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Operation, Production and Supply

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Operation, Production and Supply

The definition of business management is the management of the coordination and organization of company operations. Management is responsible for planning, organizing, directing, and managing the business's resources to achieve the policy's goals and objectives (Santoro, et al., 2019. To manage a company well or effectively, one of the company management has to develop key measurements that will aid in deciding how various actions will be performed in the entire manufacturing process. The following management approach will be used in my company and will be integrated into the entire manufacturing of the wireless phone charger.

The first approach is on company operations. Company operations is a broad word that encompasses a wide range of activities such as investments and finance (Brennan & Merkl-Davies, 2018). Several activities will be carried out in my business, including funding for the manufacture of the wireless phone charger, among others. Thus, it will be possible to accumulate some money that can be utilized to cover the project's costs.

Any action that a company participates in with the main goal of generating a profit is considered part of its business operations. This is a broad word that refers to any economic activities a firm engages in throughout its commercial operations. Business operations, including operating, investing, and financing, are continuous and geared toward maximizing shareholder value (Salvioni & Gennari, 2017).

The second part of the statement of cash flows contains information about investing activities. A commercial activity that is capitalized over more than one year is defined as follows: It is reported in this part as an expenditure of cash to acquire long-term assets. Additionally, the sale of real estate is included as a source of funds. Investing activities, such as capital expenditures, are recorded in this part of the cash flow statement, where the line item "capital expenditures" is located.

The second approach is on company production. The production strategy is comprised of choices that influence the long-term capabilities of a manufacturing organization. My company will implement a production plan that will aid in making sound choices, ensuring that the output of the production system fulfills client needs in the most efficient manner possible (Tarigan et al., 2021). If my business produces goods or products that meet customer desires, it will be possible to gain a competitive advantage hence company success and achieving set goals.

The last approach that my business will employ to ensure that it runs smoothly will be on supply. Supply chain management is not complete without the involvement of logistics. Products must be moved in a timely, safe, and effective manner; therefore, it is used to organize and coordinate their transportation. No matter how far the client is located, every customer wants their goods to be delivered promptly and perfectly. My company is going to ensure that all six Rights in supply chain management are keenly observed. Such rights may include; right place, time, condition, quality, quantity, and price, which will be observed to both the company itself and customers (Hrušecká et al., 2017).

References

Brennan, N. M., & Merkl-Davies, D. M. (2018). Do firms effectively communicate with financial stakeholders? A conceptual model of corporate communication in a capital market context. Accounting and Business Research, 48(5), 553-577.

Hrušecká, D., Pivnička, M., & Borges Lopes, R. (2017). Logistics management as a system constraint. Polish journal of management studies.

Salvioni, D. M., & Gennari, F. (2017). CSR, Sustainable Value Creation and Shareholder Relations. Salvioni, DM & Gennari, F.(2017). CSR, Sustainable Value Creation and Shareholder Relations, Symphonya. Emerging Issues in Management (symphonya. unimib. it), 1, 36-49.

Santoro, G., Fiano, F., Bertoldi, B., & Ciampi, F. (2019). Big data for business management in the retail industry. Management Decision.

Tarigan, Z. J. H., Mochtar, J., Basana, S. R., & Siagian, H. (2021). The effect of competency management on organizational performance through supply chain integration and quality (Doctoral dissertation, Petra Christian University).