What is operations management?, Creating ads, Setting prices, Raising finance, Managing production, Which is a key operations objective?, Branding, Quality, Tax planning, Promotion, What is capacity utilisation?, Costs vs revenue, Profit vs sales, Output vs capacity, Assets vs liabilities, What does lean production aim to reduce?, Waste, Prices, Wages, Demand, What is Just-in-Time (JIT)?, High prices, Mass marketing, Low inventory, Extra capacity, What is a benefit of JIT?, Higher waste, Slower throughput, More stockouts, Lower holding costs, What is a risk of JIT?, Supply disruption, Overstaffing, Too much storage, Excess inventory, What is Total Quality Management (TQM)?, More discounts, Company-wide quality, Less training, Short-term profit, What is a purpose of quality assurance?, Prevent defects, Boost demand, Increase tax, Cut dividends, What does a flow production system use?, One-off jobs, Project teams, Custom batches, Assembly line
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Operations Management
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