Evaluate a range of investments available from banks, building societies, insurance companies and national savings

Topics: Management, IKEA, Strategic management Pages: 11 (3215 words) Published: April 20, 2014
Qualification
HND in Business Accounting& Management
Unit No & title
Unit 34 Operations Management in Business
Start date
March 11th. 2014
Submission Deadline
April 11th. 2014
Assessor name
Marcia Jiajie Liu
IV name
Simon Chen
Student No. & name

Student’s Declaration
I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.

Student signature: Date:04/11/2014

Assignment No. & title
3401, Operations Strategy in Business
This assignment covers the following assessment criteria
Outcomes
Criteria
LO1. Understand the nature and importance of operational management 1.1 explain the importance of operational management

1.2 explain the need to produce products or services safely; on time; to cost; to quality and within the law

1.3 explain the link between operations management and strategic planning

1.4 produce a systems diagram to illustrate a typical business LO2. Understand the link between operations management and strategic planning 2.1 explain the 'Three Es' (economy, efficiency, effectiveness)

2.2 explain the tension between cost minimisation and quality maximisation

2.3 evaluate the significance of the five performance objectives that underpin operations management The purpose of this assignment:
This unit provide learners with understanding of the role and importance of operations management in the efficient and effective production of goods and services. It is therefore important that learners seeking employment in the business world realise that the 'proper' organisation of productive systems, and their interfaces with internal as well as external customers and suppliers, is essential if goods/ services are to be produced on time, to cost and within the law. Scenario :

IKEA is a privately-held, international home products retailer that sells flat pack furniture, accessories, and bathroom and kitchen items in their retail stores around the world. The company, which pioneered flat-pack design furniture at affordable prices, is now the world's largest furniture retailer.

IKEA was founded in 1943 by 17-year-old Ingvar Kamprad in Sweden and it is owned by a Dutch registered foundation controlled by the Kamprad family. The company which was originated in Smaland, Sweden, distributes its products through its retail outlets. As of August 2009, the chain has 301 stores in 37 countries, most of them in Europe, North America, Asia and Australia. ( Welcome to IKEA.com - IKEA) Task 1 (1.1)

Explain how operations management is important to IKEA company in meeting its business objectives. Task 2 (1.2)
Explain the need to produce products and services safely, on time, to cost, to quality and within the law. It would be better if you illustrate it with the example of IKEA. Task 3 (1.3)
Explain the link between operations management and strategic planning. It would be better if you illustrate it with the example of IKEA. Task 4 (1.4)
Produce a systems diagram to illustrate a typical business of IKEA. You can also suggest an appropriate organizational system with suitable diagram for the high turnover company like IKEA.  Task 5 (2.1)

Explain the 'Three Es' (economy, efficiency, effectiveness). It would be better if you illustrate these with the example of IKEA. Task 6 (2.2)
Explain the tension between cost minimisation and quality maximisation based on IKEA. Task 7 (2.3)
Evaluate the significance of the five performance objectives (cost, dependability, flexibility, quality and speed) in monitoring and controlling of the business so as to remain competitive in the market.  Assessment Decision

Criteria
Evidence
Evidence
page
Feedback
Achieved
1.1 explain the importance of operational management
Explain how operations management is important to IKEA company in meeting its business objectives.

1.2 explain the need to produce safely; on time; to cost; to quality and within the law Explain the need...
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