Explain What an Operations Strategy Is and the Importance of Competitive

question 105

Essay

Explain what an operations strategy is and the importance of competitive priorities. Give an example from an organization (public or private, manufacturing or service).

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Definitions:

Elasticity of Labor Supply

The responsiveness of the quantity of labor that workers are willing and able to provide to a change in the wage rate.

Wages

Payments made to workers for their labor, typically calculated on an hourly, daily, or piecework basis.

Quantity of Labor

The total number of labor hours employed or the total number of workers employed in the production of goods and services.

Excise Tax

A tax levied on specific goods, services, or transactions, often imposed on alcohol, tobacco, and gasoline.