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Factory

Unit 5 - Operations management - QB

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Chart Increasing

Unit 1 - Introduction To Business Management - QB

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Briefcase

Unit 2 - Human Resource Management - QB

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Money Bag

Unit 3 - Finance & accounts - QB

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Direct Hit

Unit 4 - Marketing - QB

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Bar-Chart

Unit 6 - Assessment

<ul>
	<li>Definition: It&#39;s about planning, organizing, and controlling every bit of the production process.</li>
	<li>Mission: From picking the best raw materials &amp; equipment to making sure the final product is top-notch!</li>
</ul>

Got a faulty product? 🔍 Find where the goof-up happened! That&#39;s a task for the operations manager.

Apart from just focusing on production, they must also consider

<ul>
	<li>Economic factors 💰</li>
	<li>Social factors 🤝</li>
	<li>Ecological factors 🌳</li>
</ul>

<ul>
	<li>
	Economic Factors

	<ul>
		<li>Objective: Stay within budget, reduce waste, and save wherever possible.</li>
		<li>Real World Example: If electricity bills are too high, maybe it&#39;s time to switch to energy-efficient lighting or equipment.</li>
		<li>Ultimate Goal: Use resources wisely and ensure the business stays profitable. Because, hey, if you aren&#39;t making money, you might not be around next year!</li>
		<li>Another name: Economic Sustainability</li>
	</ul>
	</li>
	<li>
	Social Factors

	<ul>
		<li>Objective: Businesses should be responsible. It&#39;s important to treat workers right and make sure local communities love them.</li>
		<li>Real World Example: If a company wants to expand, they should check with the local community first. Maybe they don&#39;t want a giant factory blocking their view of the sunset.</li>
		<li>Another name: Social Sustainability</li>
	</ul>
	</li>
	<li>
	Ecological Factors

	<ul>
		<li>Objective: Protect Mother Earth! Businesses need to reduce the harm they cause to the environment.</li>
		<li>Real World Example: If a clothing factory is releasing dyes into a river, the fish aren&#39;t going to be too happy! And neither will the people living downstream.</li>
		<li>Another name: Ecological (or Environmental) Sustainability</li>
	</ul>
	</li>
</ul>

<ul>
	<li>Also called the &quot;3 Ps&quot;
	<ul>
		<li>Profit (Economic Sustainability)</li>
		<li>People (Social Sustainability)</li>
		<li>Planet (Ecological Sustainability)</li>
	</ul>
	</li>
</ul>

🎨 Imagine a Venn diagram with three overlapping circles. Where they all meet? That&#39;s the &quot;Triple Bottom Line&quot;.

<ul>
	<li>Businesses should care about
	<ul>
		<li>Making 💸 Money</li>
		<li>People&#39;s Well-being 🥰</li>
		<li>Saving the Planet 🌍</li>
	</ul>
	</li>
</ul>

Fun Fact: Even though all 3 are equally important, some businesses are more focused on the money bit. But as the world evolves, more companies are realizing the importance of all three!

Relevance Alert 🚨: This is super important for the operations sector because making products can harm the environment way more than just running an ad campaign or doing some number-crunching. 
&nbsp;

Wrap up: Next time you see a product on a shelf, think about the people who made it, the resources used, and how the environment was treated in the process. Remember the 3 Ps! 🌟🌍🤝💰🌟

&nbsp;

Happy Studying! 🎓📚🎉

Unit 5 - Operations management - QB

Mastering The Triple Bottom Line: Operations Management Meets Sustainability

Table of content

What's operations management? 🏭

Input - output model (aka "figure 5.1.1"): 🔍

But wait! An operations manager's job doesn't stop there. 🌍

Unlock the Full Content!

Unit 5 - Operations management - QB

Mastering The Triple Bottom Line: Operations Management Meets Sustainability

Table of content

What's operations management? 🏭

Input - output model (aka "figure 5.1.1"): 🔍

But wait! An operations manager's job doesn't stop there. 🌍

Unlock the Full Content!