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#operationsmanagement #addedvalue #factorsofproduction #operationsmanager #production What is Operations Management | What Operations Managers do | Added Value - Factors of Production Lesson Summary: What is Operations Management? Operations management focuses on using your current factors of production which are considered as inputs in order to achieve as much output as possible, at a certain quality level and within a specific time, either under the form of consumer goods, industrial goods or services. Industrial goods are bought and used for industrial and business use. Consumer goods are ready for the consumption and satisfaction of human wants. While industrial goods are made up of machinery, plants, and raw materials, consumer goods are commodities purchased by a buyer like clothing, food, and drinks. Input becomes output through a transformation process that takes a product through different stages of production. Within this process, we aim to put in as much added value as possible along that input so that we will be able to sell our output at a higher profit. Unlike profit which takes into consideration all the costs of a company before we calculate it, added value = selling price – cost of raw materials. Our aim as an operations manager should be to create as much added value as possible, in order to be more relaxed about other costs that occur in the process of making a finished good and still by the time it is being sold, encounter a decent profit margin. The level of added value that we add to our input can be influenced or limited by the following factors: a) Product design – can we build on a budget something that will be of high quality with special features and still have a high retail price? b) Waste level – reducing waste levels when converting input into output will enable us to enjoy higher added value margins. c) Customer`s perception - will customers perceive our product as of high quality and will it afford us to adopt a price skimming strategy? Out of all the factors of production needed in order to be able to generate output, intellectual capital seems to stand out as becoming more and more important. Intellectual capital refers to the intangible assets that contribute to a company's bottom line. These assets include the expertise of employees, organizational processes, and the sum of knowledge contained within the organization. Simple examples of intellectual capital include knowledge that a factory line worker has developed over many years, a specific way of marketing a product, a method to cut down time on a critical research project, or a mysterious, secret formulation (e.g., Coca-Cola soft drink). Identifying and growing the company`s intellectual capital as an operations manager can really draw the line between you and other competitors. We already know that production involves turning input into output but as soon as we introduce in this equation the notion of a specific time frame, we start discussing about the level of production. We now move a step further and introduce a new variable in this equation besides time that being ratios. Productivity provides an answer for how much output can we obtain from a specific input, within a specific time at a certain level of quality per unit of production (machinery/person). Whether our business is capital-intensive or labor-intensive we can calculate productivity as: -Labor productivity = total output over a period of time/total number of workers -Capital productivity = output/capital employed Last but not least an operations manager should constantly guide his or her strategy in a direction that in time will actually contribute significantly to our company`s productivity level. Some of the most popular areas to focus on in order to boost our productivity level are: a) Staff training b) Staff motivation c) Updating technology d) Management Efficiency More FREE Business 💊 here: http://bit.ly/mrdarius