiz > Operations > Role of Operations Management > Strategic Role of Operations Management. Some factors related to the strategic role of financial management that Sportyz Goodz Ltd should consider are shown in figure 1.1 below: Figure 1.1 – Strategic role of financial management Topic statement: It is clear from the financial data depicted in the graph that Sportyz Goodz Ltd has faced declining sales and profits since 2014. csassine. Operations management is the direction and control of the processes that produce a firm's products and deliver its services to customers. The strategic role of management A strategic decision is one that affects the business in the long term. 1. Volvo 3. Which of the following best describes this strategic role of operations management? A Operations Management 70% B Strategic Management 30% b 30% A 70% AssEssMENT sTRATEgy There will be written examination paper of three hours. Role of operations Strategic role of operations management. Product differentiation: distinguishing products from your competitors. Strategic Role of Operations Management The term strategic refers to things that are important or essential in relation to a plan of action; thus, the strategic role of operations management in business is to play a part in ensuring that the goals of the organisation are met. These include analysis, strategy formulation, and goal setting. The success of operations management cannot be achieved without the role of a reliable operational manager. An understanding of competitive forces in the market and a grasp of organizational strengths and weaknesses help strategic managers make the decisions that shape future direction. The corporates of the 21 st century are very much into strategic business decisions and it plays a vital role in taking the company to the next level of competency. hsc. strategic means 'affecting all key business operations'; that is, the strategic role of the operations management involves operations managers contributing to the strategic direction or strategic plan of the business. The strategic role of human resource management is: to assist businesses to better meet the needs of their employees, while at the same time promoting company goals. There is no magic way. SCM is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage, according to Robert Handfield, Ph.D. SCM also deals with the movement and storing of materials needed to create a product, as well as inventory management, … Decisions pertinent to strategic management include those on changes in product lineup or features, locations of new manufacturing plants, selection of new technology systems and whether to outsource. 2. jean555. But if you are looking for a durable truck you wouldn’t go to a Porsche dealer… Role of Operations management. The transformation of inputs into outputs or products to be sold. strategic role of operations management - cost leadership, good/service differentiation goods and/or services in different industries interdependence with other key business functions Strategic management analyzes the major initiatives, involving resources and performance in external environments, that a company’s top management takes on behalf of owners. Marketing - Business Studies HSC 84 terms. effective operations management adds value to the business by increasing productivity, reducing costs and improving quality. Dynamic- Operations management is dynamic in nature.It keeps on changing as per market trends and demands. The balance between cost and quality is something that needs to be discussed between business function areas. Cost leadership: business aims to have the lowest costs or to be the most price-competitive in their market, generally through: Economies of scale: cost advantages that can be created as a result of an increase in scale of business operations. 1. The first three steps in the strategic management process are part of the strategy formulation phase. This video looks at the strategic role of Operations Management. Basic products with fewer features, or lower quality, Small profit-margins, high volume of sales. strategic role of operations management is to allocate resources and make strategic decisions (ie decisions for long term benefit) in order to achieve it's strategic goals (ie improve productivity, efficiency and quality of outputs). ROLES OF operations -management - WHAT IS OPERATIONS MANAGEMENT? Strategic role of operations management - cost leadership, good/service differentiation. The strategic business decisions are one area which is also an important part of the operations management. Strategic Role of Operations ‘Strategic’ means the long-­‐term planning performed by senior managers – and the strategic goals are to improve productivity, efficiency and quality of outputs. The role of operations management is covered across three broad topics: strategic role of operations management – cost leadership, good/service differentiation goods and/or services in different industries interdependence with other key business functions View operations syllabus fill in blanks.pdf from ASDFRTGYHUJIKJHGF 11111 at Kincoppal- Rose Bay School. Strategic Role of Operations Management – Cost Leadership, Good/Service Differentiation EasyBiz > Operations > Role of Operations Management > Strategic Role of Operations Management A business can improve productivity, efficiency and quality through cost leadership and differentiation in order to achieve long term competitive advantage. ... Strategic role of operations management A strategic decision is one that affects the business in the long term. Strategic means ‘affecting all key business areas’; that is, the strategic role of the operations management involves operations managers contributing to the strategic direction or strategic plan of the business. Tips for Successful Operations Management. Role (2/3) ... role of operations 12 terms. These are typically viewed as the core processes of an organization that are carefully measured, optimized and improved.The nature of operations differs greatly from one industry to the next. They incorporate these social concerns into their business strategies and are more conscious of their roles in society and their communities outside of business. The paper is concerned with the use of operations management as an instrument of successful reaching the required strategic management objectives of organizations in relation to the environment. Identify and articulate how operations management contributes to the achievement of an organization’s strategic objectives. Appraise and apply forecasting methods as the basis of management’s planning and control activity. Operations Management. This video demonstrates some of the thinking that goes into the cost/quality decision: H1: Social and Cultural Continuity and Change, , 4th edition, John Wiley & Sons, Milton Qld, p.12, Interdependence with other key business functions, strategic role of operations management - cost leadership,  good/service differentiation, goods and/or services in different industries, interdependence with other key business functions. Products with the best quality cost more: the inputs, the workers, the equipment used and so on, all cost money. 3. (A)Cost leadership (B)Differentiation (C)Outsourcing (D)Supply-chain management 2. Transformational Process– Operation management is the management of activities concerned with the conversion of raw materials into finished products. Through cost leadership ( B ) differentiation ( C ) Outsourcing ( D ) Supply-chain management 2 products that currently! 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