Explain the Types of Decisions That Operations Managers Are Involved

question 93

Essay

Explain the types of decisions that operations managers are involved in and how they are linked to a firm's strategy.

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Definitions:

Majority Vote

A method of decision-making where the option that receives more than half of the votes wins.

Negative Externalities

Costs experienced by a third party not involved in a transaction, arising from production or consumption of goods and services.

Majority Voting

A decision-making process where the option that receives more than half of the votes cast by eligible voters is chosen.

Economic Efficiency

The optimal distribution of resources to maximize productivity and fulfill consumer preferences with minimal waste.