OPERATIONS MANAGEMENT

Operations Management

Operations Management

Every business produces some type of service or good that is destined for a customer. Thus, operations management and operational strategies ensure that the production processes are executed accurately, efficiently, and in a timely manner to distribute to and supply the customer. In today's market of ever evolving technology and innovation knowledge and use of operations management and strategies is necessary. This type of change is not just for manufacturing companies but rather any company that is searching for ways to improve quality management, delivery and distribution, development and production. Every area can be improved with the implementation of operations management strategies(Binhammer, 2002).

Another role that operations management plays in business is as an organizational processes analyzer. The analytical style of thinking by operational managers is unique and coveted by companies. To improve current processes, make a simple or major decision, or to find where a problem started operations management uses an analytical approach to understand the situation. From this systematic analysis, a decision that is best for the company can be made.

A last role that operations management plays in business today is that it can be used in many other areas. The tools and concepts that operations management uses can be widely applied to the management of other functions within a company. Administrators and Managers all have duties to “plan work, control quality, and ensure productivity of individuals under their supervision (Chase, Jacobs, and Aquilano, 9).” The tools used by operations management to make decisions, analyze, and implement changes in any area can be used by not just management but anyone in the company that has the knowledge and power to do so. (Lermer, 2000 )

A central bank is the principle monetary authority of a nation. The key role of the Bank of Canada is to conduct the country's monetary policy, which means managing the flow of money and credit in the economy in order to preserve the trust in the value of money.

As a central bank the Bank of Canada oversees many issues concerning the economic and financial well being of Canadians. The Bank of Canada's direct customers are the federal government, the chartered banks, other financial institutions, and other central banks in foreign nations. However, the Bank of Canada is accountable to all Canadians.

To begin with, the history of the Bank of Canada will be discussed, mentioning how and why it was founded. The objectives of the Bank of Canada and its functions will also be explained. Moreover, the individuals who manage the Bank of Canada and implement policies will be discussed. Finally, the Bank of Canada's role in the monetary policy will be examined(Reichart, 2007).

Task ONE

The Bank of Canada's operation functions are interrelated with its objectives. The Bank of Canada's objectives are described in the Bank of Canada Act as follows:

To regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the nation monetary unit and to mitigate by ...