BUSN5000_Final - BUSN 5000 Final spring 1 1 The importance...

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BUSN 5000 Final, spring 1 1. The importance of product and operations management to the firm. Production is a fundamental business activity. A company cannot generate money to pay its employees, lenders, stockholders, and their liabilities if they do not have a good or service to sell. Nowadays, it is even getting harder for companies to stay in market against their competitors. Therefore, products have to meet expectations of consumer in order for a company to make profit. Even non-profit organization, the process of production is very crucial in order for the organization to keep its existence. Production and operations management can lower a company’s costs of production, boost the quality of its goods and services, and allow it to respond to customer demands, and increase customer’s satisfaction. Types of Production: Mass Production imposes limitation. It is highly efficient for producing large number of similar products. Flexible production can cost effectively and produce smaller batches than mass production. Also, it involves using information technology to share details of customer orders. Customer-driven production evaluate customer demands to compare with what a manufacturer makes to help a firm cut loses and increase profitability.
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