What do you mean by the word operation? Based on my research it is a job or task consisting of one or more elements/components performed usually in one location. It transforms resources or data inputs into desired goods or services that will create and deliver value to the customers. And what do you mean by business operation then? Business operations are the activities involved in the daily functions of the business for the purpose of generating profits. We also defined Operation Management as it is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.
If you want to be an entrepreneur, especially if you are going to operate your own business someday, it is important that you know how to manage the operation of the business.
1. Materials
Materials are the elements or substances needed of which something is composed or can be made; are the basic ingredients in product or service industry. When selecting materials, ensuring their quality, quantity and safety are very important.
2. Machines
Machines are the basic tools, facilities or equipments in order to produce goods or to generate services. Selection of an appropriate machine not only enhances efficiency but also saves time & increase revenue. Machines can also described as the best friend of manpower in producing goods and offering services. Most businesses would not be able to operate without the aid of machines. Machines can even replace employees.
Machines have changed the way entrepreneurs conduct business. Without machines, business operations become costly hard to handle, waste of time and with low quality.
3. Manpower
Manpower refers to the power available from or supplied by the physical effort of human beings. They are the skills, strength, knowledge, abilities of a person available and fitted for service. It is the total number of individuals who are employed in a company or available for a particular work. Hiring the right people is important.
Example: Employee Qualification:
In hiring suitable employees for the job needed, these are the qualifications needed:
a) Educational Background
b) Work Experience
c) Specific skill or knowledge
d) Work Attitude - A good work attitude involves being punctual, having good leadership & communication skills, making ethical decisions, obeying superiors and being passionate & dedicated to the company.
4. Methods - represent the day-to-day operations of a business. It describes how an entrepreneur runs the business in all aspects by using techniques and strategies applicable to the business.
Why Methods are Important?
- to determine the most efficient way for each portion of the process to be done.
- to eliminate damage to the product
- to eliminate areas where time and manpower are to be wasted. Controlling waste is the factor to efficient and profitable production.
Questions to Anwer:
1) Who are highly needed or have the capacity to do the task or work assigned by the business?
Answer: employees, personnel working in the business, top-level management: supervisors & managers
2) What are the resources needed in accomplishing a certain task or in producing the outputs or finished products in the business?
Answer: materials, machines, manpower and money
3) What do you think is the best way to systematize (organize) the tasks and responsibilities in a certain firm?
Answer: having the right method
4) What are some factors affecting your ability to work?
Answer: lack of materials & machines; insufficient or delayed salaries; not having harmonious relationship with co-employees; family problems; health problems
5) Why is it that the 4M's are important?
Answer: in order to produce a product
- to achieve the objectives and mission of the business.
- so that the business will continue to provide opportunities to the people
generate more income.