this task for my cours: operations management Task 2: ( 1000-1200 words ) 6 Mark
ID: 366275 • Letter: T
Question
this task for my cours: operations management
Task 2: (1000-1200 words) 6 Marks
2.1. Implementation of 3Es’ in your selected company
2.1.1. Efficiency 0.5
2.1.2. Economy 0.5
2.1.3. Effectiveness 0.5
2.2. Critical analysis of profit maximization and cost minimization in your selected company 1.5
2.3. Importance of 5 performance objectives of operation management 0.5
2.3.1. Cost 0.5
2.3.2. Quality 0.5
2.3.3. Speed 0.5
2.3.4. Dependability 0.5
2.3.5. Flexibility 0.5
## please write about (Dr.cafe coffee)
Explanation / Answer
Implementation of 3Es
Economy is reducing costs of inputs- The financial side of a company on which an activity is achieved. Economics is there in every single aspect of our lives. Now it becomes a fundamental to balance the use of resources to achieve the right goals at the reasonable cost. But is should not be confused with efficiency. Efficiency is the former states the volume of resources and its way of using them while the Economy looks more in the terms the cost of them. Price of product, managing money is a type of resource that needs to be allocated wisely in today’s competitive exposure.
Efficiency is the right effort allocation- Right use of available resources to accomplish any task is efficiency. It is the wise consumption of inputs on which the work is completed. When a CEO decides something and explain his plant to managers, it is the duty of managers to think and make such a strategy so that the goals are attained. Efficiency is a fundamental to see how they can be met with the least effort. By improving Efficiency, a company can reduce wastes and consuming less to deliver the same amount of value. We can measure efficiency by acknowledging the process to complete a task and also allocating the right amount of resources to the team. Then the company can estimate if the volume of input was enough or not to complete the activity. The final results then used to evaluate a new set of inputs that will determine if the amount can be even reduce or requires to be raised.
Effectiveness is to achieve the goals- Effectiveness is to deliver on time what was expected. Most directors and senior executives have in charge the responsibility to meet such criteria. What is the point if a company is working hard but not delivering what is expected. The best way to know the effectiveness is to identify and decide the goals to be achieved before starting any project and see if they were achieved or not under the standards set at the beginning by the seniors.
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