Question
In: Operations Management
Describe the meaning and significance of business operations. What do we mean when we talk about...
Describe the meaning and significance of business operations. What do we mean when we talk about operations? What does it encompass? What does it exclude?
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Expert Solution
Business operations refer to the set of activities that are performed to run the business and create value for the customers and earn money. Collectively, it is involved in running a business properly so that a business has maintained its presence. A business operation is significant, because it makes policies, plans and channelize resources that make business to be sustainable, compliant with the regulations and build a market presence. These targets are only achieved when business operations are properly placed and applied by a company.
When we talk about the operations, then it exclusively deals with the day to day administration, production (if any), logistics, organization of resources and related activities that fuel the company to perform its role in the market place. I encompasses logistics, purchase, supply chain, production and related activities. It excludes marketing, accounting & finance, HR and IT related functions.
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