Answered: In partnership with others, we deliver…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Production and Operations Management

1. Critique the mission statement of the organisation.

"In partnership with others, we deliver vital infrastructure and social programs to connect Papua New Guineans and their communities to opportunities for sustainable development".

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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Introduction

Production Management:-
- Production Management are applied to the production functions of the organization, it is a process of planning ,scheduling, supervising and controlling the activities involved in the production of goods and services. It focuses on the transformation process of inputs and raw materials into the company's finished products. In this process of decision regarding the quality , quantity , price, packaging, design etc, are taken by production manager.

Operation Management:-

Operation Management implies the management of day to day business activities. It involves administration of production, manufacturing and provisions of services in an organization. It deals with designing, implementing and controlling the production process , using resources , in order to desired goods and services to customers.

According to Slack:- :Operation Management is the set of activities that create goods and services through the transformation of inputs into outputs."

Production Management is the administration of business operations ,by the managers of the organization.

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