IBDP Business Management Operation Management Chapter 1 Notes
the role of operation management
STUDY NOTES FOR BUSINESS MANAGEMENT – OPERATION MANAGEMENT CHAPTER 1 – THE ROLE OF OPERATION MANAGEMENT
These notes have specially been curated by expert teachers to simplify and enlighten concepts given in IB Business Management HL. The notes are comprehensive in nature and are sufficient to study the chapter in depth, One need not look for other resources beyond the notes provided on our website which can be accessed for free.
Business management IBDP is a part of group 3 Individuals and the Society of the IB curriculum. The IBDP Business Management course has been devised for imparting knowledge and understanding of different theories of Business Management and application of various tools and methods. It enables the students to analyze and evaluate business activities at all levels- local, national, or international, It also helps in developing holistic understanding of the business environment today which is complex and fast changing.
The subject covers important characteristic of business organization and business functions of human resource management, finance and accounting, marketing, and operations management. The purpose of the course is to help students develop skills that enable them to think critically and make the right decisions after carefully evaluating and analyzing the issue at hand. It also aims at developing the understanding of the importance of innovation and exploring business from different cultural perspectives.
The chapter on The Role of Operations Management defines operations management as an area that is concerned with the coordination, management, and control of the activities in the production of output. This must be done in a cost-effective manner using the right inputs to produce desired goods and services. Operations management can have its impact on certain areas of business, like marketing where the product is an important part of the marketing mix. Human resource management is also impacted by the role of operations management where a labor-intensive technique would involve more workers in carrying out the operations as compared to a capital-intensive production method which requires less human resource.
The role of operations management can have financial implications as investment is required for machinery which can lead to an increase in the capital investment. All four sectors of the economy employ operations management and the managers need to be wary of the methods of production; the size, scope, and timing of production; production planning; and research and development and innovation to have effective operations management. Finally, the chapter examines operations management and sustainability discussing the three pillars of sustainability in detail.