Section 1
1. Operational Efficiency
In essence, operational efficiency has got to do with a business entity’s ability to avail goods or services to the target market in a manner that is cost-effective, while at the same time taking the relevant measures to ensure that the quality of the said goods and services is not compromised.
2. Operational effectiveness
Operational effectiveness, on the other hand, refers to the various approaches a business entity adopts in an attempt to enhance the uniqueness of its activities and set them apart from those performed by competitors. In this case, the goal of a business entity would be to ensure that it is more effective than its competitors in the marketplace, more so in the performance and execution of activities similar to those the said competitors engage in.
3. Operations Strategy
These are terms used to describe maneuvers and approaches a business entity intends to make use of so as to attain set objectives. In that regard, therefore, an operations strategy would include a plan of exactly how the enterprise intends to put both its human and monetary resources to use in the pursuit of its business objectives. According to Lowson (2003), operations strategy includes...
References
Knowles, G. (2011). Six Sigma. New York, NY: Ventus Publishing.
Lowson, R.H. (2003). Strategic Operations Management: The New Competitive Advantage. New York, NY: Routledge.
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