Operations management are multiple activities that create value for consumers by way of a good or service. The create the good or service and put them out in the market.
When planning a managing a large product you need to make sure that the phases are follow throughly and accurately.
Phase 1) Planning
Phase 2) Scheduling
Phase 3) Controlling
Answer:
Just-in-time (JIT) inventory systems started in Japan in the 1970s and spread to the U.S. about a decade later. JIT is an inventory-management system that aims to help businesses have just enough inventory readily available to meet current demand while avoiding excess. There are many pros and cons for a small business to consider before adopting a JIT system.
Answer:
Wooden no. 2 pencils
- Perfectly competitive market because there are many buyers and suppliers of pencils. Also, wooden no. 2 pencils are basically identical no matter which brand you purchase.
Copper (hint: there are many sellers)
- Copper is considered a commodity which has many suppliers and consumers around the world, therefore, it is classified as a perfectly competitive market. No individual supplier, nor any individual consumer has enough market power to affect the price and supply of copper.
Local public utilities (ex. water, electricity)
- Monopolistic market because there are generally only one supplier of each type of public utilities, e.g. one water company per city.
Peanut butter
- Monopolistically competitive markets since there are many consumers and suppliers, but each supplier produces a slightly different product. Even though there are several peanut butter brands, no two brands offer the same peanut butter.
Lipstick
- Monopolistically competitive markets since there are many consumers and suppliers, but each supplier produces a slightly different product. Even though there are several lipstick brands, no two brands offer the same lipstick.
