1. Practice: Identify the Associated Tasks of Each Business Operations Component Following is a list of business operations components and the associated task of each component. Read each element carefully and select the correct business operations component. 1. Utilize lean manufacturing. multiple choice 1Business locationEquipmentLaborOperational processes 2. Minimize production errors. multiple choice 2Business locationEquipmentLaborOperational processes 3. Train all employees on new systems. multiple choice 3Business locationEquipmentLaborOperational processes 4. Monitor vendor bargaining power. multiple choice 4Business locationEquipmentLaborOperational processes Operational Processes• Align costs to sales projections• Provide information on cost to produce/service cost• Identify quality standards• Identify safety standards• Identify operational risks and constraints• Identify any special requirements that the business requires (emissions, power, ventilation)• List all operational tools/techniques the business will use (Lean Manufacturing, 5S, Six Sigma, ISO)Business operations/business management comprises all the tasks and activities that a business undertakes efficientlyand effectively to produce the goods and services it provides to its customers.WHY THIS MATTERS: Business operations/operations management is the core planning function of business thatincludes equipment and facilities management and cost, maintenance management and cost, labor force (number ofpeople required to achieve the production and sales goals), the budgets for each of the operations line items, and theplanned operating profit margin for each product/service.As a critical part of the planning process, it is extremely important that management build a plan that can be integratedwith the other functional plans of the business. Once the plan is developed the following must be considered:• Execution – the business must be able to implement the plan• Identification of constraints – the business must be able to identify any limitations that might negatively impactsuccessful implementation of the plan• Observation – the business must monitor the ongoing operations• Sales tracking - the business must track actual results (sales) of the operations plan and manage the differencesEfficient operations management helps a company reduce costs, increase customer satisfaction, and ultimately impact theprofitability of the business.YOUR TASK: The following activities walk you through the important aspects of business operations/businessmanagement and developing an operations plan. Complete each activity to ensure you fully understand all that a businessmust consider to ensure successful implementation of this plan. Required informationOutline:Introduction: Understanding Business Operations/Operations ManagementPractice Activities:1. Identify the associated tasks of each business operations component.A Closer Look: Voluntrip's Operational Framework2. Create business operations plan.INTRODUCTION: Understanding Business Operations/Operations ManagementBusiness operations/operations management includes the management and oversight of the physical location, facilities,equipment, inventory, warehousing, information managements systems, and people, that are required to manage abusiness. Understanding and effectively managing the day-to-day business operations are the keys to establishing andmaintaining a successful business.Business operations/operations management encompasses three major business imperatives:1. Generate recurring revenue2. Increase the value of business assets3. Secure income and value for the businessWhile each business imperative exists separately, they function interdependently and form the tenets of a business model.The business model, an outcome of business operations/operations management, is a company's plan for generatingrevenue and profit by creating customer value through its employees, assets, and products/services offered. From anoperational perspective, business operations/operations management should include the four overarching areas: location,equipment, labor, and operational processes outlined as follows:Business LocationIdentify physical storefront or plant location• Indicate hours of operations (internally define shifts for employees as needed)Equipment• Prepare list of all equipment (assets) and the associated costs• Describe how the product is made/service is deliveredLabor• Identify labor force requirements by title, role, responsibilities, salary, compensation, benefits, training anddevelopment (human resources plan)• Identify industry standards and how these will be achieved/maintainedIdentify suppliers/vendors and the associated costs of doing business

Business operations/operations management includes the management and oversight of the physical…

Answered: Following is a list of business…

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...